The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-08-26
FAR-REACHING LEGISLATION is ENACTED BY CONGRESS
ALMOST EVERY
PERSON IN u. S.
is AFFECTED
Summary Reveals Extent of
Activities: Social Security
Is important.
nifod Prcss

lS lIIlpUI ldill.
BIZ Tnifcd Prcss
WASHINGTON. Aug. 26.-Here is
a concise summary OF the major
acts Of the 74th Congress in first
session.
Social Security Provides i'm
mediate Federal contributions to as
sist the states in pensiOning the
needy aged: established perma-
nent Federal old-age annuity sys-
TEN under which 100000 workers
and their employers will be taxed
beginning in 1897 and in return will
be paid $40 to s35 a month when
they are s.. establishes Federal
state unemployment insurance sys-
TENS. provides Federal contribu-
tons to the states for needy moth
ers and children, crippled children
and the blind
Wagner Labor Disputes Act-At-
tempts to guarantee to all workers
within the scope of Federal power
the right TO organize and bargain
collectively through representatives
of their own choosing; forbids en-
ployers to interfere with these
rights: sets up a Federal Labor
Relations Board, with quasi-judicial
powers, TO enforce the act.
New Banking Act
Banking Act Of -Reorganizes
the Federal Reserve system, giving
the Administration much greater
authority over it. centralizes con-
troll over open market operations"
rediscOunt rates and other devices
BY which the reserve banks affect
the flow Of credit and money; pro-
vides machinery for credit expan-
sion by liberalizing rediscount
rules; continues Federal insurance
of bank deposits; requires state
banks with more than 100000 to
join the Federal Reserve system in
order to have such insurance after
July l. 1912.
Relief-Gave President Roosevelt
$500 100000 for direct relief and
S4O00.0O0O0O for works-relief under
which the present drive to create
jobs for 100000 persons by Nov.
is beirg pushed by the government.
Tax the Rich" Measure
Taxes-Levied new taxes esti-
mated to yield s25OOOOOOO annually,
to be derived largely from higher
income taxes on persons receiving
more than $4,000 a year; from
higher taxes on estates left by the
wealthy; and from higher taxes on
the more profitable corporations.
Income Tax Publicity-Repealed
last years pink slip law which
would have made personal income
tax records subject to public in
spection.
AAA dmentS-Glve congress
siOnal approval to processing tax
rates and benefit payments to farm
ers in effort to protect legality of
New Deals crop control program;
restrict suits for recovery of
processing taxes restricted to those
who can prove they did not pass tax
burden onto consumers or farmers;
prohibit price-fixing except in the
case of milk: continue Bankhead
Cotton Control Act and Kerr Smith
Tobacco Control Act for another
crop year; authorize control system
for potatoes.
Airmail Rates PrObed
IVA AmendmentS-Give IVA
specific power to sell power. a point
challenged in the courts; authorize
a S50.000,OOO bond iSue for IVA ex-
pansiOn: forbid IVA to buy whole
existing power distribution systems,
but authorize cities to borrow IVA
funds to buy such systems.
Airmail-Directed Interstate Gem
mission to investigate adequacy of
present rates paid to airlineS: mean
time continued maximum base pay
of 80 1-3 cents a mile.
Bus and Truck Regulation
Placed interstate bus and truck lines
under Interstate Commerce Com
mission regulation with respect to
rates and safety measures.
Railroad Pensions
Railroad organizations Simpli-
fed procedure for reorganization of
financially distressed lines, under
1. c. C approval.
Railroad Pensions for
Federal penSiOning OF railroad en-
ployes at age 65 or after 80 years
service. replacing last years pension
act which Supreme Court held in
valid.
Spanish War Veterans Restored
full pensions to these veterans at
cost Of S5.OOO.OOO a year.
NRA Extension - Continued
skeleton and virtually pOwerleSs
NRA organizations until April /,
1886
Baby BOnds-Authorized sale of
government bonds &c small investors
in denominations as low as SIS.
Army and Navy Gain
National psfense-Voted nearly
$1,000 100000 for Army and Navy;
increased Army enlisted strength
from $4,000 TO $4,000: expedited