The Waterbury Democrat., 1939-01-20

tasks demanded of economic life for the re-establishment of the greater Germany, uniform leader ship in economic life, the money market and the capital market is required.
 aThe Fuehrer (Hitler) has con- seuuently relieved Dr. Schacht of his position as president of the Reichsbank directorate.
 "As his successor for a period of four years the Fuehrer has ap- pointed Minister of Economies Funk, who will retain the office of min- ister of economics.
 "Dr. Schacht in his capacity as Reichs minister (ininister without portfolio in the cabinet) will con- tinue to be member of the Ger man government. He is scheduled to carry out special tasks"
 Message To Funk
 Tn his message to Funk, Hitler said:
 "rt will be your task:
 "1-To preserve internationally the security of the Reichsmark, of salaries and prices;
 "2-To open the capital market to an increased extent for private enterprise;
 "3-In accordance with the law of February 10, 1897, to finish the reconstruction of the Reichsbank which had been removed from the unreserved control of the govern ment by the Dawes (reparations) plan,, and into the position of the German bank of issue, uncondi- tionally subject to the states sov- ereignty. This will be in accord ance with national socialist (Nazi) principles"
 The law Hitler cited provided that the independence enjoyed in the past by the Reichsbank should be annulled, and that the bank and its directorate should be directly re- sponsible to Hitler.
 Implied Rebuke to Schacht
 Thus there might be an implied rebuke to Schacht in this citation as having failed to carry out the Ratification law.
 But any blow to Schacht was softened by the following letter Hitler sent him:
 T take the opportunity of your re- lief from office as president of the Reichsbank directorate to thank you warmly and sincerely for what you have done during your long and difficult years of service to Ger many and to me personally. Your name will be connected above all with the first epoch of national re- construction. am glad to be able to employ you as Reichs minister for the solution of new taskes.
 "With a German salute,
 Adolf Hitler"
 Complete Surprise
 There was every sign that the removal of Schacht came as a com plete surprise in government and banking quarters-domestic as well as foreign.
 An official informant said that Schacht's removal was not due tc any personal reasons, such as fric- ton with Funk or with Field Mar shal Hermann Goering, Nazi No 9 Rather, this informant said, 1t was connected with the guaranteeing of the unconditional security of the currency in connection with the four year plan of economic self sufflciency plan and Austrian and Sudetenland problems.
 The money market opened steady as the news of Schacht's removal was discussed.
 Banking circles predicted an ex- pansion of credit as the result of his dismissal, and some further de- partures from his conservative financial policies.
 Last of Big Maxi Leaders
 Thus passed the last of the great pre-Nazi figures. Eleven months ago Baron Constantin von Neurath was dismissed as foreign minister, to become chairman of Hitler's privy council on foreign affairs.
 The man who succeeds is a veter- an Nazi, deputy to field Marshal Goering as commissioner of the four-year plan of economic self sufdciency, for years Hitler's chief onfidential adviser on economic matters, one of the few men who sedom in the news, are at Hitler's side in the most critical moments.