Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1936-01-02

turning hts artillery on the presi-
dents recent assertions. Mr.. Hoove
insists that the depression actual,
was turned back throughout tn,
world in June and July 1882 but tina
the New Deal caused this country t.
lag two years while other nation,
progressed. He blames the 1888 banl
panic on hysteria, induced among the
depositors by the incoming admins
t~ration, calling it "the most politica.
and most unnecessary bank panic in
all our history"
His idea is that fear of the incom-
ing New Deal and realization that
democratic campaign promises were
to be violated" and the currency
tempered with" caused the panic. Mr.
Hoover also attacked the relief situa-
ton, proposing to decentralize con-
troll and cut government allotments
to the states by more than half. He
would stop "wastefuf' projects and
look to true relief from honest pro-
ductive jobs, which would return
quickly" if the currency were sta
bilized," the torrent of unnecessary
expenditure stopped and the budget
balanced"
1t has been known for some time
that the federal government has been
conducting a criminal investigation
into the affairs Of the Associated Gas
and Electric company, one of the
worlds largest utility holding COM
panies. While not generally known,
an investigation was started during
the Hoover administration but subse-
quently dropped. The s7O0, OOO,O 900
company has some 200 subsidiaries,
and its affairs are so complicated that
attorney opposing a recent attempt to
reorganize it under the bankruptcy
law, predicted hat it would take at
least two years to determine whether
or not it was solvent.
Howard c. Hopson, its directing
head, waged a bitter fight against the
holding company bill, and was
sought for some time before he could
be located and questioned by the in
vestigating committees. At this time
he is under threat of contempt pro-
ceedings by the house rules commit
tee whose chairman, John J.. O'Con-
nor, is seeking information on his in
come. Committee members accuse him
of employing "dilatory" tactics. Mean
while the federal government has filed
a lien against the corporation for $48,-
on a claim that it is due that
amount in income taxes for the years
1929 to 1888, inclusive, and for excess
profits taxes for the year 1888. An adj
ditional claim of $2,5OO,0OO is based on
taxes for 1927 and 1923.
The old age revolving pension,
known as the Townsend plan, is be-
to attract increasing attention
because of recent elections in which
advocates of the OARP have been
successful. Basically, the proposal is
to levy a transaction tax to raise a
fund of from 10 to 20 billion dollars
annually on a basis of a steady 1929
national income. This is to be distrib-
uted at the rate of $500 monthly to
persons go years of age or over of less
income on their pledge that they will
spend it all in the current month.
The supporters of the plan are gain
ing in strength. Recently, the doctor
indicated that formation of a third
party would be undertaken to adj
vance the plan. This welcomed by
most politicians who believe that it
be stopped easily in such an
event.
Economists, of course, assert that
he transactions tax, set up to finance
he payments would increase the cost
If living to such an extent as to cause
is collapse or else make dimes of the
dollars distributed. They even init
that, in an effort to avoid the
cvy, huge commercial combinations