The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1938-04-15
OVER BILLION IN u. 5.
GOLD FREED IN WAR
AGAINST DEPRESSION
CONTINUED from nago one)

which still are before congress.
Although generally regarded as
conciliatory to business, the mes
soop warned that reforms effect
ed during the past five years must
not be weakened or destroyed and
called for other changes including
the elimination of future tax eX-
cmpt bonds of all kinds OF gov
crnmcnt agencies; subJecting OF
Government salaries and wages Of
all kinds to federal and state m
come taxes; a serious undertaking
to solve the railroad problem and
elimination Of mOnopoIiStic plac-
tees and price fixing.
The president appealed for AN
armiSticc between labor and M
dustl.y, for special groups to sub
merge their interests for the COM
mon good and for all TO use self
restraint in welding united ma
tional will for the preservation OF
Americas democracy. He warned
tersely:
Use of power by any group,
however situated, to force lis in
terest or to use its strategic posi-
ton in order to receive more from
the common fund than It's contri-
hutton to the common fund JUST
fies, is an attack against and not
an aid to our national life.
There can be no dictatorship by
an individual or by a group in
this nation, save through division
fostered by hate. Such DIVISION
there must never be.
The depression attack was sep
arated by the president into three
categorics - relief, expansion Of
credit and increasing the purchaS-
ing power. In the first group he
listed:
1-$l.25O,OOO.OOO for relief
for the first seven months Of the
fiscal year beginning July |.
2-$l75, 100000 for rural re-
lief to be expended by the Farm
Security administration.
3-$75,OOO,OO0 for the Nation
al Youth administration.
$50, 100000 for the Civilian
Conservation corps.
5-$I.5O0.OO0,000 for Recon-
struction Finance corporation,
loans to big and little business.
To expand credit, the president
proposed:
Ito de-Stcrilizc 81, 100000
600 of gold.
2-To reduce requirements of
federal reserve banks $75O,OOO,-
600.
3-Better coordination Of fed
cral banking supervision.
disqualification Of securities
and exchange commission reguia-
tions to assist and expedite the
financing, particularly, Of small
business enterprises.
The first two cate@Ories, the
president said, might prove SUI
ficient" to conquer the recession,
but he warned that "if we stop
at relief and credit, we may find
ourselves without ammunition be-
fore the enemy is routed" So ne
regarded the third category-cre-
alton of jobs and increasing the
purchasing power-as vital In
it he placed: ,.
$500, 100000 for additional
projects under the supervision OF
the United States Housing author
ity.
"A public works program
which can cost the government a
maximum out-of-the-pocket loss OF
81 100000, 1000.
3-$lOO,OOO 1000 additional for
public roads.
4-$37, 100000 additional for
food control and reclamation
works.
5-S25, 100000 additional for
federal buildings.
The presidents message sum-
married. the recommendations m
to two catcgories as follows:
l-Expenditues from the
treasury for work:
Works Prog. adm.
(relief) .....S 81 ,26O, 00O,OoO
Farm Secrty. adm. 75,OOO,0OO
National Y'th adm. 75,OOO,00O
Civilian Con. c.. 50,OO0,O00
Public Wks. adm. 1000, 600
II;,,ku,o,,, 1O0 0O0 O00