, 1935-08-21

cAnAAnk AAlG& I'D , tNO moot pO-
litico-economic products are cotton
and wheat. II their producers are
feeling good next year It may augur
well for President Roosevelt's reelec-
ton. perhaps offsetting industrial
d~iSaffection.
That explains the complicated cot
ton maneuvers OF the last few days.
Secretary Wallace has argued
against pegging the price at twelve
cents He holds more than 100000
bales and can't dispose OF 1t here or
abroad at anywhere near that price.
But the president promised south
ern senators that ne would continue
the l2c loan If they approved the
Bankhead act establishing a less
costly quota system for the future.
The senator's kept their agreement.
Then cotton prices dropped to less
than twelve cents, imperiling the
loan. Under the law the government
cannot lend at a higher price than
cotton brings In the market. Mr..
Wallace's known opposition was
blamed for the market drop. II
looked bad for cotton growers and
cotton senators.
Huey - It was a dangerous stu
alton. The Bankhead act was on
the presidents desk but he was out
OF town. The market might drop
still lower and further endafA the
amount Of the loan. And Mr.. Wal
lace gave no encouragement to any
body.
Then. 10 maintain the market
price while awaiting announcement
OF the loan figure. southern senators
rushed TO the rescue. First Sena-
tor George OF Georgia announced
that the l2c loan was a sure thing.
Next day Senator Russell OF the
same state gave out the news that
Mr.. Wallacels attitude was resPon-
sible for the market decline but
should be discounted. 1t recalled
the days when President Coolidge
and Secretary Mellon a~lternated in
releasing p~-oclamations which kept
stock market prices at boom Levels.
The southern statesmen apparent
ly know their politics as well as their
economics. They realize that II any,
thing happens to cotton prices Huey
Long may make good his boast to
tote six anti-Roosevelt delegations
TO the democratic convention next
year.
Initiation - nti-admInistration
silverites have been caught mapping.
Secretary Morgenthau spanks and
splits them whenever they remon-
strate with him for not buying
enough OF the white metal to push
the price to 81 or more. And Mr..
Morgenthau speaks for President
Roosevelt.
IL now develops that the silver
senators don't understand the mean
ing Of the silver purchase act. They
Thought that they were forcing the
administration to buy until silver
monetary stocks totaled one-fourth
OF the gold supply or until the price
OF silver reached s129 an ounce.
But MeSsrs. Roosevelt and Morgen-
THAI can't see 1t that way. They
contend that their Job is to reach
the l-to-3 ratio by buying as cheap
ly as possible. and not to gobble IN
silver so as TO skyrocket the price.
The two silver spokesman - Sen
ator Pittman OF Nevada and Sena-
tor Thomas Of Oklahoma are quar-
relling and that weakens their cause
Mr.. Pittman Is chiefly concerned
with the price 10 the miner, and that
IS away up. Mr.. Thomas II inter-
estcd In silver as an inflationary
agent, and he Is getting nowhere.
Practical 80 The New Dealers have
shown smart strategy in staving
of q bonus march on washington
like that which produced tragedy in
July OF 1882. First they sent incom-
ing veterans to relief camps In the
South, as reported in Whirligig two
months ago. Then they placed the
bonus bill on the calendar for next
January - and it viii pass.
But their ~cleverest stroke has had
no publicity. They have won over
Roy Robertson Of Los Angeles. the
sailor under Sims who staged the
death march on Capitol Hill at
the close of the 1892 session. NO
bonuseer has as large a following as
Robertson. No bonuseer had as deep
n prudge. Although he suffered A
broken neck during his service, he
could collect no compensation be-
cause OF a medical technicality.
But Roy had a powerful friend
Jack Dempsey. the former prize
fight champion. Dempsey sent Roy
to influential folks nc Washington.
Ttey got him q lump sum Of $500
for back compensation and 500 a
month for disability. When he visits
the Capitol now he rides in his own
car. So does General Coxey, who
headed the first bonus march on the
Capital. What's the answer?