The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-06-14
"a MEASURES
VITAL TOU. s.
REVIVAL PASS
Most Constructive Record in
History Achieved by
Present Congress.
TRADITION IS SHELVED
Nation Enters New Path of
Social Control and
Planned Economy.
BY MAX STERN
Times Special Writer


WASHINGTON, June IA pro-
gram of fourteen major measures
that cut radically across the old
American tradition of individualism
and set the nation upon new path
of social control and planned econ
omy, stand today as the work of the
busiest and most constructive peace
time congress in history.
These laws have served to arm
the federal government with new
power and to move the nations
financial and industrial capital from
New York to Washington.
OF the great laws passed since
March 8, all but two are of White
House origin, and these two-the
Wagner iobless exchange and Glass
Steagall bank reform acts-are in
line with the Roosevelt program.
Specifically, some of the new laws
might seem to work against one
another Deeper can be discovered
the pattern of a consistent policy.
This is new concept of the federal
government and its relation to in
dustry, farmers, and the masses.
Three Roles for Government
Under these laws the government
takes three new roles. One is that
OF almoner to the 1000 900 ioblesS
families. Another is that of pro-
tector of the middle-claSs investors,
small home owners, bank depoSitOrs,
farm mortgages and others Finally
it takes the impressive role of big
brother to industry and farming,
ready for the first Time, to aid them
in working out scheme of con-
trolled and planned industry minus
some of the worst abuses of the past
100 years. Here, briefly, are the
measures and what they mean:
l. The industrial recovery act, the
tradition smashing measure that
aims to evolve an emergency part
nership among government, indus
try, and labor for the purpose of
restoring buying power to the
masses through higher wages,
shorter hours, and elimination of
unfair practices" The bill carries
also the huge $3,300,0 100000 public
works program, financed by new
taxes.
Relief for Farmers
2. Farm determination, an ACT
that aims to restore the farmers
income to the level of city incomes
by means of an equalization tax on
the professors of seven major farm
products. Appended are provisions to
refinance at per cent $2,000,000 900
of farm mortgages.
g. Relief to the jobless. the Wag-
ner-LeWis act providing $500 1000,
the largest charity grant of record,
for the states for hunger relief.
a. Railroad relief, a measure to
aid the railroads to eliminate waste
and duplication through a federal
co-ordinator of transportation.
5. Home owners relief, providing
for refinancing at no more than 5
per cent some $4,000 100000 of
mortgages on homes of $4,000 or
less.
Blue Sky Law Is Drastic
s. Securities control, the most
drastic blue sky law yet written
by congress. establishing machinery
for publicity and submission to the
federal trade commission OF private
issues of stocks and bonds.
7. Emergency bank act, the Sss-
sions first measure, providing for
reopening of banks and giving the
President wartime control over
credit, currency, gold and silver,
taking the nation off the sold
standard.
8. Bank reform, Glass Steagall
act just passed. to regulate private
banking practices, extend branch
banking under certain conditions,
divorce investment affihates from
banks, and set up a deposit insur-
ance system.
9. Muscle Shoals, providing not
only for government operation Of
its own power plant, but for we'll
rounded development of the great
Tennessee valley.
10. Reforestation. This work
making measure is designed to put
275,000 young men to work at plant
ing trees and otherwise conserving
the forests on government land
Beer Revenue Great
II. Beer, an act legalizing 80 per
cent beer and bringing into the
treasury an expected $l50,000, 900
annually.
-. Gold clause repeal. canceling
the gold clause in federal and
private bonds
l3. Economy. This measure. cut
ting what the administration claims
will be upward of 81 ,000, 600, 900 from
the federal budget and redeeming
the Democratic party pledge to slash
federal costs by Is per cent, has
drawn fire from many quarters. But
1t has balanced the operating
budget.
IA. Wagner jobleSS exchange act,
appropriating 100000 a year to
help the states create a state federal
system of free placement bureaus.
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