Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1938-02-24
THE NATIONAL
GOVERNMENT
BY PAUL JOHN KvALE, M. C.

All of the news of the week, in
Guiding passage by the Senate and
the signing of the Agriculture bill by
the President, was crowded off page
one yesterday when the President, in
one of the longest press conferences
ever held, outlined his plan to balance
prices and aid business, and in addi-
ton announced the revival of the
RFC.
President Roosevelt, in prepared
announcement, said: "Our program
seeks balanced system of prices such
as will protect a balanced expansion
in production. Our goal is a con-
stantly increasing national income
through increasing production and
employment. This is the way to in
crease the real income of consumers.
"This is not policy of restriction;
it is a policy of abundance. Our
agricultural, industrial, housing and
monetary programs have been and
will be directed toward this end"
In the same announcement made
at the lengthy press conference the
President ruled out initiation and fur
Their dollar devaluation as methods
by which he would endeavor to
achieve a readjustment of present
conditions.
Also the President let it be known
that he is opposed to any general
reduction in wage scales. He Of
fered no specific suggestions further
than those provided for in the Hous-
ing and Agricultural acts, the ex-
tended relief program and moderate
liberalization of the treasury's idle
gold all of which he explained were
directed toward the general objective
of balanced prices.
In connection with his other an
nouncements, Chairman Jesse H.
Jones, of the RFC, announced at the
White House that the President had
withdrawn restrictions on activities
of the Reconstruction Finance Cor
poration and directed it to resume the
extension of loans to all deserving
borrowers with what seemed to be
emphasis, in this connection, on loans
that would maintain and increase en-
ployment. Mr.. Jones said that the
corporation has available about ST.
5OO,OOO,OOO and that while it was
''ready to lend alp he did not believe
that there would be ga demand for
any considerable part of it."
The little business man" is as
sumed to have been in the mind of
the President and Chairman Jones of
the Reconstruction Finance Corpora
ton in their discussion of further
loans. There is regional manager
from the RFC located in the Mcknight
building in Minneapolis who will
receive applications for such loans
from Minnesota business men.
The President, in explaining his
new program for the solution of the
nations recession problems, ex-
pressed the opinion that some prices
are too low and should be raised, as
for instance the agricultural cate
gories, but others were too high and
should come down, including building
materials, the high cost OF which he
believes has retarded the revival of
the construction industry.
Meanwhile the controversy over the
proposed armament expenditures con-
tinues with hearings still being held
by the committee to which the pro-
posed building program bill has been
referred During the week those
who have proposed the extensive
building program have been some
what embarrassed by the submission
of testimony by experts which would
indicate that the shipyard facilities of
this nation are not sufficient to pro-
vide the fast auxiliary ships recon-
mended by Joseph Kennedy, former
chairman of the Maritime Commits
sion and now ambassador to the Court
of st. James, much less ships of the
tonnage which it seems other ma
tons are now threatening to build
The writer continues to hold the
opinion that we should do everything