Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-03-01
LOANS TO INDUSTRY
GOLD RESERVE GROWS
EXTEND DEPOSIT INSURANCE
RAILWAY INNOVATIONS
SPECULATE ABOUT SILVER
PROPOSE NEW PARTY


PROPOSE NEW PARTY
The President and administration
leaders are considering means by
which industry may be aided in OBJ
tanning long term capital. The idea
Is that a further spur to recovery
would be the setting up of interme-
date banks along the lines OF the
system now functioning for agricul-
ture. The new agency, 1t Is con-
tended, would not compete with
private banks, seeking rather to CO.
operate with and supplement them.
Incidentally. the President recently
wrote the Governor OF the Federal
Reserve Board, praising its part dur
Ing the emergency and declared that
recent monetary legislation does not
interfere with the credit, currency,
or supervisory responsibilities OF the
Reserve banks
Interesting, in view of the great
argument and general misunder--
standing OF the governments action
In respect to gold, is the statement
released recently which shows a
gain OF $70.238,0 900 in the total
gold reserve of the Federal Re-
serve system. This Is one OF the
largest weekly gains in gold re-
serve ever shown. At the same
time, news from France, still on
the gold standard, indicated a loss
of 1900, 600, 900 gold francs In the
first ten days Of February and re-
duced gold stocks to a new low.
The temporary deposit insurance
act will be extended for one year
and thus Il to July 1st, 1895, in
accordance with Administration
requests. The fact that ninety
nine per cent OF the banks have
complied with the law and that
fifty million depositors, or ninety
seven per cent, are insured to the
full amount OF their deposits,
coupled with the necessity for adj
ditional legislation In some states,
made 1t advisable to keep the
emergency law In force instead of
the insured limit to $780,
600 rather than the $4,000 now In
Learning that railroads had no
titled their union employees OF a
proposed fifteen per cent. reduction
In basic pay. the President has sug-
a continuance OF the ten per
cent reduction which went into e.
feet last June.
President Roosevelt was an en-
thusiastic visitor to the stream
lined train which recently visited
Washington. The three new coaches
In a flexible unit. were carefully
inspected inside and out. Later,
the train was moved up and down
on the track so that the Chief Elk
ecutive might see its dubious prov
and tapering rea end, The train
belonged to the Union-Pacific Rail-
road.
Approving the code designed for
daily newspapers, the President
to a freedom of4the- press
clause although he insisted 1t was
pure superfluage'' because assent
TO a code does not waive constitu-
tional rights. Recitation OF such 4
he said, has no more place
than would the recitation OF the
whole Constitution or the Ten
Commandments"
Speculation as to what, III any,
action Is contemplated In the use
II silver continues with the admin
..stration keeping its own counsels.
The silver bloc is busy on bills, al
officials believe that pres
mt laws give sufficient powers for
Utmost any action. Meanwhile the
OF the metal Is moving up
the government Is buying all
ne wly-mined domestic silver at
cents an ounce. A survey Is
Ilso underway to ascertain the
umount of speculative holdings Oh
liver In the country. New steps,
{ any, 1t is thought, will be based
m the facts developed.
Again we report Secretary Wal
declaration that the nation
aust choose between a policy OF
complete nationalism or the low
of tariffs to permit the ex-
hange OF goods with other coun-
ries. The idea, advanced last
ear, is reiterated In a pamphlet
ecently released by two associa-