, 1935-03-17
WASHINGTON

1S oCctbC DoAhO
Peg-When Huey Long lets the
senate up fer air things are going
TO be said pro and con about the
treasury'S latest scheme for retir-
ing government bonds with the
profit" derived from dollar devalua-
ton.
Carter Glass is preparing in his
available moments a speech which
his friends say will be a history
making indictment of the Roosevelt
monetary policy in general.
On the other side, smelling actual
Initiation again, Senator Elmer
Thomas and his associates are de-
lighted. They are planning 70 use
II as a peg upon which TO hang fur
ther leftiSh financial move II pos
Sible.
Plot-GlaSS Is expected TO charge
the Treasury Department with bad
faith when 1t picked out $675 100000
OF 2 per cent ConSols and Panama
Canal bonds to repay. Had the New
Deal planned on a real savings. says
he. 1t would have selected either
three or four per cent bonds to thus
retire. The point Is that the latter
carry the circulating privilege for
the national banks which hold
them-but the treasury simultan-
eouSly decreed an end TO the prac-
tice OF currency issue by national
banks.
Glass sees the whole business as
a furtherance Of the plot to con-
centrate control OF credit and bank
ing In the federal reserve board.
Explanations Ths sulphur
breathing Glass has another bone
TO pick with the men in charge OF
our fiscal affairs. He plans 10 bite
into IL when the so-called central
bank bill comes up for hearing be-
fore his banking and currency sub
committee.
Specifically. the senator wants TO
know why Secretary OF the Treasury
Morgenthau told members Of the
senate appropriations committee ne
had not read the central bank bill,
but about the same time sent chair
man Fletcher, Of the Banking COM
mittee. a letter giving 1t his hearty
endorsement,
Another thing Morgenthau will 0e
called upon TO explain Is why Dr..
Jacob Viner, former economic adj
wiser TO the treasury, was paid out
of the Sterilization fund for investi-
eating the bank credit situation last
year. Glass will be joined by Sem
ator Mcclellan Of Tennessee IN
challenging the administrations
authority TO thus expend from the
fund.
Chances OF the administrations
bank reform bill, 1t should be add
ed. are getting simmer. Rumors
even have been current II might be
withdrawn altogether for this Ses-
sion.
DeIays-Senator Homer II. Bone
liberal democrat OF washington who
has dedicated his life 70 bucking the
power trust. thinks the newspapers
IRE all wrong In editorially attack
Nc the senate for delaying the New
Deal program. wv.
AS Bone sees IL, the courts should
come in for chief criticism. He cites
Judge Grubb's decision, now appeal
ed 10 the supreme court, which
would handcuff the government ~
its efforts 70 sell cheap power from
Muscle Shoals.
IF the Grub decision stands,
saws the West Coast liberal. 1t will
kill the Grand Coulee Dam, iva
and numerous other projects start
ed or In mind. The delay Is pass
ing the work-relief bill Is nothing
In comparison
Secrets-Dick Jervis. who has Just
voluntarily given Up the JOB OF
White House Secret Service Chief
after Is years on that assignment.
has some ~recollections Of the foibles,
fads. fancies. ~failures-and achieve
ments-of the presidential families
from Roosevelt to Roosevelt hat
would make absorbing reading.
Three national publications have
been waving big checks In Dicks
face for the privilege Of printing his
memoirs. So far he says no, be-
cause he is still In the service.
But Jarvis has labored nights
rounding out those notes into such
ineligible state that any strange
writer could take them and whip
them into a cohesive story OF the
White House from the inside.
These notes r In the possession
Of his sister. Some day they will
come to light and add another chap
ter to intimate history.
Trees - Secretary Of Agriculture
Wallace, with the blessing OF PreSi-
dent Roosevelt. has gone in for forest
conservation in a big way. IN the
first ls months Of the New Deal ~
600, 700 acres Of forest land were
bought up and put into national re-
servations az compared with 5000
600 acres acquired In 1914 years be-
fore that.
This isn't completely altruistic
although IL works out the same way
in the end. The CCC. don't forget.
Is a growing organization and IL has
TO have work 70 do to justify its ex-
Incidentally. confidential reports
TO Washington say that the shelter
belt idea President Roosevelt adj
vanced has raised hopes too high
and should be soft-pedalled for the
moment. Between adverse rulings
Of the Comptroller General and the
congressional situation there isn't
much chance OF planting a wind
break down the center part OF the
country at any time in the near flu
Production - The navy is more
than q little interested in q me
chanical brain" which the Moore
School Of Electrical Engineering or
the University Of PENNSYLVANIA re-
completed, thanks to $50. 900
OF C.W.A. funds from last winter.
The awe inspiring gadget weighs 3
tons. has $4,000 different parts and
makes q sucker out OF calculus and