Russian Debt Situa
tion.
The Treasury Shifts.
New Recovery Paths.
Washington—The shifting pano
rama of the New Deal brings a
new picture to the fore every few
days. But each succeeding picture
is a little clearer than what preced
ed it, so that it becomes easier to
xinderstand the Administration’s
program and to deduce its policies.
The recognition of Soviet Russia
is easy enough to understand. That
rnuprnmfnt has now continued for
sixteen years, which is pretty good
evidence that it is a stable govern
ment. The failure of the United
States to recognize it in the past has
been based on two points, primari
ly. One point was that the Soviet
government of Russia refused to
recognize the debts of the old
Czarist Government of Russsia and
its successor, the other and more
, pcjpular ground of Inon-recogni
tion was the avowal by the Bolshe
vik! in their earler experiments
that they were out to convert the
whole world to Communism and
intended to start Red revolutions
everywhere.
Russia seems to have discovered
that the Capitalistic nations are not
going to make any trouble for it
so long as it doesn’t make trouble
for them, and Maxim Litvinoff,
the Russian envoy, seems to have
convinced Mr. Roosevelt that
his promise, on behalf of his gov
ernment, to lay off Communist
propaganda in the United States, is
one that will be kept.
As to the debts, the present gov
ernment of Russia is not much more
remiss than some of the other for
eign governments which owe much
more money to the United States.
American business and banking
interests who have made some of
the private loans to old Russia thati
have not been paid have assured)
the President that they are willing
to hold those claims in suspense,
hoping to work them out some
way through the new business
which recognition makes possible.
There are also guarantees in the
agreement with Russia of religiousi
liberty for American citizens living
or traveling in Russia, the righ
to employ American lawyers if they
get into trouble, and freedom to
travel anywhere on prciper pass
ports.
The statesmanlike view of the
Russian agreement is- that it goes
some distance in removing a possible
seed for a future war. The busi
ness view that Russia is a good cus
tomer for hundreds of millions a
year of American manufactured
goods, and has a lot of valuable
raw materials to sell to us. And
the Soviet government points with
pride that it and its banks and busi
ness men have never failed^ to pay
any foreign obligations incurred
since they came into power.
Turning to internal affairs, the
shake-up in the Treasury has set a
lot of people guessing, and alarmed
the conservative "sound money”
interests, who had been hoping that
Mr. Roosevelt was about to aban
don his currency program. Giv
ing Secretary of the Treasury
Woodin an indefinite leave of ab
sence is merely the President’s way
of stalling off applicants for his
job. Henry Morgenthau, Jr., now
acting Secretary of the Treasury,
will doubtless have the title as well
as the work if he makes good. He
is personally as close to the Presi
dent as anyone in Washington. He
. is regarded as neither ultra-radical
nor ultra-conservative. He is in
full sympathy with the Administra
tions program of depreciating the
dollar in international trade—that
is, in terms of gold—until a point
is reached at which all of the world
currencies can be stabilized on a
new gold basis.
What many of the Administra
tion's critics overlook, it is pointed
out here by the President’s friends,
is that all of the so-called "infla
tion” of the dollar as a result of
putting the price of gold up does
not affect the soundness of the
dollar here at home. The Govern
mnt’s credit is still good, these au
thorities say, and even the silver
certificate, with only a fw cents’
worth if silver at present gold
prices, behind it, is just as good a
dollar as it ever was. But with
all the gold out of private hands
and in the Government’s control,
gold figures as money only in set
tling international balances. The
Continued on page four
_ _ ' : ■
The Carolina Watchman
-t~~ ' - ■ ■■■ - — ■ ■ ■■■ —T -- — -- _ ■
| FOUNDED 1832—101ST YEAR SALISBURY, FRIDAY MORNING* DECEMBER 1, 1933. y VOL 101 NO. 18. PRICE 2 CENTS~
i'-1'- . " . —.'...- ■ "■ ~--'■ -----
1 Returns
Hope To %>lace
4,000,000 By
December 15
Expect Full Force of Federal Re
lief Program to Be Felt By
Next Spring.
MORE MONEY TO BE NEEDED
Present Supply Of Money Will Last
Until The Middle Of Next
February.
Out of the broad-fronted endeav
or to put men to work and boost
buying power, there vcame a pre
diction from Harry L. Hopkins,
director of the Civil Works admin
istration, that 2,000,000 men who
were receiving relief on November
16 would be soon at work.
He said 1,000,000 men and wom
en had been transferred from re-i
lief rolls to payrolls during the last|
10 days. 1
"The objective of the Civil
Works administration,” he said "is
the employment of 4,000,000 per
sons by December 15.” ,
Hopkins said the $400,000,000
allotted to the Civil Works organi
zation by the Public Wolrks admin
istration would kst until about the
middle of next February, and that
"whether the jobs go on after that
time, will depend upon the action 1
of congress.” i
During the day the administra
tion assigned 6,562 men to seal 21,
400 abandoned coal mines in the
Ohio river basin to protect water
supplies. j
In the meantime, public works'
officials indicated this administra
tion 'might need more money in
the next few months.
Congress voted $3,300,000,00
for public works, and only about
$43 8,000,000 remains unallotted.
About $600,000,000 is actually un
der contract on Federal projects,
and $200,000,000 under contract
advertisement.
Offcials said the full force of the
federal and state construction pro
gram was not expected until next
spring and at that time they felt
that federel benefit payments to
wheat and corn-hog farmers would;
have remedied conditions for the
mid-western farmers.
STATE EMPLOYEES
AVOID SALES TAX
Raleigh:—E-ven state employees
in Raleigh, who derive at least their
proportional part in salary from
the operation of the admittedly un
desirable sales tax, sometimes go to
other states to purchase their re
quirements, rather than pay the
sales tax, according to some Ral
eigh merchants.
One woman, relative of an im
portant state official drawing 'a,
fair salary, is quoted by a merch
ant as having remarked1 in his store
recently: "I wish I had bought
my coat, in South Carolina, where
I wouldn’t have had to pay that
d—sales tax.” He also reported
that two women employees of the
state to his knowledge, had bought
their coats in Washington to avoid
the tax.
1 he point is made that it tne
state employees,- whose income,
even if small, comes in part from
the sales tax, go to other states to
make their purchases, why should;
not any resident do likewise.
Rowan Cotton
Ginned Reported
According to figures just releas
ed by Special Agent, E. B. Marsh,
there were 10,440 bales of cotton
ginned in Rowan county from the
crop of 193 3 prior to November
14, 1933 as compared with 7,444
bales ginned to November 14, 1933.
NEWS
BRIEFS
NEW FRENCH CABINET
Camille Chautemps has formed
a new French cabinet to take over
the gbvernmient surrendered last
week by Premier Sarraut.
29 HIGHWAY JOBS
APPROVED
The federal bureau of roads has
approved 29 highway projects inj
this state the cost running up to
$240,000 for the biggest project.
ABOLISH STATE JOBS
The state board of conservation
and development has abolished the
:ommissionership of inland fisheries
and the office of state game warden,
posts which were held by J. S. Har
get and Charles H. England pend
ing a reorganization of the depart
ment’s field force.
PHILLIPS IS APPOINTED
Wade H. Phillips, Lexington, has
been appointed as chief legal coun
sel for the state advisory board of
the federal public works adminis
tration.
IS BURNED TO DEATH
Burns received when wind fan
led high blaze on a state highway!
>il truck at Concord, were fatal to
/. R. Webster, 2$! highway em
>Ioye.
ACCIDENTALLY SHOT
The accidental discharge of a
shotgun while on a hunting trip
proved fatal to A. G. Elliott, busi
ness leader of Washington, N. C.
Elliott was shot when he and two
companions lifted a log on which
bis gun rested, attempting to force
i squirrel to leave the log.
HIGH LEVEL OF EXPORTS
The commerce department re-1
ports tJnited States exports at"
$194,000,000 in October, the high
est monthly level for over two
years. Exports were $43,000,000j
aver imports.
- I
CUBAN MOB LYNCHES FIVE
Five former Cuban army officers
were killed by a Cuban mob. The
five were taken from guards while
being transported from one prison
to another. All had been loyal to
Machado, fugitive ex-president.
CONFESSES STRANGE
MURDER
Dr. Alice Wynekoop, 62, Chica
go physician, has made a confession
to the police of the murder of her
son’s wife. She claims she fired a
bullet into the girl’s heart in a mo
ment of panic after she found the
girl had died from ether, adminis
tered to relieve pain.
2 SHOCKED TO DEATH
Working on high tension wires
at Kernersville, Harry Beasley, 37,
and Albert F. Williams, 22, both
of Greensboro, came into contact
with the current and were killed
instantly.
ALTITUDE RECORD IS SET
The official reading of the alti
tude instruments showed a height
of 61,237 feet reached in the bal
loon ascension by Lieut. Com
mander T. G. W- Settle,, a new
world official mark.
STONED TO DEATH
A coroner’s jury delved into the
mystery surrounding the death of
Grady Barrett, 3 5, whose stone
batterd body was found in a pas
ture at Bostic, three miles front
Forest City, Monday. Barrett, of
ficers said, apparently had been
stoned to death by his assailant fol
lowing a scuffle, since the ground
was torn up around the spot where
the body lay. One man whose
identity police declining to divulge,
was held pending further investi
gation. '
In Shifto^Treasury and Farm Credit Posts
Above left, is shown Henry L. Morgenthau, Jr., now Assistant Secretary
i of the Treasury, and acting Secretary during the anticipated prolonged
, leave of absence of William H. Woodin, (right.) Mr. Morganthau was
i transferred from the Farm Credit Administration chairmanship. Insert is
of William I. Myers, who succeeded Mr. Morganthau as Farm Credit
Administrator.
Land Bank Loans
Ready For Farmers
---
Columbia, S. C.—The receipt of
its charter from the Farm Credit
Association this week-end marked
the Production Credit Association
oi Hastings, Florida, as the first as
sociation ready to accept applica
tions for short term loans in the
Third Land Bank District.
The Association is capitalized at
$40,000, making it possible for it
to discount members’ paper with
the Intermediate Credit Bank of
Columbia for approximately five
times this amount or $200,000.
Like all other Production Credit
Associations, being set up at this
time by the Production Corpora
tion of Columbia the Hastings
Association will make short term
loans to farmers for the produc
tion of agricultural products.
According to President Graham
of the Production Credit Corpora
tion of Columbia other charters arc
now in Washington far approval
and will be granted immediately.
With the consent of the Produc
tion Corporation of the district, 10
or more farmers are eligible to bor
row from a production credit as
sociation to serve a designated ter
ritory. The initial capital for the
association is subscribed by the cor
poration and the farmers’ share of
capital is invested by them as they
borrow^ each * farmer purchasing
stock to the extent of S per cent of
his loan. The funds derived by
the association from the purchase of
his stock by the corporation must
be invested by the corporation in
high-grade bonds and put up with
the Federal Intermediate Credit
Bank oif the District as additoinal
scurity to the farmers’ notes which
the association tenders to the bank
to obtain loans*.
Farmers interested in organizing
a production credit association
should address the Production
Credit Corporation of Columbia, S.
C. .
» * »
From June first, 1933, through
November 22nd the Federal Land
- ■ — , t
Bank of Columbia acting for itself
or as agent of the Land Bank Com
missioner has closed 3425 loans to
talling 56,375,082.50. These loans'
, when made by the Land Bank are
Ion first mortgages, while the Land
Bank Commissioners’ loans are se
I cured by either first or second
i
mortgages.
| "In many instances,” said Presi
dent Daniel of the Land Bank, "a
first moragage loan by the bank is
supplemented with a second mort
| gage loan by the Land Bank Com
missioner. This is done to give
I farmers applying for loans the
'maximum of 75 per cent of the
j appraised value of their farms
which we can loan under the Farm
IMortgage Act of 1933.”
| In addition to the 342 5 loans
1 which the bank has closed, over
114,000 loans have been approved
I for closing totalling over $27,500,
i 000. Approved loans' are readv
| for closing as soon as the abstract
| is brought up to date but many
1 farmers are holding up their loans
j because of failure to send in their
| abstracts. The bank is closing
i loans rapidly, but it is unable to
'overcome delays over which it has
| no control.
_____
r. a. McGinnis
INJURED WED.
R. A. McGinnis, a resident of
1701 North Lee street was injur
ed Wednesday afternoon by a rail
road work car near the transfei
shed.
Mr. McGinnis sustained an in
jury about the left knee and was
immediately taken to the Rowar
General hospital for treatment.
A late report from the hospita
indicates that he is resting nicely.
State And City
Tags Are Now
On Sale Here
Auto owners can now secure
j their state and city tags at the local
i office of the Carolina Motor Club,
j Mr. R. E. Ramsey, manager, locat
ed in the Ford Flotel building,
between the hours of 9 and 4:30
each day. The local office has a
capacity'- off approximately 600
tags per day and all autoists are
urged to get their tags at the ear
liest possible date as there will be no
extension of time for display of the
new tags beyond January 1.
j Residents of the city are request
j ed to secure both their state and
| city tags at the same time as this
j will eliminate considerable bodk
kceping and loss of time.
AUTO SALES INCREASE
Factory sales of automobiles in
the United States during October
were 13 8,475 units contrasted with
48,702 a year ago and 196,082 in
September of this year, the census
bureau has reported* For the first
ten months of 193 3 unit sales Vere
1,811,242 against 1,203,768 in
1932.
GOOD
MORNING
Student—"Where are we going
to get that check of your’s cashed,
pal?”
Roommate—"I couldn’t say.
can t think of a single place where
I m unknown.”—College Humor.
THAT’S DIFFERENT
A negro was telling his minister
that he had "got religion”.
"Dat’s fine, brothah; but is you
sure you is going to lay aside sin?”
asked the minister.
"Yessuh, Ah’s done it already.”
"An’ is you gwine to pay up all
yoh debts?”
"Wait a minute Pahson! You
ain’t talking religion now—you is
talkin’ bizziness ”
PUTS HJS FOOT IN IT
Jim: Why do you wear your
stockings wrong side outward?
Pat: Because there’s a hole on
the other side.
GOT A KICK OUT OF HIS JOB
"What became of that hired man
you got from the city?”
"Aw, he used to be a chauffeur
and one day he crawled under a
mule to see why it owuldn’t go.”
GUESS WHO
Fond Wife: Will, do you know
you haven’t kissed me for eipht
days?
Absent-Minded Prof.: No?
Dear mey hi^w annoying! Who
have I been kissing?
FAIR ENOUGH
WIFE: You are very late.
HUSBAND: A fellow lost his
purse in front of the theater.
WIFE: That is no reason.
HUSBAND: I had my foot on
it and had to wait until the crowd
had gone.
THE OTHER WAY
"And did Edith say, "This is so
sudden!’ when you proposed?’’
"No. I said it' to myself. I
wasn’t expecting to be accepted at
all.”
DEAR FIDO
Young Wife: Darling!
Husband: What is it, my love?
Wife: Don’t be silly, Jack, I was
calling Fido.
WELCOME TO IT
"Do you think I shall win your
sister’s hand, Eric?”
"I hope so. At present, about
all she uses it for is to clout me
with.”
ARE THEY MARRIED?
"Do you know I have a very
small mouth. In the glass it does
not look large enough to hold my
tongue.”
"It isn’t. ’
—
STEWARDSHIP
I bought some gasoline; I went to
the show;
I bought some new tubes for my
big radio;
I bought candy and peanuts, nut
bars and ice-cream;
While my salary lasted, life sure
was a scream!
It takes careful spending to make
money go round;
One’s methods of finance must al
ways be sound.
With habits quite costly, it’s real
real hard to save;
My wife spent ten "bucks” on a
permanent wave.
The church came ’round begging.
It sure made me sore!
If they’d let me alone I’d give a
lot more.
They have plenty of nerve! They
forget all the past.
I gave them a quarter the year be
fore last.—From the Outlook.
"Look, here, you’re cheating!”
"I am not. I had that ace long
before the game began.”
Wet States
Get Ready
For Rum
Legislatures in Many itates Are
Busy Setting Up Laws to
Con trol W his key.
CAROLINAS REMAIN DRY
Louisiana Has Been ’'Wide Open”
Since Repeal and Legal Return
Is Just Another Day.
A survey of the liquor situation
shows that several of the com
monwealths are ready with regula
tory legislation for the date on
which the 21st constitutional am
endment becomes effective.
In other states, legislatures are
busy enacting _ measures to permit
their constituents to quaff liquor
December 5. To some of the com
monwealths, the big day won’t
mean a thin**
In Pennsylvania, the bibulous
may drink in hotels restaurants
and clubs from December 5 until
January 2 at which time the state
will take over all bottle and case
liquor trade.
New Yorker’s will be legally en
titled to imbibe, but there’ll be no
swinging doors, old-fashioned sa
loons, or bars.
Ohio’s enforcement statutes will
remain in effect until December
6 when theJegislature meets to en
act control measures.
Washington cities are taking
steps toward regulating the return
of intoxicants without waiting for
the special legislature session jo
convene December 14 to enact
control measures.
Californians will drink whiskey
in their homes, but may have wines
and beers with their meals in public
dining rooms.
There is a local option law in
Nevada, and no taboo on saloons.
The Missouri legislature will toil
over the week-end to decide on
how, when and where citizens shall
drink.
With weak wines and 3.2 per
cent beer in Michigan will celebrate
the exit of -national prohibition.
The first state to vote for repeal, it
has not yet set up control machin
ery.
In most parts of Louisiana, liquor
has been sold openly since repeal
was voted so December 5 will be
just another day.
Liquor sale will be illegal Tues
day in Iowa, Minnesota. North Da
kota and Nebraska.
States which have no- legal bar
riers to consumption of liquor when
prohibition does or which have al
ready enacted regulations axe
Wisconsin, Illinois, Rhode Island,
Connecticut, New Jersey and Ari
zona.
North Carolina is bone dry un
der the Turlington act and resi
dents of this state will have to look
on while the wet portion of the U.
S. drinks. Under an old law in
South Carolina one quart per
month may be imported by the
heads of families.
Local Plumber Rides
Through A Billboard
C. J. W. Fisher, local plumber and
his mechanic, Lennie Bowles, had
rather an unusual accident Tues
day night while riding a motor- ^
cycle with side car attached Mr.
Fisher was driving and Bowles was
in the side car, that is until the mo
torcycle and side car parted com
pany on the 200 block of South
Lee street. Instead of making the
turn at the corner of Lee and Bank
streets each rode his part of the
vehicle through the wooden bill
board located there.
Neither was injured and when
the motorcycle and side car were
put together, they rode off none the
worse for their trip through a bill
board.
i •