The border vidette., 1934-02-03
ECONOMIC HiChLiGHTS
l 90 81

mOSC p0rC, SIMPLY Smlle ana say
nothing. Whatever it is, the
Roosevelt Parliamentary techni
que works.
A major test of the Presiden.
tial powe: came early 10 the
House when Democratic staunch
leaders adopted a rule OF pro-
cedure whereby no amendment
could be offered from the floor
which would affect the economy
sections of thu Independsnt OH
ces Bill, then under considera-
tion, or any other appropriations
measure that would appear dur
ing the session. Tha rule was
unprecedented - aud it passed
There were heavy Democratic
delections. which resulted 10
Democratic leaders working over
the mavricks in their party. Rs-
suit Of that was that move to
recomit the rule was slaughter
ed, 24O to al.
Most dramatic victory came on
January 20. when the Roosevelt
dollar devaluation bill. swept
through the House by the colos.
sal margin of 800 to 40. Itis
dou btful if any piece of legislation
Of comparable importance ever
carried so fast Debate was al
most entirely shut off. All oppo
sition amendments were shouted
down. Dozens OF representa-
tives who admit they do not IN.
derstand the present dollar pol
icy thoroughly, voted for it.
The measure has four pacific
phases. First. the treasury is
given title to ell Of the nations
monetary gold stock. including
that held by federal reserve
banks.
Second. it fixes 50 per cent OF
the dollars present gold content
as maximum Of gold value
after revaluation.
Third. it gives the administre
ton q fund Of 81, 900, 900, 600, ob
tanned automatically from the
added value Of the treasury's
gold after. .devaluation has taken
place, with which to stabilize
the foreign value of the dollar.
Fourth, it gives the treasury
greater power in its issuing and
floating government securities.
thus simplifying the great ref
nancing task that confronts the
federal government now. TIE
treasury is allowed to purchase
any type Of government security
with any other type, may sell
issues privately without offsring
them to the general public.
Main opposition to the bill is
based on the fear Of putting SO
vast a power in one mans hands
lit obviously makes Mr.. Roose
velt a monetary dictator with
hardly g restriction. Sapport
ers of the New Deal claim that
is what the country wants; that
it is essential to recovery that
the President be given free rein
The American Federation Of
Lator's report on 1884 prospects
was a good deal more interesting
and important than documents OF
the kind usually are. Forecast
was that prospects for employ
ment and earnings ara consider
ably brighter, but that one phase
of the present recovery Efforts
threatened inh ltion by ii at
money-endangers the whole
show.
Four specific changes for the
better 10 1888 were cbronicled;
gain in employment Of more than
100000; drop of 4! hours in
the average work week; better
organization among industrial
workers of all kinds; an increase
in workers. income of III per
cent.
The report pointed out, 90 the
debit side, that business is 80
per cent below normal still, that
most important thing is restora
:ion of business conf ience, that
private initiative is still! Of para
mount importance. Belief was
expressed that workers always
always lose through inliation-
that only wealthy speculators
have chance to gain.
At about the same time the
report was issued, the National
Recovery Administration was
making plans. as best it could,
to find jobs for as many as pos.
sible of the 1000, 900 people
registered as unemployed. The