Newspapers / The Cherokee Scout (Murphy, … / April 14, 1933, edition 1 / Page 2
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Pace Two News Review < Events tli Roosevelt Plan on Farm Loan Issue?30-IIour Week P The Akron FOLLOWING the rending of a brief special message on the subject from the Pres'dent. Senator Itoblnson of Arkansas introduced the adtnfnistration's farm mortgage refinancing bill which. Hf with tlie farm relief jj| hill, is designed to lift K W lhe formers out of mL t^e slough of di presEr^ The r,i11 provides farm loan banks of bonds to tiie extent mmli A of $J.OOO.(RH 1,000. on which the government Senator guarantees the interRobinson es[ llavmems. The bonds, or the money derived from their sale, are to be used by the farrn loan hanks for the purpose of taking over the farm mortgages on which the interest rates cannot be more than 4S,? per cent. The expectation Is that with money available to settle with his creditor the farmer can scale down the principal of his debt to a considerable extent. Henry Morgenthnu. Jr., governor of the new farm credit administration, believes mortgage Indebtedness may be scaled down In two ways. A mortgagee, willing to settle for cash or bonds at TO or 81) per rout of the principal, could exchange the mortgage on that basis for land bank bonds. The bank then would refinance the farmer at 4H per cent. Or a farmer making a composition with his creditor could borrow the funds for settlement from the land bank. Opposition to the legislation revolves around two arguments. One Is that It will be an Inducement to farmers to default in the payments on their present mortgages in order to persuade mortgagees to settle at less than face value. The other is that such a vast flotation o^ 4 per cent h*nds would tend to demoralize the tx .id market and react unfavorably on hanks and insurance companies with large bond portfolios. The maturity of the bonds is to he fixed by the land banks and probably will be 30 or 40 years. Stated briefly, the main provisions of the farm finance bill are as follows: Federal land banks are authorized to Issue up to {2.000.000.000 In 4 per cent bonds, interest guaranteed by government. The same banks could purchase first mortgages on farm land or exchange bonds for them. The treasury Is authorized to subscribe $50,000,000 to the paid-in surplus of the banks. Interest rate on loans on mortgages shall not exceed 4 Vs per cent. A total of $15,000,000 would be available from the treasury to compensate banks for Interest reduction. The limit on mortgage loans would he frnm I'" ftrtA nnn Voluntary liquidation of Joint stock land banks is provided. A total of $100,000,000 of Reconstruction Finance corporation's funds is made available for loans to farmers for refinancing their debts in accordance with provisions of the new bankruptcy relief jet. Reconstruction Finance corporation Is authorized to loan $50,000,000 to drainage, levee and irrigation districts to reduce and refinance their debts. Increases the lending power of the Reconstruction Finance corporation by $200,000,000. THE number of veterans to be affected by the President's order reducing veterans' benefits will not be known for some time. In one way or another it will be felt by practically all of the Spanish-American and World war veterans, and the widows of veterans of these wars now on rha I government pension rolls, because It reduces the rates on the greater part of such pensions as will continue to be paid. These reductions and those to be dropped from the pension rolls will be affected after July 1 of this year. In brief, the order makes the following provisions: Payment of pensions authorized to veterans disabled by disease or Injury incurred or aggravated jn une Qf <july In active service. Rates to be paid for service connected disabilities are: 10 per cent disabled, $8 a month: 25 per cent, $20; 50 per cent. 140; 75 per cent, $60; 100 per cent, 880. These are 20 per cent reductlone under present aids. Pensions authorized to widows, chlldren, and dependent parents of vet- | erans who died from disease or Injuries ! Incurred or aggravated In line of duty In active service. Rates continue as at present. Payments authorized for non-service connected disabilities and deaths of veterans who served 90 days In the 8panieh-Amer1can war, Boxer rebellion. Philippine Insurrection, and World war, provided disability was total and not dus to personal misconduct. Latter allowance will not be made to unmarried persons with Income of more than 81,009 a year or to any married person or ons with minor children whose Income exceeds 82.500. Pensions of widows and children of The Cherokee Sco [)f Current te World Over s Calls for Two Billion Bond roposed for Workers? i Disaster. Spanish-American war veterans cut 50 per cent. Excludes peace-time veterans from domiciliary care. Limits bharply emergency officers' pensions. BOTH the senate and house are considering a bill, of which Senator Black of Alabama is the author, that would establish u thirty-hour work week. As the bill Is presumed to have the endorsement of the President and the special approval of Secretary of Labor. Miss Perkins, It is expected to pass both houses. The bill would compel private Industry to adopt the thirty-hour week and penalize interstate movement of products made by labor working longer hours. Black expressed confidence the bill would be upheld by the United States Supreme courL The Alabama senator said the bill would not accomplish Its purpose If it resulted In reduction of wage levels as well as hours and expressed the belief that. If Industry attempted to reduce wages, congress would act. "Labor has been underpaid and capita) overpaid." he said. Borah said he was "In thorough ac I'm not so sure that we're not going to have to come to It." His argument revolved around whether congress had the power to take action. THE country's great loss In the destruction of the Akron Is not the loss of the navy's great dirigible, but of the 74 officers and men who went down with her In the storm off the const of New Jersey Rear Ad- HP* mlral Moflfett. chief of jpT\ 1 the aeronautic bureau '' m 1 of the navy, who was a passenger on board. fik | with his shipmates up held to the end the Hr:. finest traditions of the ^ The wreck of the Akron, largest of Its . , i , j . . . Admiral kind in the world, was ? ** .? Moffett the worst airship disaster in history. The airship crashed off the New Jersey coast, twenty miles off Barnegnt lightship, during a violent electric storm, accompanied by heavy winds and high seas, dense fog and thick rain. Lieutenant Commander Wiley, second in command of the airship, and the two men who were saved owed their lives to the chance that brought the German oil tanker I'hoebus close to the scene of the accident a few min -?.o unci > u? |i|itruuu. x nry were picked up immediately by the Phoebus, whose crew saw others disappear beneath the waves before rescuers could reach them. The Phoebus cruised about the scene until dawn, hut was unable to find any more survivors or to keep track of the wreckage, which was carried swiftly away by the seas. First report of the disaster was received In radio messages from the Phoebus. Both coast guard and naval vessels were Immediately dispatched to the scene of the wreck and cruised around for hours In the hope of finding other survivors. The navy blimp J-3. taking part in the search, fell into the sea. Five of its crew were rescued. The search was fruitless, and. in the case of the accident to the blimp J-3, was ill fated also. Determination to end navai airship construction is mounting throili'h fnnirr?CO lnlnn? .. r./*.. 41 1 p.. ? vwop.vov ?IC1U u^wu IiuuIng the real causes of the Akron's I plunge Into the Ati * Id the senate King I ' 1 (I>em.. Utah), preI Ed P 8 r ed 8 resolution W*? : ' }. calling for an Invests. tigation of the Akron ('l8aster an(I the coni&A federation of the advisabillty of spending A ??ore than the $20.v fff - j/k 000.000 that the navy Fr.d Britt.n flre*^ '""'f In 11 g b t e r-than-alr craft. Chairman Trammel of the senate naval committee also was considering a study of the accident. Chairman Vinson of the house naval committee has declared emphatically nhere won't be any more airships built." There were some, however, not so ready to yield beliefs founded daring many years in congress. Many had followed Representative Britten of Illinois, who as Republican chairman of the naval committee for years had charge of most of the recent legislation for airships, particularly that au> ut, Murphy, N. C., Frida thorizlng the $8.0CH?.000 Akron-Macon sister ship team. Mr. Britten has always declined to sunport those who thought lighterthan-air craft should be abandoned. Many members were undecided how far they wanted to go in tiieir ban on airships. Vinson said he thought nothing should be done to prevent operation of the Macon, which is to take the air toward the end of ttie month. Nor did he think that the new dirigible base at Sunnyville. Calif., where $4.0tX),()00 had been expended, should be shut down. Tk/fICUIGAX is the tirst state to vote * * in favor of the ref?ea? of the Eighteenth amendment. Wisconsin is second with a decisive rote of 4 to 1 for repeal. Town and country alike turned out thumping wet majorities. Milwaukee, where the breweries are humming to turn out 3.2 beer, went wet by more than 10 to 1. Wisconsin's constitutional amendment convention will be held in Madison. April 25. It is predicted that practically nil the delegates will be conn., ted to repeal. In Michigan, but one county elected a dry delegate. JP. MORGAN & CO? New York bankers, ure In for an Investigation by a commit lee of the United States senate, and a committee backed by all the authority which that august body can give. Without debate, the upper chamber adopted the Fletcher resolution extending wide power to the banking committee to make the inquiry into private banking which President Roosevelt has sponsored. The resolution was drafted by Ferdinand Pecora. committee counsel, with a view to obtaining all the senate's constitutional power over interstate commerce, banking and tax matters for the committee. Pecora told the committee he had submitted twenty-three questions to the Morgan firm and that on advice of John W. Davis, its counsel, the banking house had refused to answer one and taken several others under consideration. DESPITE the Hitler government's dropping of the boycott against German Jewry, the National Socialist party will keep Its boycott machine Intact. Disappointed at being deprived of the boycott, Nazi auxiliary police raided a Jewish quarter In Berlin. Accompanied by regular police, they searched everywhere for weapons and papers. Streets were closed and pedestrians were stopped. Even worshippers leaving synagogues were halted. Persons not carrying double Identification cards were arrested. The Nazi boycott committee headquarters at Munich announced that "all German stores in the near future will be supplied with big placards Identifying them as such." In this way the Nazis will distinguish between German and Jewish stores. A measure forbidding kosher slaughtering throughout the nation has been approved by the reich's cabinet. ANEW suggestion for a preliminary conference of experts to be held In the United States to nronaro for the world economic conference developed at a meeting In Paris between Norman H. Davis, Presi- ^ dent Roosevelt's am- 1 bassador-at-large, and I Joseph Paul-Boncour, HBPb 4 French foreign minis- Sj^ Ji i ter. In this the French B; see their opportunity jl of talking over war debts. Like the British, the French want to wan- Norman gic a utui settlement Davis" before the economic a" " conference convenes. So fervid Is this desire that Davis expressed his displeasure that Europe, with Its very existence at stake, should think of nothing else. Mr. Davis feels that the Washington administration has made It clear that there are bigger Jobs to be done?removal of trade barriers, for example. So with hopes of calling the economic conference at an early date abandoned, the idea of a preliminary meeting to agree on what is to be done and how to go about it is making headway. Premier Ramsay MacDonald plans to sail for the United States about I April 15 for a conference with President Roosevelt regarding war debts, I world economics and armament, Mount Everest at last has been conquered. Two airplanes have flown across the summit and for the first time In history men looked down upon the highest mountain in the world. The feat was accomplished by the British expedition headed by the marquis of Clydesdale. A photographer succeeded In taking a number of pictures which. It Is hoped, will provide an authentic record of thq conquest of the 29.002-foot mountain, on the sldee of which numerous men have perished attempting by old-fashioned methods to gain the honor of being ths first to reach the top. A- ltSS, WMtere Ntvaptptr Ualo* iy, April 14, 1933. EVERETT SAUNDERS Tile condition of Kverett Saunders, : chairman of tlie Republican national ; committee, was described as satisfac- . tory at the Washington hospital, where he underwent an operation. Saunders was formerly of Terre Haute, Ind. CLAIMS U. S. WILL CUT BRITISH DE3T London Mail Sets Reduction at $692,000,000. London.?The London Hall said that Norman 11. Davis, American ambassador-nt-large, had presented to the I British government an offer to scale down the British war debt to the United States by more than $692,000,000. Other concessions, also on President Etoosevelt's authority, were offered. the Mail reported, -although little headway has been made." The total funded debt of G.oat Britain ro the United States was $4,308,000,000. To date $2.006.2.^.000 hns been paid. Mr. Davis left London for Paris after discussing the world economic conference and other matters with British statcsine*. London.?Prime Minister Ramsay I MacDonald will go to Washington to confer with President Roosevelt on world problems during the Easter holidays, according to reports published here. The Times said MacDonald is expected to make the trip to America in a double capacity?as prime minister of Britain and as president of the forthcoming world economic conference. Mussolini Turns Down All Peace "Revisions" Rome.?While the French government was drafting what is reported to be a revised peace project to submit to Premier Mussolini, II Duce issued an advance notice that the fundamental provisions of his "peace club" plan must remain intact. Mussolini's proposals for peace, first discussed here recently between him | and Prime Minister MacDonald of Great Britain, provide for a four-power collaboration; acceptance of the principle of revision of the peace treaties in accordnnno with thn ? -- ...v.. vwc ucaguc vi I Nations' covenant; a pledge by Great I Britain, France, and Italy that arms equality for Germany, Austria, Hungary, and Bulgaria would be gradually realized; the following of a common line of action by the four powers in world affairs; effectiveness of the accord for ten years at least, and registration of the pact with the League of Nations. Bigger*, Famous Author, Dead in West, at 48 Pasadena, Calif.?Earl Derr BlKgers, novelist and playwright, befit known for his series of detective stories of which "Charlie Chan" was the hero, died here. He had been in the hospital for some days as result of a heart ailment. Mr. Biggers was born in Warren, Ohio, August 24, 1884. Two Nominations Sent Senate by Roosevelt Washington.?President Roosevelt sent to the senate the nomination of William L. Austin of Mississippi to be director of the census, succeeding William E. Steuart. The President also nominated Edward M. Watson of Hawaii to be judge of the First Circuit court of Hawaii. Bank of England Gold Sets New High Record London.?Gold in the Bank of England's Issue department reached a record high point April 3 at about ?173,000,000, equivalent to about $247,000.000 at the current value of the pound sterling, as the result of the purchase of ?1.342,000 worth of gold in the opev market. "RACE PURITY"^iiir I OF GERMAN NAZIS I Berlin Convention Outline? I Objectives. fi Berlin.?I'rotestant Nazis at a na- I tioual convention here celebrated the B triumph of the nationalist revolution. 9 "Race purity" was declared to be tl?e guiding principle of the new V>r. fl gunizution, known as the "German B Christian movement." I Beginning April 4, nil persons desir ing to leave Germany were require I to obtain permission of the police. B Reports of tlights ot thousands of If Jews into near-by countries, carrying away money, led to the action. 3 Nazi lenders agreed to give up their I plans of renewing the nation-wide boy- H cott against Jewish commercial activ- I Ity. Reluctance in dropping the plan H was admitted. 9 The Protestant Nazis were told | equality for Jews was the protnias I of a future world, but was not to D be expected in Germany, tine of the R speakers said St. Paul's epistle about I the equality of the Jew and the Greek Kg applied to things spiritual hut not to B this world, where "race purity was or- || dained by God." f| A new ruling in the schools banned H the distribution of copies of the Ger- n man constitution to graduating stu- | dents. Hereafter they will he given 13 a booklet explaining the significance of I the restrictions imposed on Germany g in the Versailles treaty. I American officials In Berlin were B disturbed over an allegation by the I Pangerman Press Service, edited by j| two Nazis, that "an atrocity lie fac- h tory has been set up In the American g consulate general." The service H claims that the American consulate | collects accusations of eastern Jews against Nazis. George S. Messersmith, United States consul general, said: "We strongly resent these unwarranted Implications and will by proper representations insist on Immediate stoppage." WASHINGTON BRIEFS Currency in excess of $ 1.21X1.000,000 of which more than half was gold an^l gold certificates bus been returned to the federal reserve bunks. 1 The senate granted the broadest power in its possession for an investigation of private bankers, including J. P. Morgan & Co., by the banking committee. The Reconstruction Finance corpora ation voted $3,725,000 of emergency relief funds for use in Cook county and 44 downstate counties of Illinois for the first 15 days in April. The fact that Secretary of the Navy Swanson is going ahead with plans for pushing new ship construction lent credence to reports that the President has given his approval to Inclusion of warships In the public works bill when it is introduced. 17 1- T% _ to * ranK ixocKcreuer, /J, Cousin of John D., Dies Russell, Kan.?Frank Rockefeller, seventy-nine, cousin of John P. Rockefeller, Sr., oil magnate. died In an Ellsworth (Kan.) hospital. He was one of the wealthiest citizens of Russell. Mr. Rockefeller once represented Russell county in the state legislature and served two terms as county sheriff. Mexican "Reds" Continue Their Fight on Daniel* Guadalajara, Mexico. ? Communist j literature attacking United States Ambassador Josephus Daniels and calling for demonstrations and his forceful expulsion were collected and destroyed by police. The government was attacked for permitting "the man who machine-gunned our Nationals at Vera Cruz** to come to Mexico. Rumor Lindberghs Are I. M.L. LI Wales w i i\>iuv ??? London. ? Residents of Cardiff. Wales, have received reports that Coland Mrs. Charles A. Lindbergh plan to live near Cathedral City, In Llandaft the Dally Mall reported. It was pointed out that Mrs. E. M. Morgan, Mrs. Lindbergh's sister, has a homo nest there. Roouvelt Resigns as Minister to Hunger? Budapest, Hungary.?The resign*' tlon of Nicholas Roosevelt as Cnlwd States minister to Hungary has he? accepted by President Roosevelt,, ? was announced. Mr. Rooserelt leave for America May 1. making ? hrlet tour of Europe before golM w I New Tort j
The Cherokee Scout (Murphy, N.C.)
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April 14, 1933, edition 1
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