Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1935-09-05
Summary Of Major
Acts Of 18th Congress

Washington, Aug. 31-Here is a
concise summary of the major acts
of the 74th congress in first ses-
sion:
Social Security Act-Provides
immediate federal contributions to
assist the states in pensioning the
needy aged; established perman-
ent federal old-age annuity system;
establishes federal-state unemploy-
ment insurance systems; provides
aid for needy mothers and children,
crippled children and the blind.
National Defense-Voted nearly
$1,OOO,OOO,0OO for army and navy;
increased army enlisted strength
from $4,000 to 10000; ordered
hundreds of new airplanes for
army and navy; authorized con-
struction of series of new air basis
started warship naval building
program.
Farm Mortgage Moratorium
Replacing the original Frazier
Lemke moratorium law, the new
act attempts to stay foreclosures
for three years, providing farmers
turn property over to federal court
in bankruptcy procedure.
Guffey Coal Act-Sets up a
"little NRA" for the bituminous in
dustry with a commission to en-
force labor standards, trade prac-
tices and price provisions.
Wagner Labor Disputes Act
Attempts to guarantee to all work.
ers right to organize and bargain
collectively; forbids employers to
interfere with these rights; sets up
a federal labor relations board.
Banking Act of 1935-Reorgan-
lied the federal reserve system,
giving the administration much
greater authority over it; central
ICES control over "open market OPP
erations," rediscount rates and
other devices by which the reserve
banks affect the flow of credit and
money; continues federal insurance
of bank deposits.
Relief-Gave President Roose-
welt $800,0O0,000 for direct relief
and 100000 work relief to create
jobs for 100000 persons by Nov.
1.
Taxes-Levied new taxes esti-
mated to yield $25O,OO0, 900 annual
ly;;to be derived largely from high
er income taxes on persons receiv-
ing more than $4,000 year; from
higher taxes on estates and corp,
orations.
Income Tax Publicity-Repealed
last years "pink slip" law which
would have made personal income
tax records subject to public in
spection.
AAA Amendments-Giv con-
gressional approval to processing
tax rates and benefit payments to
farmers in effort to protect legal
ity of New Deals crop control pro-
gram; restrict suits for recovery of
processing taxes to those who can
prove they did not pass tax burden
onto consumers or farmers; pro-
hibit price fixing except in the case
of milk; continue Bankhead cotton
control act and Kerr Smith tobacco
control act; authorize control sys-
tenn for potatoes.
IVA Amendments-Give IVA
specific power to sell power, a
point challenged in the courts;
authorize $5O,OOO,OOO bond issue
for IVA expansion; forbid IVA to
buy whole power systems, but
authorize cities to borrow IVA
IunuS 10 Duy Such systems.
Airmail - Directed interstate
commerce commission to investi-
gate adequacy of present rates paid
to alrlines; meantime continued
maximum base pay of 33 1-3 cents
per mile.
Bus and Truck Regulation
Placed interstate bus and truck
lines under interstate commerce
commission regulation with respect
to rates and safety measures.
Railroad Reorganization
lifted procedure for reorganization
OF financially distressed lines, I'M
der ICC approval.
Railroad Pensions-Provided for
federal pensioning of railroad en-
ployes at age 65 after 80 years
service, replacing last years pen
sion act which supreme court held