, 1935-02-27
The World
At Glance
By LESLIE EICHEL
Central Press Staff WRITER

- -
NEW YORK, Feb. 26.-There are
five congressional Developments
which give the key to the entire
basic struggle Of the American
people-the banking measure, the
social security measure, the work
relief bill, the Wagner labor bill
and the proposed bill TO curb I'M
American activities
The Roosevelt administration Is
"skeery" over all OF them Cac-
cording to authentic reports from
Washington.) All are lending
themselves to demagogic treatment
with the final result against the
people. and against the admins
tration itself.
Banking
The opinion or financial New
York concerning the new banking
measure Is freezing Big Business
more than ever.
That opinion, however justified
"a z 'rany who are not financiers
share G4L- opinion), is bitter
toward the new banking measure
Financial New York says the bill
would turn control Of credit and
currency over to politicians. And
financial New York warns-cnce
politicians put their fingers into
the credit pie. there would be in
flation without bounds, with re-
sultant misery.
Specif. cally. the bin would cen
tralize control OF credit and cur
rency. 1t would In reality form a
central government bank without
actually setting up such q bank. 1t
would reduce TO imp 3 ncy the in
dependence OF the FEDERAL Reserve
system
The Federal Reserve system
would be forced to lend to banks
on virtually all securities. The
banks, in principle, thus would be
kept liquid at all t4mes-but the
question arises whether the federal
banking system could stand I'D
under the strain.
Critics agree that the new bin
would cause a credit and business
boom for a while. But then. they
say, there would be a crash-with
nothing left this time to cushion
IL.
Other than in financial New
York not much attention Is being
paid 70 this measure.
Social Security
Through the administrations
failure TO advance a bold plan 81
social security. fantastic schemes
now may wreck any wisely con-
ceived plan.
DR.. r. e. Townsend, with his
$500 a month plan. gained b
siderable sympathy when he ap-
peared before the senate finance
committee because OF the absurd
ridicule heaped upon him by sena-
tors. Instead OF counteracting the
Townsend scheme. with Its 24-bll-
non-dollar-a-year tax, the majority
OF the senate committee acted as
II al social security were a Joke.
AbServers later said they would
not give much for the chances OF
the senators for reelection.
Senator James Couzens OF Michi-
gan, millionaire progressive, gave
respectful attention. however-and
well-wishers OF social security hope
the administration would entrust
him 70 put through a feasible
plan. But that Is not possible
Senator Couzens is a republican.
The Administrators present plans
are too hating and inadequate. 10
the opinion OF observers. to push
aside impractical schemes or un-
satisfactory con promises.
Work Relief
The administration finds its
work relief bill virtually a liability
instead Of a credit.
The battle over payment, OF the
prevailing wage instead OF a sti-
pulated $50 a month security wage
Is more intense than the admins
tration had realized.
Labor believes private employers
would accept the governments
maximum as its own - and the
prevailing wage" would drop be
low O subsistence level. with recov-
cry retarded and living standards
going to new low levels
On the other hand, EMPLOYERS
say that payment OF prevailing
wage" on relief work would tend 10
take employment out or private
hands into government hands
would, In fact, "socialize labor"
ProgreSSives say II the admins
tration puts over the $50 q month
scale. they viii try to force through
an amendment limiting profits OF
contractors on public works.
The contentious are vital IN the
present evolutionary stage Of our
social and economic world.
Railroad Terminals
Railroads expect to be forced into
joint use OF yards and termIn.>S.
The handwriting on the wall Is
contained in q recommendation by
Railroad Co-ordinator Joseph 3.
Eastman.
IN the Chicago area alone. q out
lying railroad yards can be reduced
TO six, Eastman says.
Chief objector will not be the
rallroadS-but labor.
Some railroads maintaining cost
ly terminals In order TO Guido COM
petitors, viii have to share-and
regain some OF the operating costs
Complete ventilation OF airplane
cabins Is provided by Slip-Strsam
suction