The Daily Banner, Greencastle, Putnam County, 2 January 1933 — Page 6
o
THE DAILY BANNER. GREENCASTLE, IN DIANA, MONDAY, JANURY 2. 1933.
Hakson States
Talk Of Economy
Hurts Husiness
HHOCNIZI’n UTHORITV ON I I NANCE IN STATKMENT OP
\ IT\I. INTEREST
lii :i. copyrip-ht, syndiratP I arliclp.
1 linpp. ‘fan you stand atiother ypa r of I the pinch-ponny, fearful, penurious eronomy which our people have learned to practice all too well during the depression "'
d be *ta- j
hooe I instead of emphasized. And j that does not mean that I recommend wasteful extravagance in government nr in personal affairs either. I say there is a common -cnse middle course, and- that to keep harping on ‘economy’ now will U" intitutclj more harm than good to ttr husiness and
wift, turbulent cu-rent | dry ones that stibmission of the 18th
one of the
under the heading “Busmeas Hurt by ] fjnnnfja) flituation Stilti , li( . s show Talk of Economy,iBabson .Says, Rog- t) (j av( . t ^ hvmg in this er W. Bahson, recognized world ( fnunt| . v is b:l „ 1; t() whpIV ,t was 20
ority on financial matters, under the date of December 10th, denounces the piesent campaign of the National K onomy I.eague. He advises manufactureis, merchants and wage work ers to refrain from joining it. I’erniisis m has hern granted the legion
j country is back to
i years ago. True, there ale more mndI em conveniences, bin the actual amount of goods produced for consumption today is lower than it Iais I been at any time since liM.'l, and in I some items since Ihfls. Fewer ot these articles, which are the basis of the standard of liv ing, are being produced and consumed per capita than at any time in the last 2b years. I sav it is almost criminal to even print the woid ’economy’ under these
conditions.
“Elimination of unemployment can conr only by increasing public purchasing power and rai ing the stand-* . rd of living. Only as more goods are bought and consumed can this country return to normal production and employment. All talk to the contrary is not only uneconomic but dangerous- Hence, 1 appeal to the National Economy league to drop the woid ‘economy’ and to curb tbeir speakers in their preaching of fjilse economy. In the meantime, until this is done, 1 advise merchants, Manufacturers, and wage workers to refrain from joining the National Econ-
omy league.
“Business as registered by the Bahsnn chart now stands at !“ per cent below a year ago.” M Unit I t INI S tITI. \R VERY I’ROBtlll.i: IN l<m WASHINGTON. Jan. 1 (UP) — Major events appear destined to write lOJ.l in large figures on history’s
pages.
Some look forward to it gloomily as the “f ui't'i year of the depre-sion” and wonder if tiie present order can
duce the cost of government but the j he saved. Others face forward with matter should bp handled with great 1 hope to what they lesciihe a the rare. Not only are many of these “year, of t • now d- al” and predict educational, welfare, and other lines a haling .way of post-war delrris of public work very important, but and a new -tart lo.udim; to a more
to reptint the article. ■ i believe it is a mistake to esno any money or memberships to the National Economy league until they eo: the word ‘economy’ nut of their name,” Robson's article reads. “I/d them call it the National Honesty league, the National Anti*Veteran‘ legislation league, the National Business I.eague. nr merely the National league, but cut the word ‘economy’ out of the literature, advertising po-ters, spppehes. and all other
publicity.”
Mr. Bahson says ho joined the National Economy League when it was fiist started, and that he has the finest respect for Admiral Byrd and the men associated with him. The purpos,. of the league, as stated to him. he -.ays, was to rectify the present aim es in connection with payments tu vet, ians. "That is the way it was put up to Calvin Coolidge. Alfred E. Smith, and other prominent spnn-
nr«," the article reads.
“Affairs are developing, however,” i.e continues, “along an entirely different line. The various speakers and write! s of the league, having found it unpopular to talk against wasteful veteran legislation, nip urging the nithle-s cutting of salaries of school teacher 0 , closing up of important public welfare activities and the wholesale discharge of government, tate nr.d municipal employes. Somethine daubtles-, must he done to re
we also cannot better the employanent
throw ing
situation this winter by more |>onplo out of work. “However, the damage which
National Economy League is doing with its present policy is not only in connection with aggravating unemployment through discharge of public workei-, hut ai-o in emphasizing the word ‘economy.’ To have harped on economy in !02fi-2!) would have been an excellent tiling, hut today it is the worst thing that can lie done Today hit ion.
the country has an ‘economy coni- 4. Pi hahle ratificati n plex.’ In all seiiousness I ask motor Maine duck amendment.
prosperous and happier world than
mankind has ever open,
j Optimist and o, sjmi-t alike agree the | that thing? are due to happen soon,
whether for good or had.
Important events on the calendar
for 1 '.t.'td Include:
1. The change of administration
at Washington.
2 Reconsideration of the war
debts
.I. Tlie struggle to abandon prohi-
of the
car manufacturers who are so hope- , fully preparing their new models for Itm, ‘Do you want the people to practice further ceonnmv hy refusing to buy your new ears?’ Do clothing merchants and manufacturers want people to economize on clothes even 1
Each of these is destined t i lie a major incident in the nation’s history. Each may easily become, more than an incident, a turning point affecting in ways hard to fotrseo, the individual h- alth, prosperity and happiness of almost every family. Each
moie than they now are doing? I ask| sprung fi in recent events, merchants and manufacturers in all All of them take place on the sur-
face of
- weeping along, nobody knows where, hut with breath-taking speed A group of technologists has recently ctrawn a startling picture of the changed wvrM into which the. nyichine age has catapulted everyone. Ena* fiO ren turies the daily output of an individual worker was practically stationarv Now he has devised tools which enable him to multiply his effoit. A taruvr w ith a tractor can plow 1,000 limes as much ground in a day as he could turn over with a spade. theSe Miyineei- have estimated. This speeded up output has left a gap. Working the old hours, no much is produced. Working short hour- man cannot find enough employment to support ihemselves. This problem has developed over the entire economic landscape. President-elect Roosevelt is about t i move in. His elecion, in which he lost only six states, was preceded by a campaign in which he assailed the Hoover policies as part ol a mismanaged and in some resperts outworn machinery and he promised a new
deal.
First among the problems faring him will he that of agriculture. He is -aid to favor the voluntary dometic allotment plan for experimental purposes at least. Its sponsor® say it will automatically restrict acreage and pull up prices. The machinery is intricate and mueh skepticism is expressed among conservatives Some of Roosevelt’s close friends, it is said, feel that it is, however, worth trying and that expenditure of a few million dollars to test it out would b*. well worth risking. That is only one problem typical of the counties® adjustments that will he attempted in banking, finance, and tariff con-
trol.
A serious budget problem faces the administration at the outset. Despite , onomies. the government is running behind at a late which Democrats pro iict will put it $2,000,000,000 in
the red by June 80, 108.1.
For short-term financing this situation ha- not affected the government's credit. Failure to cut expenses shat ply this winter, however, might, in the opinion of -ome experts, make
long term borrowing expensive.
Governor Roosevelt takes office by mandate of an overwhelming majoritv which is regarded as having him free of -ectional obligati ans and in a po-ition to deal untrammelled with the enormous problems shea I. Among the first of these is that of ■Mr debt-. He will lip the fifth prosi* dent to worry over this SlO.OOO.flOn,opo accumulation of war obligations which America’s former war associates have agreed to pay off over a period which runs for more than fifty years. It is a schedule which if carried through would he finally cleared in the administration of a president who probably ha® not yet been bom European populations, with troubles of their own are in rebellion. A reconsideration has been promised. Few informed persons believe much will be collected. Roosevelt hopes to convert the obligation into .-nine form of trade advantage which will serve in general as compensation ior the additional loan which American taxpayers will have to hear in clearing tip the liberty loans which were floatl.ai ed to raise money for the allies. Ant i-prohihit ihn candidates were elected in so many cases as aeainst
Variety Offered In “AG” Conference Program
amendment is expected
first aetions of the first Roosevelt
congiess.
Failure of Uj^touso to vote for suhrfiissirfh Me~tlFThe feet that ome K0 votes against repeal were cast by members who have been defeated for re-election and who will, in mrst cases, he replaced hy re-
pealists.
Such a result would not have happened had the Norris lame duck amendment to the constitution been I in effect. It is expected to he ratified hy legislatures which meet early in 1088. Then congress will come into power in January following election in-teail of the second December | following—a lapse of 18 month®. It may bo that the abolition of. this relic of stage-roach days in ad- . dition to serving some intrinsic purpose- may stand as a history-marker denoting the arrival of a new period in which, while still loaded down with j billions of debt and other debris of j the war and post-war period, the country bestirs itseli anew.
1933
(AJNOTHER mile post in the path of years is past. 09® Whatever of tfloom or uncertainties have beset the path of 19.32 for others, for us at least it has been brightened by the fine spirit of optimism and mutual helpfulness which we have observed among- om- friends and customers, and the hearty co-operation we have received from them for which we herewith express our thanks. IsOt us enter the coming- year with the utmost confidence for the tuture with a cheerful determination and to shut out from our minds all pessimistic thoughts. The happiness and good will ot theseason, if carried throug-h 1 he year, will bring its reward of better times. ^ We wish you a Happy New Year! MULLINS IpIG STORE
M\M problems faced ( ONGRESS DURING YEAR 1982
<VAL.T£
FtTCU
hi A HiPER*
WASHINGTON, fan. 1. (IT) ” Desperate measures to obtain inter- | LAFAYETTOJan. 2—Some idea national and domestic stability per- of the scope othe program to he plexed a harried congress in 1982. j offered at Pune university during \nd in that your Democrats returned the annual aiieultural conference to control of the hnu«e of tepresenta Jan- 9-18, may 1 gained hy a glance
tive- I at the nceornjnying photographs piesident of the Federal Land Bank, The long -r.-iion from December to which show snnr of the participants and former president of the Indiana mid Inly was an unprecedented peace jp the niimero«ffeaturp.«. ; Bankers’ Association, wall lead the time battle foi national survival.) Pinf. F. C Jug. chief of animal discussion Wednesday afternoon
Polities, piohibition and the conflict- husbandry, will ppe.ar on the Weding ■ >ci.al and economic viewpoints of nesday morningirogram to discuss
more than .'iOii legislators gave some experimental feting of beef calve | will bn other leaders in this field, in-
A*4*ev FU£ WIGLCY *4 O SR.UCKIS,
Maiy Sue Wiglet of CM
of the speakers on *'JB | Character and • itizendiijB
er. the 1982 winner, and Vogler, teserve winner, will have their prize winning samples on display during
the week. ^ home economics settlor a A. G. Brown, ot Louisville,^Ky., J a ^ prT1< , on> \viel.\ J
in this field, i® only r rating on the women' myjj
mg t^e week.
Rotating an i pristur*:B .lover and alfalfa ;.r-1 problems which grow'-TO
(range turn ind twists to the leg- which is being die for the fir.-t time : eluding W. A rollings of Crawford— | crop® always face ant) ■
on
"Meeting the Credit Needs of Agrieultiue.” On the program with him
islative trail. | this winter at Puiue. King also will ( ongressional approval of Presi- take part in nunrous other features
out Hoover’s one year war debt mor- r |' the conferenc*
atnriuni opened the session in an at- Three nationn com kings shown m p’lere of apprehension and hitter- ’ herewith, L. M ogler, Hope; P. J. m Mr Hoover laid down prompt- Lux, Shelbyvilb and Chester E. Iv before congress a comprehensive Troyer, I-afontaie, with Prof A. T. pingram of anti-depression projects.; Wiancko of Pume, will judge the
state com show : it week, and Troy-
He ((light and obtained a large measure of Democrat ie co-operation in enacting this program into law.
Overshadowing all other measures \ L0NCDEN ANUtUNCES PLAN
.1. scope and importance was the RemMi notion Finance Corporation hill. It created an agency now possessing l.soo.nftn.tmn in potential assets including a f■.00,900,000 revolving fund. To the corporation was confided the protection and re®etie of all financial
ville, president of the Indiana hankers I of Monterey, a siicfo-sfiB organization now. i grower r.f these two cJ The details of the conference are | of his experienee- hefonl
handled hy Prof W. Q. Fitch who again is serving n® its superintendent. \\. A. Harper of Peoria. III., is on the agricultural engineering program Wednesday morning to discuss tractors and faim power problem®. Miss
omy section an Thmxqjl the 12th. On the pal P.rueker for a similar t* hr C. B. .Meeker, of Huiw’l a successful farmer A J why® and wherefore® nfil
irJntutirns which had not
foiindcied: aid for railroads; and the distribution of $800,000,000 for unemployment relief. An item of $822,000.000 was marked for public con®t met ion to provide jobs. And thinueh the corporation the government undertook to finance self liquiditing, semi-public projects of all kinds. Agricultural aid was provided in furt! er grants to institutions providing agricultural credit. The final pro-’ ieet of the Hoover program was create n of a home loan bank discount system to provide new credit for owner® of mortgaged property. Equally close to the people’s purse, however, was the emergenry tax bill designed to correct a deficit of more than $1,000,000,00(1. Rack-bench Re-1 publican® anil Democrats repudiated Democratic house leadership to de-j feat a general manufacturers’ sales tax and the revenue bill emerged as a collection of nuisance, tariff, and income and inheritance levies. It) failed to balance the budget A variety of ®o-called currency inflation projects including cash payment of the veterans’ adjusted compensation was defeated in one or the other hou-es of congress, Both houses rejected beer and all amelioration of prohibition for revenue or any other purpose. I he senate defeated the farm moratorium. federal relief loans to cities, the Costigan-I.afollette unemployment relief hill, war time income tuxes, the export debenture farm relief scheme, the sales tax. and a project to reduce the war department appropriation 10 per cent. The hou.se also defeated the farm moratorium. It approved Philippine Independence, the Goldshomugh bill to cheapen the dollar to !92t’> levels, 1 the Garner-Rainey relief hill and full payment of the veterans’ compensa-
tion.
President Hoover called the Gar- | tier-Rainey hill for relief of destitution a ‘pork barrel” measure and vetoed it. A substitute was enacted. The President vetoed the Democratic tariff hill reorganizing the tariff commission and proposing an international tariff conference. The Glass-Steagall bill extending | the note issue privilege® of federal , reserve hanks as an emergency credit measure became, a law I ( onere s passed the Norris resoluj tion to end lame duck sessions of con- 1 j irre®s. Senator Johnson. Repn., Cal., obtained investigation of foreign 1 hon-i flotations in the United State*. | The senate hanking and currency, committee launched its stock market investigation which continues.
- -
president Longden. director of the | about DePauw-will bpi
TO INCREAL ENROLLMENT Rector scholarship foundation. Thejdlvldual prospects a-'J"
project is Intended to assist In estah- (president will write a gi Fim Names Of Seniors liflhin « thp ""iverslty on a firmer |,o each. financial bantf*. | ,4 jf pvery ten nturtHm Professor I/mgden * has asked one new student.'' ’ !
students to secure during .the Carlstmaa vacation lists of seniors in high schools in their home cities and
to try 'o persuade desirable mem- i -
hers of graduating classes to enroll I
in the university later a booklet RE\D OWNER Cl
Students To
From HomtHigh Schools
DnringVaeation
A plan whereb the aid of the stuyet'dent body Is tohe enlisted in at-
T^mgden. “we wnuM the campus than w» r |
date.
1
traeting more indents to DePaitw next fall thru ordinarily enroll ha.® been a Bounced by Vice-
NEW YEAR’S GREETINGS
We wish fo extend our sincere ffood wishes for Happy and Successful New Year to our many friends.
May the New Year bring you Health, Wealth and Happiness.
We oledge ourselves to give you 100 per cent service at all times.
When you think of Lumber—think of the ALLAN LUMBER CO.
“Where The Home Begins’ N. Indiana Sf.
Telephone iO.'l
t