North Carolina Newspapers

GOOD AFTERNOON Many a man who bought for eign securities and thought he was a bondholder found out to his sorrow that he was only a bagholder. -iSVttTS WEATHER Cloudy tonight and Saturday, not much change in temperature. VOL. 52—No. 95 HENDERSONVILLE, N. C., FRIDAY, APRIL 21, 1933 SINGLE COPIES, FIVE CENTS ROOSEVELT M'DONALD WILL MEET TODAY ~ " "" " «• •• W V V V V .v. .£ ^ 3. * * * * * * * * * T + 1* •!' 1* .v '*• . . . . . . Currency Inflation Bill Is Before Both Houses %/ « • , .* FILIBUSTER IS BEING FRAMED BY OPPONENTS Senaie Fieht Will Be Car ried On From The Floor: Is Indicated SEPARATE BILL OFFERED IN HOUSE WASHINGTON, April L'l ll'l'll —The senate banking ami eur-j rency committee voted today to! report favorably in the senate the administration $I».OOU,OUO,- j (•00 currency and credit expan sion program. The proposal goes to the floor where opponents are reported to he organizing a filibuster ajjfain-t it. It was voted as an amendment to the farm relief bill but was j adopted as a resolution, recom mending that it be withdrawn on the floor to be treated as a sepa rate proposition. The administration currency | inflation program todav was in troduced in the house in form! of a separate bill by Rep. Ran-J kin. Democrat. Mississippi. By THOMAS L. STOKKS United Press Staff Correspondent WASHINGTON. April 21 (l'P)j — President Roovelt's plan to cheapen the (foliar and issue $3.-| 0(HI,(H)0,000' in new currency in I a desiderate effoit to expand trade and credit was submitted! to tbe senate late yesterday amH •mefr immediate .threats erf" bitter; opposition. There were reports of a iili-1 buster by determined Republican | opponents. Senator Dnyid A. Heed, Republican. Pa., who will be a leader in the minority fijrht against the bill, criticised the measure severely. "If the American people knew what 's 'n this bill they would oppose it." he said last night. "It will be the duty of the minor ity to inform them." Later. Former Secretary of the Treasury Ogden L. Mills, who had slipped quietly into town, conferred at length with Reed. The administration's double barreled attack on the evil econ omic forces came late in the day. President Roosevelt took the nation officially off the gold standard by issuing an executive order restricting export of gold. In this way he withdrew support of the dollar abroad and permit ted it to find its own level in relation with other currencies, probable to be revaluated later. Shortly thereafter, the admin istration's currency bill, sponsor ed by Senator Klmer Thomas, Democrat, Okla., inflationist champion, was submitted to the senate. J.'nder its terms the president would be empowered to ( I ) issue $3,000.000.000 of Uni ted States notes to retire out standing bonds: (2) revalue the gold dollar within a range of 50 per cent of its present worth; (3) accept silver bullion up to 5100.000.000 in payment of war debts at a price of 50 cents an ounce. New one dollar bills could be issued against this sil ver. Reports that the nation was threatened by another era of "greenback" money such as ex perienced in Civil war days brought a prompt denial from sources close to the White House. Associates of Mr. Roosevelt said the new currency to be issued would have treasury backing. Domestically, the power grant ed the president in the Thomas bill is a weapon by which he can force the federal reserve board to act to push the issuance of new currency. "It takes the money power from New York and places it in Washington." said one of the drafters. "The hill takes the power of expanding and con tracting the currency from the federal reserve hank and gives it to Ahe president and congress." The Thomas bill amends ex isting law regarding the issuance and coinage of money by con gress, and transfers powers hitherto exercised by congress to the president. The bill, broadly empowers tne chief executive to carry out the various inflationary proposals provided whenever the forei.cn commerce of the United States is adversely affected by deprecia tion in the valuo of currency of other nations, when necessary tn regulate and maintain the parity of United States currency issues, when an economic emergency re quires expansion of credit, or ■when it is necessarv to stabilize the currencv at levels of those of other nations. The president is authorized .to (Continued &ft page three) ' . .«♦ *ir -. r Forestry Rookies Build Their (fame in the Woods %! Here'- om- of the tiist reforestation units actually in the woods—L'OO recruits building: their camp near Luray. Va. After huth- in ?!ii icy hrook. and chow—with "seconds"—from an army field kitchen, they turned to with a will to erecting tents, a mess hall a id clearing a road. 1 hville given NEXT MEETING Women's Group Of M. E. Church Ends Waynes ville Sessions WAYNESVILLE. April 21.— The Woman's Missionary SocieAy of the .Western North • Cuvolinii , confererrre ' hnF"' "tbP"* MVt*h^*<iisv | chujvh. concluding its annual ses-1 sion here last nifttit,'selected Her—j dersonville as the place of the 11)34 gathering. Completion of the election of !officers begun at the Wednesday afternoon session, the interces-l sion ceremonies, the symposium oi ( th*» district secretaries, two ail-. dresses by Dr. Frank P. Manger. I and short addresses by two re turned missionaries, Miss Na omi Howie and Miss Mabel t-hei rv, marked the Thursday morning session of the anual meeting. ( | The intercession was led by j Mrs. Mary F. Floyd, of Brevard, at i> o'clock. Following that, Miss Daisy Hitter gave a report on the j Brevard Institute; Miss Margaret| Gray, of Winston-Salem, mad? the report on Bethlehem House;! Mrs. W. R. Harris, of Asheville, j j conference secretary, gave her. ' report; and Mrs. 0. II. Brown, of: 1 Wax haw. submitted the report on j the "Status of Women." I At 10 o'clock was the sym posium of the secretaries of the I 10 districts composing the Wes : tern North Carolina conference. | The following secretaries respond, led: Mrs. V. L. Stone, Asheville; Mrs. C. E. Wakefield, Charlotte; Mrs. Joe Nixon. Gastonia; Mrs. M .R. Banner, Greensboro; Mrs. O. J. Mooneyham. Charlotte; Mr-. .J. L Woltz. Mt. Airy; Mrs. Z. V. Moss, Salisbury: Mrs. A. 1). Aber nethy. Statesville; Mrs. G. L. Hampton. Waynesville, and Mrs. J. C». Sterling, Winston-Salem. The conference completed the j list of officers by the election of j the following: Mrs. J. Frank Spruill, of Winston-Salem, Mis ! sion Study superintendent; Mrs. IO. R. Brown, superintendent of Christian social relations; Mrs. George Foard, superintendent of supplies. Dr. Manget in his address at 11 o'clock, stressed the friendship of the Chinese, relating many in cidents to show the character of | those friends that he had made j during his stay of 24 years _ at Soochow, many of them having made liberal gifts to the hospital with which Dr. Manget is assoei- . ated at Soochow. At the twelve, o'clock session he answered the, I question, "Ye have not chosen; i me. but I have chosen you, why?" | Miss Mabel Cherry, returned ! missionary school teacher from I Korea, told of her work in that ; country. Miss Naomi Howie took 'a few minutes just jefore the pe j riod given to special music to talk ' on Soochow. At the afternoon session. Mr-*. W. W. Hagood of Charlotte con- j i ducted the service of Scripture j i and prayer. Mrs. P. N. Peacock, j i of Salisbury, conducted the pledge ; ! service and invitations were re-; ! ceived for the place of the next j session. A large number of delegates | accepted the invitation of the en-1 I tertainment committee to go on j a drive through Pigeon Gap, by i Woodrow, Canton. Clyde, and Lake Junaluska and back to Waynesville. The eveniner worship service j was conducted by the Rev. T. R. ( Wolfe, -of Sylva. who spoke on "Heave#." 4 STATE SENATE WILL SHAPE FINAL N. C. REVENUE POLICY House, Weary Of Long Fight To Accede To Any Action RALEIGH, April 21.— (UP)— j riu' North Carolina house of rep resentatives yesterday, passed on j third and final reading by a vote >f to 4."' the biennial revenue j k<ill including a two per cent gen LM-atintTos tax and -sent it to the ■ ■senate. RALEIGH, April 21.—Already weary of the long fight over the I revenue l>ill and the general sales ! tare section and with the anti-sales j tax group showing less and less fight. the house is now expected ' to agree to almost anv changes made in the revenue hill by the ] senate, according to the opinion of members of both groups. The revenue bill is not expected t.> | came back to the .house from the i senate for at least a week, since j it is agreed thai it will require at j least that much time for the sen- | ate to adopt il section by section and pass it on three readings, even if no material changes ar-* made in it. Well informed members of both houses already agree that the senate is likely to remove both i the Ewing kilowatt hour tax on e'.ectricty and the Everett-Brum mitt corporate excess tax, put into the revenue bill in the house and then increase the genial sales tax provision from two per cent to three per cent. The senate has been much more inclined to stand by its commit tees and their decisions than has the house, with the result that it is expected to stand by its finance committee with regard to these amendments. An effort will undoubtedly be made by Senator Hinsdale of Wake county, to get the senate to substitute his so-called luxury or selected commodities sales tax for the general sales tax section of the revenue bill. Present in dications are. however, that he will not be able to get the sup port of more than 15 members of the senate for his luxury sales tax plan. Three Children Killed By Buses I SALISBURY, April 21.—(UP) Three school children were killed in a head-on collision between two school buses at Woodleaf to day. Four others were injured. The dead are: Mary, 10, and Frances Broadway. 12. and Cur tis Hartley, 12. The wreck oc curred on a blind curve. WANT HOOD TO FILE RECORD OF FEES IN AUDITING ACTIVITY RALEIGH, April 21.—(UP) The senate passed ID local bill? in the early part of its session to day and adopted on second read ing the house bill to regulate th«» manufacture, sale, inspection and distribution of fertilizer. The house today adopted a resolution by Representative Sul livan, of Buncombe, to require State Commissiontr of Banks Gur ney P. Hood to file with the clerk of the house by April 26 names of attorneys and auditors employ ed by the banking department and fees paid them during the yeqrs 193 J. and 1932 and through 80 Iftr, )0 ly . - , NEW JAP NAVAL BASE RUMORED England Hears Of Plan To Re-establish Base At 1 Port Arthur LONDON. April 21.— (UP).— England ii tends to - consult tho signatories of the nine power treaty if reports are verified that Japan intends to re-establish naval base at Port Arthur. It is understood today that it was assumed that tlie League of Nations committee of nineteen will also investigate the Japanese now naval movement. PEIPING, China, April 21.— (UP.)—Sharp protests by the United States and other foreign authorities brought an official an nouncement from the Japanese legation yesterday that Tokio was ready to pay for damage done to foreign property during air raids in North China, below the wall. The legation authorities, how ever, in announcing this policy made it plain that tho mission. and other institutions reported devastated by Japanese aerial bombardments would have to show proof that they harbored no Chinese troops at the time of tho air raids*. This stipulation might delay payment of claims indefinitely while proof was obtained and pre sented to the Japanese. However, the offer of reparations was re. garded as the first admission ol guilt in bombing United State? and other foreign properties oc cupied by civilians during the in vasion of North China, and diplo matic quarters were optimistic that further raids would bi checked. The Japanese said they already had paid $600 (silver) to tht French Catholic mission at Chien Chang-Ying and 100 yen for oc cupation temporarily of the Meth odist mission at Shanhaikwan. Further compensations were ex pected for bombings of the Meth odist mission at Miyun-Hsien, re ported by the United Press yes terday, and the Bretheren missior headed by the Rev. Oscar Kautto, at Taitowying. "Lindbergh Luck Sticks To Anne j, And Lindy As Motor Stops, Taking Off, And 3-Point Landing Made PITTSBURGH, April 21 (UP —The "Lindbergh luck" actP( yesterday to prevent what migh have been a serious accident t< Co.l and Mrs. Churles A. Lind bergh on their i vanscontinenta air tour. Water in the gasoline of thei: Lockheed Vega plane forcc< them down at the Pittsburgh Cit: —County airport onjy a few min utos after they attempted to 'tak< off for Columbus. 0., after fly ing here from Harrisburg an( Washington yesterdav afternoon The motor stopped as he wa: circling the airport after takint off, and he was forced to a d^ad stick landing far across the fieh from the regular landing aprons It was a perfect three-point land ing. _ «. hi h Airport officials remarked, I however, that if the water had - affected the motor ten minutes > later, there might have been ser • ions danger in landing in the I hilly country between here and the Ohio border. Mechanics began a thorough I examination and cleaning of the r gas lines before letting Lind • bergh take iiis plane aloft again, i i They said the water Jetting seep • ed into the gas when a device I which removes it filled and over- ; , flowed. The colonel's plane was ; refueled at Washington and here ; yesterday and which supply of ■ gas contained the water was not t determined. Mechanics, directed bv Colonelj i • Lindbergh, completed their work (Continued on page 3.) Sees Great Benefit To South In U. S. Currency Inflation Atlanta Banker Expect: Rise In Cotton Prices At Once Bv RALPH I.. SANDKRS United Press Staff Corresponden ATLANTA. <ia;t April .>1 (IT! —Tin' citizens of the south, wlu measure their prosperity by th< priii" <>f cotton, can expect urea and widespread benefits from tin I Woo:<evc]l program of niunetarj inflation, M. I.ane Vouny:, At Janta banking executive said to day in an exclusive inetrview. Lane is executive vice presi dent. of the Ctizens «fc Southern National bank, which operates branches in all the larger cities in Georgia. He is considered an authority on financial conditions in southeastern United States, The price of cotton may be expected to rise in direct ratio to the extent of the inflation re sulting from the Roosevelt pro gram, Young said, and risinjj cotton prices in the south mear increased prosperity for land owners, famers, cotton brokers manufacturers and similarly t( every other business and indus try. "A rise in cotton of 5 cent; per pound will immeasurably in crease the buying power of th< general public," Young said. "I i will increase the value of land* "which will eliminate the necessit; i for re-financing mortgages 01 ' 1 »"•! fm-nio IM-Jiflte new do »i mauds for all (it h«»i* products,! | place tenants in vacant farms, Ihuim's and office buildings, and should generally start the machin ery in thousands of idle factor-1 i it's." \ The I anker was particularly t interested in i|i,« fact that infla tion very likely will obviate the , need for farm, mortgage and > ■ other relief hills now pending in I congress. ! "The inflation plan is much to i he preferred over the current j | measure for farm relief, especi ally in connection with cotton manufacturers," he said. "The ; bill now under consideration j : would have pugged the price of > cotton only as far as the inanu I facturer. He was expected to j I make up the i-ost of pegging the j j price by increasing the price to the consumer, and there was con- j siderable doubt among southern manufacturers as to whether con sumers would be aide to meet! the higher fixed price. "Inflation will take care of Mho price of cotton without fore ling action on tjiat measure." , ] Young told of a •fertilizer ox i ecutive who several months ago . | had expressed doubt that hi* | company would be able to dispose i of fertilizer already made. Yes ■ turday * the same executive had >j indicated his concern now is I seeking more raw materials with . | which lo_ meet increased demand. • | "Increased demand for ferti 1 j li/.er means increased production (Continued from page one) Fundamentals Of Money-Standard ! Change Explained By Economists ! Slowing Down Of Inflationary Process Expected When Cheaper Money Brings Back Normal Buying RAY JURY BILL !IS SET ASIDE | RALEIGH, April 21.—The sen- j j ate committee on judiciary No. 1 : lias substituted its own bill for one introduced by Representative ] Ray, of Henderson. The hitter's bill would have ! abolished jury trials in the rc i eordcr's court in Henderson coun ■ ty; the committee substitute re I quires that the necessary jury • foes be filed when a trial by jury is requested, and fixes 'he jury at six members. The senate substitute follows: "Section 1. That section i.r)72 of the Consolidated Statutes of : North Carolina be and the same is hereby amended l\v adding at the end of said section, 'provided, that this section shall not apply Henderson county.' "Section 2. Jury trials may be had in the county court of Hen i derson county upon demand of any defendant and upon deposit ing the sum of six dollars to cover jury fees; and the jury shall con-j sist of six men who shall receive I; one dollar each for their services in each case. Upon demand of i:ny defendant for a jury 'rial, and depositing the sum required, the jury shall be summoned in the same manner as provided by ju ries in the courts of justices of tho neace." WASHINGTON, Apr. 21 (UP) ^onie ot' the perplexing problems •aised by the abandonment of the fold' standard by the United States and the new era of money nflation were answered last night )y economists as follows: What is money inflation? Dilu ;ion of existing money througn ssuance of more currency. How much is a dollar worth af er inflation? The dollar will buy ess goods in almost direct pro portion to the inflation of the currency. Will inflation aid business? i'es, temporarily at least because t will make people spend their noney before it depreciates. Why is the country embarking in an era of inflation? Iiecaus? t was necessary to stem the spiial if deflation that has closed thou-| <ands of banks and business louses burdened with debts. How far will the inflation go? The administration is expected to >top it as soon as the cheaper noney oils the business wh.-els ind normal buying is resumed. How may a person with ready .•ash in hand or in the bank pro ject himself from rising prices? By purchasing such necessities as .•lollies, food or even a house or j in automobile. How high will prices of beans, potatoes, clothes and other prod jcts advance? It is difficult to Jetermine ponding definite knowl ?dge as to the extent of the in-1 lation program and various other jncertainties. Will the nation go through an other experience such as occurred n the Civil war period when the j greenbacks were issued? The ad-1 ninistration is guarding against his possibility. Will inflation aid the farmer? ires, it will ease his mortgage bur len and might raise his income lecause of higher prices for farm iroducts. How will it affect the average ixed salaried worker or wage jarner? Unless wages or salaries vere advanced in the same pro portion with the rise in pri"es, he vould find his living catching up .vitli his income und eouli save ess. Why is the United States off ,he gold standard? Because it will lot redeem paper prold notes with rold coin and refuse to allow the free export of pold Why was the gold standard ibandoned? To prevent the pan cky drain of the country's mone ary gold reserves to Europe; to 'educe the value of the dol'ar so ;hat it could compete in foreign narkets with other depreciated •urrencies and to give the United States a bargainirg noipt in the. (Continued on page 3.) ' •/■ Elopes With Swim Champ Honeymooning in Hollywood are IJuster Crab be. Olympic swim ming champion, and his bride, the former Adah Virginia Hold, pic tured above. Crabbe, now a movie player, and Miss Held eloped to Arizona. FARM RELIEF ! FUNDS-voted: Senate Arranges For Coin To Work With When j Measure Passes WASHINGTON, April 21 (IT) —Special resolution virtually in suring the passage or President Roosevelt's Muscle Shoals-Ten nessee valley development pro ject as submitted by the White House was reported favorably today by the house rules coni mitete. By HARRY FERGUSON United Press Staff Correspondent WASHINGTON. April 21 (UP) —The senate voted yesterday to reach into the treasury for $10(), 000,000 to insure a quick start in the operation of the Roo»o velt farm relief bill after it pass ed the senate and is signed by the president. Without that change in the measure, operation of the farm relief program would have drag ged at the beginning because of lack of administrative fund?. Chairman Smith of the agricul ture committee, who offered the amendment, specified the treas ury should be reimbursed out of the processing tax which the farm bill levies on pesons who con vert farm crops into groceries and meats. After two weeks of debate the j cotton option, domestic allotment i and marginal land leasing provi-j sions of the bill, the senate yes- j terday reached the farm mortgage' refinancing plan. That would' provide $2,000,000,000 in federal land band bonds for helping deb-i tor farmers by reducing the amount of their mortgage in terets. A lengthy series of minor amendments to the refinancing section were adopted before de bate was interrupted late in the day by the offering of Mr. Roosevelt's currency inflation pro posal a san amendment to the farm bill. The most important amend ment adopted was proposed by Senator Norris, Repn., Nebr. Tt was designed to protect the pro cessor who enters into marketing agreements with the secretary of agriculture from prosecution under the terms of the Sherman anti-trust law. "If we do not accept this amendment," Norris said, "the government will be placed in a position of going to the processor and saying 'you come into this marketing agreement with us and ! after we get everything we want out of you, we will prosecute you under the antitrust law.'" Senator Wheeler, Dem., Mont.j was bitter in his denunciation of the Norris amendment, contend ing the federal government vol untarily was surrendering all the ground it had gained in the en actment of anti-trust laws. Debate today probably will swerve to the currency inflation proposal, which may delav final action on the farm bill until n»*t week. BIG THREE TO MEET AT THE CAPITAL SOON Placing Whole World On Gold Standard Will Be Among Problems HERRIOT WUBTFUL AS TO RESULT NOW NEW YORK, April 21.— (UP) Premier Ramsay .MacDonald of England arrived here today en route to Washington, where a dis cussion of world economic condi tions and other international questions with President Roosevelt was expected to begin late this afternoon. Premier Herriot of France, en route to America on the lie de France, and expected to reach Washington by Sunday said today in a ship-to-shore di.»patch that America's abandonment of the gold standard left him reconciled to the role of a speechless listen er at the meetings which had been scheduled between the triumvirate representative of England, France and America. By RAYMOND CLAfftK United Press Staff Correspondent WASHINGTON, Apr. 21 (UP) Means of returning chief world powers to an international gold standard will be uppermost in the historic conversations which Pres ident Roosevelt begins today with 1'rimQ Minister Ramsay MacDon ;iM. France, the only great power •dill clinging to gold, will join in these momentous conferences ivhon former Premier Harriot ar rives Sunday. These three renowned cham pions of the forgotten man will spend several days here in consul tation over an ailing world. Their decisions, if any. and the recommendation^ growing out of (heir intimate talks in the ovai room of the White House, will bo influential in laying out the path along which the world will trudgn toward better times. Hourly changes in a swiftly moving situation following Amer ica's temporary deseration of the irold standard and preparations for embarking upon controlled i'n llation make forecasts out of the question. Many here believe the three leaders will attempt to reach tentative decisions as to re establishing an international gold standard under which each coun try would revalue the gold con tent of its unit of currency. Two reasons account for the high hopes which hang on theso ionferences: 1. The three most powerful [•ommercial nations of the world will be represented in them. 2. The incalculable power of personal leadership which each of these men may exercise upon the stream of world affairs. The fortunes of politics have blessed the world at this decisive juncture in its troubled history by bringing together at the focal point of such great power three men so fitted to work sympatheti cally together and to unite their leadership in a benevolent trium \ irate. All three have a strong gleam of idealism armored by long test ed practical political skill. With ruthless disregard for precedent all three have fought the battle of the forgotten man. have a com mon viewpoint which places Irs welfare first. President Roosevelt just a ye.tr ago was being denounced as » demagogue because he took . the position that money was a tool of mankind and not the other way (Continued on page three) THPrcoiffiK Hr. WROTE Pip vam Winkle Name him What two mountain RANGES DIVIDE ASIA ANDEUPOPE? WWMETAL nms? ,v.<< .til.., t.l >; For Mrract tniwtri to Umi question*, plu«« turn to paf* 9