The midland journal. (Rising Sun, Md.) 1885-1947, 1935-02-01


value to few cents over $85 an ounce.
without going into all of the details 1t
means that to gain the same amount of
gold now which dollar would have
brought prior to the Roosevelt admin
SLIGO. To state 1t another way, II the
gold contracts involve S1.000,000,000,
those who are obligated to pay In gold
will have to pay $1,000 100000 at the
present rate. Obviously, debtors under
that circumstance will find themselves
between the upper and neither mill
stones, well squashed, II the court
rules adversely to the governments
policy.
Attorney General Cummings In his
plea to the Supreme court made the
argument that an adverse decision
would mean chaos to the country. !
believe there can be no doubt about
that. But the point Is deeper ROose-
welt administration policies we're ham
mered through congress and received
the legislative body's rubber stamp by
direction of the President.
What Is going to be done about It?
don't know. Further / don't believe
the administration
WHATS to knows what 1t is 60
Be Done? ing to do in event
the court rules
against the government In these cases.
There have been numerous confer
ences, frequent speculations by subor-
dinate officials and many guesses by
individuals The President himself
said In press conference the other
day that he would not discuss the gold
question while the matter was pending
before the Supreme court. 1t was
simple way to avoid expressing his
hopes or his fears.
It Is to be noted, however, that dur
ing the ten days In which the court
heard arguments in the gold cases, a
considerable number of senators and
representatives sat glued in their seats
In the gloomy old, Supreme court cham
Der under the dome of the Capitol.
They were obviously wondering. None
of them thus far has offered publicly
a suggestion as to what he will do in
event the monetary policies are over
turned. After all, II the Roosevelt pro-
gram is upset, congress simply will
have to enact some new laws and that
was the chief reason why so many Of
the congressional leaders were seen In
attendance at court.
The court will rush Its decision. OF
that there can be no doubt. Always, It
has put cases of paramount impor-
lance to the nation ahead Of those that
affect only a small number Of private
litigants. Everyone believes, therefore,
that in this instance the Supreme court
has laid aside most of It's other work
in order to devote its attention to
thorough-going examination Of the
present problems
Lawyers tell me that II the court re-
jects the Roosevelt policies as unten-
able under the Constitution. congress
will have to put through some new
laws on the subject at break-neck speed
in order to avoid a hiatus that would
flood the courts with an unprecedented
number Of suits.
The agricultural adjustment admin
istration has fixed the cotton crop for
the coming season at
To Restrict lO,5oO.OOO bales -
Cotton Output the same as last
year. At the same
time, we have begun to hear talk In
Washington Of a plan to seek world
agreement restricting the output of cot
ton after the manner of the attempt to
restrict the world production of wheat,
a move that went exactly nowhere.
Determination of the same produc-
ton for cotton In 1885 that was used
as the base in 1884 Is accepted as in
line with the administrations plans for
raising prices artifcially through cur
tailment of production. 1t had been
expected that the 1885 crop might be
as high as 100000 bales. But since
the administration has decided to
carry on further its experiment into
ton limitation, some of the background
of that policy and the American rela-
tionship to world conditions warrant
examination.
The American production until few
years ago was about GO per cent of
the worlds cotton output Now it is
down to about 43 per cent of the total
Last year, the world consumption of
cotton, according to the Department
of Commerce figures, declined by about
100000 bales whereas the world con-
sumption, excluding that used in the
United States, increased by something
over 100000 bales. 1t is to be noted
further that although American ex-
ports in general increased last year,
the quantity of cotton shipped last
year fell off by approximately % per
cent.
For several years now, we have been
hearing more and more of efforts by