Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1933-06-15
CONGRESS HAS
BEEN ACTIVE
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One hundred million dollars will be
appropriated for the building of the
Upper Mississippi nine foot channel.
This bill also provides for the con-
struction of public highways, parks,
and public buildings, public owned
instrumentalities and facilities for
water and sewage plants.
The president has the power over
industry, which permits him to grant
or refuse license to any industry. He
shall stipulate code of operation in
order to bring about fair competitions;
this being for the purpose of protect
ing the competitor. the employer. and
consumer.
The Senate today added two amend
ments to the bill, first, that all gov
eminent issued securities shall not
be tax exempt and, second, that all
income tax returns shall be given
publicity.
Regulations I'm Regard to Currency.
This legislation provides for infla-
ton of the currency.
The clause, that bonds and cur
rency shall be payable in gold was re-
pealed and all obligations of the
United States are payable in legal
tender currency.
The President was authorized to
issue currency not to exceed S3,000.-
100000 to be used to take up matur-
ing federal interest bearing obliga-
tions, these obligations to be retired
and cancelled.
The President by proclamation can
reduce the grains in the gold dollar.
by not more than 500. He has the
right to accept 81 Zoo, 100000 in silver
from foreign governments in payment
of their debts. The price of silver in
this case not to exceed fifty cents an
ounce in the U. S. currency, and the
payments to be made within six
months.
Relief of Small Home Owners.
This bill provides for the govern
ment to loan money on homes not to
exceed $4,000 in value. 1t is similar
to the Farm Loan Act.
The interest rate of this bill is SO
with amortization added three years
later
Loans are made on 500 of the
reasonable value of the home. A
Home Loan Commissioner is ap-
pointed for each state.
The Glass Steagall Bill.
This bill was passed by both houses
but it looks today as if the bill would
die in conference, the two bills diff
fering materially.
This bill provides for stricter reg
ulation of banking and prohibits
banks from selling bonds, stocks or
insurance.
The House added the Insurance of
Deposits guarantee of bank deposits)
which the Senate does not agree to-.
Railroad Reorganization and
Relief Bill.
This bill creates a co-ordinator for
the railroads. 1t divides the railroads
into three groups, east, west, and
south. The east group elects a COM
mittee of five and the co-ordinator
who is appointed by the President
names two. This committee of seven
shall try to eliminate duplication of
service, tracks and terminals. Con-
troll service and charges, supervise
financial reconstruction and loans.
BY consolidation of lines and ter
minals railroads can not employ less
labor than they had in May, 1888.
1t provides for immediate study of
means of improving conditions sur
rounding transportation and prepare
plans for Congress to act on. The
co-ordinator can fix damages to prop
erty owners by reason of abandonment
of lines or terminals to be paid by the
carrier. The co-Ordinator can order
changes if the committee of seven
does not agree The railroad is as
sessed $500 per mile to pay for OPP
GRAFTON of this act.
The Security Act of 1888.
In order to protect the public from
fraudulent securities bill was
passed whereby if securities are to
be sold, an interstate permit must be
procured.
Full information in regard to Sc
curities to be sold must be furnished
to the government. The permit will
not be issued by the government until
twenty days after application, in order
that the government may investigate
the seller or any one connected with
him in this transaction and is held
responsible by the buyer and can be
sued
Unemployment Relief and Federal
Emergency Relief.
One half billion dollars have been
appropriated to furnish employment
to unemployed in National parks and
forests and also State parks, to re-
forest or build fire lanes, to build