The Ely miner., 1934-06-22
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National Topics Interpreted "a fSYYT7TYfR
by William Bruckart Aspm1TW
by William Bruckart

statement. explaining the need for
amendments that would give him pow
er to enforce the various crop control
agreements and to punish those NIL
norities which he charged were con-
tinually obstructing operation OF the
plans for control of surplus. So 1t
does seem to be a matter to be ex-
planned If Mr.. Roosevelt is proposing,
on the one hand, to place farmers on
better ground so they can grow more
crops and Mr.. Davis, on the other hand,
Is insisting that he must have power
to punish people who refuse to cut
down production because there is too
much grown already.
Now that we have a new law that
provides the federal government with
authority to control
Touches All the exchanges where
0ur T;,.. stocks and bonds are
sold, as well as a
law by which the government controls
the issuance and sale of such securi-
ties, it seems to be a good time for
examination of the new agency that
is going to run that show. 1t may
seem a far cry from the stock ex-
change of Wall Street to the little
country school house, but this new law
is so far-reaching In its effect and in
its scope of jurisdiction that it touches
that little country school and the lives
of all of us. l judge from the ex-
pressions l have picked up that pass
age Of the exchange control law has
brought US. to turning point in the
matter of what we do with the extra
few dollars that we can save and in
vest with expectation of getting re-
turn of interest.
The consensus seems to be that
whether anything is accomplished un-
der the combination control of security
issues and stock exchange will depend
entirely on administration of the laws.
That is to say, If good is to come,
there must be reasonable interpreta-
tion of the provision of those laws, ac-
cording to the general view of those
directly affected. The stock exchange
control law underwent a major oper-
alton in congress from the manner in
which the professors of the brain trust
had drawn it. originally. Until those
Objectionable features were eliminated,
there was battle royal in house and
senate. Since the features omitted
were deemed too radical by congress,
it is to be assumed there was merit in
the claims of brokers and investors in
stocks that the bill would have
damned up money that otherwise
could have been put to work and used
by commerce and industry which nee
essarily has to operate to great ex-
tent on borrowed funds, credit.
But l hear many expressions around
here that there is still a serious prob
lem ahead in the matter of keeping the
channels open for investment funds.
1t is asserted by many that 1.-THE pro-
fessorial type of mind" should not be
chosen to serve as members of the five
man commission that is set up to rule
this phase of commerce. / think no
one can deny that there have been
abuses of confidence, trickery and 9TH
er sharp practices extant in stock ex-
change operations. The new laws are
supposed to cure them, and l believe
they will do so. Yet. the thought held
by some of the real authorities is that
radical administration of the laws can
damage the field of finance beyond
measure. Selection of men for the
Jobs who would exercise their author
ity with restraint as well as with in
telligence was imperative from the
start, or else am convinced the whole
country would suffer because there
could be no distribution of the securi-
ties. Bonds on the little country
school house would be difficult to sell,
and mortgage lenders, who sell bonds
against those mortgages, would be
against q wall.
Numerous Democrats continued
right up to the dying gasp of the
Seventy-third con
Still Pie gress to seek po-
ur,o-, litical pie for their
constituents They
are still pie hungry now. insofar as
one attempted raid on government jobs
is concerned. A broad jump was at
tempted in the house to place several
hundred extra workers in the general
accounting office for the purpose of
auditing the expenditures of the sew
eral dozen Roosevelt agencies that are
denominated by their critics as the
alphabetical SOUP" Up to this time,
j. R McCarl. the comptroller general
of the United States. has had little
chance to find out what the alphabet
ical agencies have been doing with the
vast sums appropriated for them or
allocated them by the President from
the various huge appropriations. He
has to, and does, pass on the expendi-
lures of the regularly established gov
ernment agencies, but none of the new
ones were put under his watchful eye.
Mr.. Roosevelt ordered the audit. To
do the job, however, required addi-
tional help for Mr. McCarl, and about
S1,OOO,OO0 was included in deficiency
appropriation bill. The pie-hunters
saw fine chance. and they never over
look any chance. So they slipped a
line into the appropriation bill that
said the extra workers were to be
chosen without regard for the civil
service What huge piece of pie, in
fact, many pieces of pie!
But something happened to the we'll
laid plan. Somewhere the language
got changed to read that the cOmptrOl
Ter general may appoint" the extra