Managed Currency And
Domestic Gold Market
Pledged By Roosevelt
President Also Remb Determina
tion To Push Level Of Com
modity Prices Still Hirher
GOLD OPERATIONS TO
BE DIRECTED TOWARD
DOLLAR STABILIZATION
Washington, Oct. 22.? A managed
currency was pledged by President
Roosevelt to the nation tonight, and
he revealed also plans to establish
a government market for gold for
dollar stabilization.
Mr. Roosevelt's speech, his third
major address to the nation since
March 4, reviewed all aspects of his
recovery program. In it he took cog
nizance of agricultural unrest,
pointing out that every effort would
be made to further the rise of com
modity prices.
"If we cannot do this one way,
we will do it another. Do it, we will,"
he said significantly.
The gold move outlined by Mr.
Roosevelt was interpreted as mean
ing that the government would
maintain the price of the dollar in
international exchange through
gold operations, much as the Bank
of England, through its stabilization
fund, undertakes to regulate quota
tations of the pound sterling.
Orderly Porcedare
The President outlined an order
ly procedure for the realization of
his gigantic economic and financial
program. He summed it up as fol
lows:
1. Restoration of the price level,
first of all.
2. Establishment and maintenance
of a dollar of unchanging purchas
ing power? in short, a managed
currency.
3. Control of the gold value of
the domestic dollar.
4. Establishment bf a government
market for gold to establish and
maintain continuous control.
Mr. Roosevelt's utterances on the
monetary question came as a dis
tinct surprise to official Washing
ton, which had felt that he would
confine the address to an account
ing of his stewardship since March
4, with reference, of course, to the
farm situation now complicated by
strikes in the Middle West.
Not High Enough.
"No one," the President said,
"who considers the plain facts of
our situation believes that commo
dity prices, especially agricultural
prices, are high enough yet. ?
"Some people are putting the cart
before the horse. They want a per
manent revaluation of the dollar
first. It is the government's policy
to restore the price level first. I
would not know, and no one else
could tell, Just what the parmanent
valuation of the dollar will be. To
guess at a permanent good valua
tion now would certainly require
later changes caused by later facts.
"When we have restored the price
level, we shall seek to establish and
maintain a dollar which will not
change its purchasing and debt-pay
ing power during the succeeding
generation. I said that in my mes
sage to the American delegation in
London last July. And I say it once
more.
"Because of conditions in this
country and because of events be
yond our control in other parts of
the world, it becomes increasingly
important to develop and apply the
further measures which may be ne
cessary from time to time to con
trol the gold value of our own dol
lar at home.
c Dollar Too Flighty.
"Our dollar is now altogether too
greatiy influenced by the accidents
of international trade, by the in
ternal policies of other nations and
by political disturbances In other
continents. Therefore, the United
States must take firmly in its own
hands the control of the gold value
of our dollar. This is necessary in
order to prevent dollar disturbances
from swinging us away from our ul
timate goal, namely, the continued
recoyery of our commodity prioes.
"As a further effective means to
this end, I am going to establish a
government market for gold In the
United States. Therefore, under the
clearly defined authority of exist
ing law, I am authorizing the Re
construction Finance Corporation to
buy gold newly mined in the United
States at prices to be determined
from time to time after consulta
tion with the Secretary of the
Treasry and the President. When
ever necessary to the end in view,
we shall also buy or sell gold in the
world market.
"My aim in taking tihs step," Mr.
Roosevelt added, "is to establish and
maintain coninuous control."
'"Hiis," he said, "is a policy and
not an expedient."
TTie President explained this
course of action further by declaring
government credit would be main
tained and "a sound currency will
accompany a rise in the American
commodity price level."
No Radical Inflation.
His reference to sound currency
and the determination to have it
stable in the face of rapidly chang
ing world conditions were looked
upon by observers as sounding the
death knell to plans of radical in
flation that have been urged on the
administration from time to time.
In his entire speech there ran a
strong undercurrent of optimism.
The President cited that in the
short space of a few months, I am
convinced that at least 4,000,000
have been given employment ? or,
saying It another way, 40 per cent
of those seeking work have found
it." He based his percentage on the
estimate that of 12,000,000 or 13,
000,000 unemployed at the bottom
of depression, only 10,000,000 were
persons desiring jobs.
He pledged aid for those in dan
ger of losing their homes, pointed
Professional Cards
Dr. ROBT. E. LONG
Dentist
Wilburn & Satterfleld Building
Main Street - Roxboro, N. C.
B. I. SATTERFIELD
ATTORNEY- AT-I^AW
Roxboro- Durham, N. C.
Roxboro Office: Thomas & Carve;
Building. In office Monday ant
Saturdays.
Durham Office: 403 Trust Build
ing. In Durham Office Tuesday.
Wednesday, Thursday and Fri
day each week.
DR. G. C. VICKERS
Dentist
Office at residence, on Route No
144, near T. H. Street old home
Mill Creek.
N. LUNSFORD
Attorney -at- La w
Office c/rer Thomas & Carver Bids
Roxboro, N. C.
DR. J. H. HUGHES
Dentist
Office In Hotel Jones, next door
to Dr. Tucker's Office
! Dr. J. D. BRADSHEF?
Dentist
Office over Wlburn A Satterfleld'*
Store Buidinjr
Gives prompt, economical service.
Prices are up from the summer level, but
' ?. ? .
they are not as high as they are going.
Act now. Give us your order today for
the winter's supply of coal.
CENTRAL SERVICE CORP.
Phone 137
to the steady strides of the public
works administration, and the Agri
cultural Adjustment Administration,
and stressed the administration ob
jective of extending credit to In
dustry, commerce and finance. |
Striking at gamblers in farm
commodities, whom he blamed for
the recent slump In agricultural
qdotatlons, the President continued:
"In spite, however, of the specu
lative reaction from the speculative
advance, It seems to be well estab
lished that during the course of the
year 1933 the farmers of the United
States will receive 33 per cent more
dollar for what they have produced
than they received in the year 1932.
Farmers Get More.
"Put it another way, they will re
ceive $400 in 1933, where they re
ceived $300 the year before. That, |
remember, is for the average of the j
country, for I have reports that,
some sections are not any better off
than they were a year ago. This ap- |
plies among the major products, es
pecially to cattle raising and the
dairy industry. We are going after
those problems as fast as we can.
"I do not hesitate to say in the
simplest, . clearest language of
which I am capable, that although
many farm familie are better off
than they were last year, I am not
satisfied either with the amount or
: . M
the extent of the rise, and that it
la definitely a part of our policy to
increase the rite and extend It to
those products which have as yet
| felt no benefit. If we cannot do this
one way, we will do It another. Do
It, we will."
Prom agriculture Mr. Roosevelt
turned to the discussion of the NRA
and what it is accomplishing in the
way of hastening economic recov
ery.
"It's object," he said, "is to put
industry and business workers into
employment and to increase their
purchasing power through increased
wages."
"It has abolished child labor," he
remarked. "It has eliminated the
sweat shop. It has ended 60 cents
a week paid in some mills and 80
cents paid in some mines. The
measure of growth of this pillar lies
in the total figures of re-employ
ment which I have already given
you and in the fact that re-employ
ment is continuing and not stop
ping.
NRA Co-operation.
"The secret of NRA Is co-opera
tion. That co-operation has been
voluntarily given through 4he sign
ing of the blanket codes and
through the signing of specific codes
which already include all of the
greater industries of the nation."
STATEMENT
UNION COUNTY FARMERS MUTUAL FIRE INSURANCE COMPANY
Monroe, N. C
Condition December 31, 1932, As Shown By Statement Filed
Amount Ledger Assets Dec. 31st previous year $ 524.16
Income ? From Policyholders 7,472.09
Disbursements? To Policyholders, $5,866.22; Miscellaneous $1,199.35;
Total 7,065.57
Assets ?
Deposited in Trust Companies and Banks not on interest 930.68
All other Assets, as detailed in statement $ 930.68
Total admitted Assets $ 930.68
Liabilities
Net amount of unpaid losses and claims $3,407.41
Total amount of all liabilities except Capital $3,407.41
Total Liabilities $3,407.41
Business In North Carolina During 1932
Fire Risks written $3,515.00
Premiums received 7,472.09
Losses incurred ? paid t 5,866.22
President, S. A. Latham, Route 5; Sec.-Treas., P. H. Johnson.
Home Office, Monroe, N. C.
Attorney for service: DAN C. BONEY, Insurance Commissioner,
Raleigh. N. C.
Manager for North Carolina: Home Office. .. ..
STATE OF NORTH CAROLINA,
(Seal) INSURANCE DEPARTMENT,
Raleigh, N. C., Sept. 5th, 1933.
I, DAN C. BONEY, Insurance Commissioner, do hereby certify that
the above is a true and correct abstract of the statement of the Union
County Farmers Mutual Fire Insurance Company, of Monroe, N. C..
filed with this Department, showing the condition of said Company,
on the 31st day of December, 1932.
Witness my hand and official seal, the day and year above written.
DAN C. BONEY, Insurance Commissioner.
STATEMENT
DAVIDSON COUNTY MUTUAL FIRE INSURANCE COMPANY
Lexington, N. C.
Condition December 31, 1932, As Shown By Statement Filed
Amount Ledger Assets Dec. 31st previous year $7,181.05
Income? From Policyholders, $4,894.09; Miscellaneous, $234.41;
Total 5,128.50
Disbursements? To Policyholders, $5,437.39; Miscellaneous, $1,
776.62; Total 7,214.01
Assets -
Deposited in Trust Companies and Banks not on interest 95.54
Deposited in Trust Companies and Banks on interest 5,000.00
Total $5,095.54
Total admitted Assets $5,095.54
Liabilities
NONE
Business In North Carolina Daring 1932
Fire Risks Written $255,326.00
Premiums received 4,894.09
Losses Incurred ? Fire 5,437.39
President. M. L. Adderholt; Sec.-Treas., Ira S. Bunkley.
Home Office: Lexington, N. C.
Attorney for service: DAN C. BONEY, Insurance Commissioner,
Raleigh. N. C.
Manager for North Carolina: Home Office.
STATE OF NORTH CAROLINA.
(Seal) INSURANCE DEPARTMENT,
- Raleigh, N. C., Sept. 5th, 1933.
I, DAN C. BONEY, Insurance Commissioner, do hereby certify that
the above is a true and correct abstract of the statement of the
Davidson County Mutual Fire Insurance Company of Lexington, N. C.,
filed with this Department, showing the condition of -said Company, on
the 31st day of December, 1932.
Witness my hand and official seal, the day and year above written.
DAN C. BONEY, insurance Commissioner.
STATEMENT
CABARRUS MUTUAL FIRE INSURANCE COMPANY? Concord, N. C.
Condition December 31, 1932, As Shown By Statement Filed
Amount Ledger Assets Dec. 31st previous year $ 3,079.13
Income ? From Policyholders, $10,145.12; Miscellaneous, $130.75;
Total 10,275.87
Disbursements ? To Policyholders, $8,461.58; Miscellaneous,
$1,651.73; Total 10,113.31
Assets
Deposited in Trust Companies and Banks on interest 3,241.69
Total $3,241.69
Total admitted Assets $ 3,241.69
Liabilities
Net amount of unpaid losses and claims 76.75
Total amount, of all liabilities except Capital $ 76.75
< ?
Total Liabilities $ 76.75
Business In North Carolina During 1932
Fire Risks written 48.204.00
Premiums received ?? ? 10,145.12
Losses Incurred ? Fire 8,461.58
President, D. B. Coltrane; Sec.-Treas., Ora H. Wallace.
Home Office. Concord, N. C.
Attorney for service: DAN C. BONEY, Insurance Commissioned,
Raleigh. N. C.
Manager for North Carolina: Home Office.
STATE OF NORTH CAROLINA.
(Seal) INSURANCE DEPARTMENT.
Raleigh, N. C., Sept. 5th, 1933.
I, DAN C. BONEY, Insurance Commissioner, do hereby certify that
the above is a true and correct abstract of the statement of the
Cabarrus Mutual Fire Insurance Company of Concord, N. C., filed
with this Department, showing the condition of said Company, on the
Slat day of December, 1932.
Witness my hand and official seal, the day and year above written
DAN C. BONEY, Insurance Commissioner.
The President referred to crltl- ' j
clams and complaints which have <
comes to Washington regarding the i
failure of the NRA to asslt in car- <
rylng forward various phases of the
broad program of recovery..
I "Ninety per cent of these com
plaints come from misconception,"
he said.
Then he went on to explain that
the NRA has nothing whatsoever to
do with the price of farm products,
nor with public works; also that it
does not apply to the rural com
munities or towns under 2,500 pop
ulation, except Insofar as those
I towns contain factories or chain
'stores which come under a specific
' code.
| Mr. Roosevelt, in thanking the na
tion for co-operation shown in NRA
activities, took occasion to. blast the
chiselers who have been seeking to
capitalize on the Blue Eagle.
"It is true." he said, "that ,
among the chiselers to whom I have
referred, there are not only the big
'chiselers, but also the petty chisel
! era who seek to make undue profit
on untrue statements."
He cited the example of a sales
man who tried to Justify the in
erease in the price of a cotton shirt
from $1.50 to $2.50 by telling the
customer It was due to the cotton
processing tax.
"Actually, in that shirt," Mr. Roo
sevelt said, "there was about one
pound* of cotton and the processing
tax amounted to four and a quar
ter cents on that pound of cotton."
The President, in his address, also
mentioned that the Federal govern
ment was prepared to spepd a bil
lion dollars to unfreeze bank cred
its, and that the administration
was engaged in building up the
banking structure in readiness for
the bank deposit insurance whjch
goes into effect January 1.
"Our troubles will not be over
tomorrow," he said, in conclusion,
"but we are on our way, and we
are headed In the right direction."
FITTING AND CAR
ING FOR HARNESS
(By Henry Woody, Bethel Hill
High School)
New harness should be carefully
adjusted to fit the animal properly.
The bridle should be long enough
to let the bit rest comfortably in
the bars of the mouth. For anima?s
that have a very tender mouth, a
nose band may be adjusted so as
to relieve a great deal of the pres
sure on the corners of the mouth.
It Is very important that the col- j
lar fit properly. Poorly fitted collars'
are the cause of practically all the!
tore shouders and sore necks. The
:ollar should fit so that when it to
adjusted the pull will be distributed
equally over the shoulders. To fit
property, there should be room for
iie flat hand to pass between the
jollar and the wind pipe, and for
the finger tips to pass at its side.
Unless the hames are properly
adjusted the collar will get out of
shape and cause sores. They should
ue even in length so that there will
ye no uneven tension on the shoul
ler.
When the harness is not In use
It should be hung up carefully in
i dry harness room. Cleaning the
Face of the collar and other bearing
surfaces of the harness with a
lamp cloth at the time the harness
Is removed from the mule will pro
long the life of the harness^
o
The first aerial color photo- i
graphs were recently taken.
BEER REVENUES
The big Argument for bringing
beer back to North Carolina was
that it would balance the budget,
rhe moree optimistic beer boosters
predicted some two million dollars
? year from that source. After four
months of beer, it ape pars that the
total revenue receipts will average
some 130,000 to $40,000 a month.
The most that can be expected, un
der existing conditions will be around
a half million dollars.
Of course, a half million dollars
Is half a million. And every half
million dollars helps out. If only
enough half million dollars could be
collected, then the deficit would be
wiped out. But a half million is
only a half million. It is clear that
beer will not balance the budget.
Fortunately, the Legislature made
ather provisions for raising revenue.
?News and Observer.
WE DO OUR PART
RIDING IS BELIEVING
The only way to be satisfied that Plymouths and Dodges,
products of Chrysler Motors, Inc., are superior cars is to ride
in them, and you will recognize the riding and driving ease and
qualities of the higher -priced car.
Three reasons why you should buy a Plymouth, a Dodge,
or some product of , Chrysler Motors:
Floating Power, Olite Springs, and longer wheel base.
Safety Steel Bodies and Hydraulic Brakes for insurance of
safety in riding.
Oil Filtration for motor protection.
Come in and let us demonstrate these and other reasons
why it would be best to buy a Chrysler Product.
Experts on body and fender repair work. General repair
work on all makes of cars. Agents for Willard Batteries.
Stewart Motor Company
DODGE ? PLYMOUTH
Lamar Street Roxboro, N. C.
But You Can't See a
POOR LAMP
Waste Current
$ Drip! Drip! Drip!
If you could see electricity wasted by
an inferior lamp bulb as readily as you
see water wasted by a leaky faucet, you
would replace the lam ,3 at once. But you
cannot see it!
Thousands of people are paying for
light they do not get, because the bulbs
in their sockets are obsolete . . . worn out
... or of inferior, unknown make. Often
they and their families suffer eye strain
as well, because of inadequate light.
. s The only sure way to guard your eyes
and your pocketbook is to use lamps yon
know have a reputation for quality . . .
General Electric Mazda Lamps. We hart
them in all sizes. Why not get a carton
of six and save ten per cent?
13, AO, to and Z5-watt
???? l?c ladi
C?tM m[ I? $i.ai
B*Umr Light - UUmr Sight
carou na Power cLioht Company
RESIDENTIAL COMIIMATION S I KV I C t KATI
\o?l Of TNI l??IIT
AtfOIN mi CAA0UNA* ? |
A
FOR COMBINATION llAHTtM
COOK I NO AMO NtATIttO (UMCI
!s