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?'s&ai.?-? ? .
Roosevelt Launches Pro
gram To Boost Prices
r Expand Currency Use
* ' ' '? " ?
President Also Aiming
At Stabilization of For
eign Exchanges in In
terest of Work! Trade
Revival
Washington, D. C., April 19.?The
United States abandoned the gold
'standard tonight.
Shortly after President Roosevelt,
in a bold dramatic coup, had with
drawn support of the American dol
lar abroad, Secretary of the Treas
ury Woodin said this nation had de
serted the gold standard.
Questioned by newspapermen as to
whether the President's action defi
nitely meant abandonment of the
gold standard, Woodin said:
"Yes, we are off the gold standard.
The whole matter is official abandon,
ment of the gold standard."
The President's action today was
taken in an effort to raise com
modity prices at home and restore
languishing trade abroad.
The White House announced this
would be done by maintaining: a
tight embargo on gold. Actually, it
means the American dollar is to be
allowed to seek its natual level in
world exchange. Later, it would Be.
revaluated on a basis in natural
relation to other currencies.
The President's daring stroke
startled the world and brought quick
approval from Congressional leaders
favoring inflation. Stocks and com
modity prices rose sharply.
Senate administration leaders mov
ed quickly to give Mr. Roosevelt
power to take what further steps
he regards necessary to carry on his
new battle to check the course of
deflation in the United States.
They completed tonight the draft
of a sweeping bill giving President
Roosevelt power to accept $100,0.0,
000 in silver from any foreign .na
tion for payment on its debts. ? The
silver would be accepted at a price
not exceeding 50 cents.
The measure, which is to be pre
sented as an amendment to the pend
ing farm bill, . also empowers the
President to re-value the gold dollar
on his own initiative or in agree
ment with foreign nation^, and to
issue greenbacks.
The bill was drafted jointly by
Senators Elmer Thomas, Oklahoma;
James F. Byrnes, South Carolina; \
Chairman Key Pittman, of Hie for
eign relations committee and Assist
ant Secretary of State, Raymond L
Moley, President Roosevelt's eco
nomic adviser. It would give the
President a powerful weapon to be
used as a bargaining power in his
conferences to begin here in a few
days with leaders of foreign govern
ments.
The terms of the maafeure- are sim
ilar to those contained in an amend
ment drafted by Thomas for the
farm bill, which the -Oklahoma Sen
ator withdrew when he-was advised
that President Roosevelt would set
The bill, as completed tonight was;
sent to the White House for the
President's final approval. Its speedy
enactment by Congress is expected.
Foil the silver provisions the draft
ers took a bill by Pittman, recently
introduced as an amendment to the
farm bflL It authorises the silver
accepted as payment on foreign debts
to bo used as the baas for issuance
of currency.
I Silver certificates, in denominations
I of one dollar each, would be issued
I > the amount of the silver received
for payments of the debts, and could
be used in payment of any obliga
I tions of the United States.
I The silver bullion would be e*in?d
into standard silver dollars and sub
I
Woodin joined in the war against
l :^g0a^ ,heads, jgEg
ther notice. The only exception al
lowed are gold earmarked here for
foreign account and gold necessary '
. to pay balances for trade movements
[covered under earlier regulations.
The effect, it was explained, is to '
I increase commodity prices by cheap
| ening the dollar, which no longer will
be tied to gold The embargo will ''
impound virtually all gold in the '
United States. The individual citi- (
zens cannot get gold for his cur
rency. The foreigner cannot get
[gold except in cases' cited; in the j
(President's exceptions.
The dollar bill, or the five-dollar 1
bill, for example, cannot be redeem
ed in gold Therefore, currency will 1
tend to fluctuate in value, it having !
merely the value that is put upon
it. The natural cowpe. is for it to go
down in value. Therefore, it will ?!
take more dollars to buy a given
commodity. The result is to boost
prices.
How the theory works was disclos
ed today when the dollar fell five
cents abroad. That means that the
dollar, so far as foreign exchange j
is concerned, was worth cmly 95
cents. That's all an American abroad
can get for it. That is all it is worth
in buying.
An example of bow this works in
foreign trade, was cited todayt For ]
instance, a British merchant pays t
the same for* American cotton, but t
the American seller would get more j
dollars in price than" heretofore. j
The eventual aim of the President's *
move, today is to Devaluate the do!- <
lar on a basis fixed in relation to j
other worid currencies. Such a basis *
might be fixed at the world economic ]
conference. The amount of gold in j
the monetary unit would be fixed in i
each case< so there would be a stand- 1
ard of internr-tiooal trade. Such is \
not the case now, with the American 1
dollar and the French franc stand- (
ing alone on a level above the de- <
predated currencies of other nations.
Before any progress can be mads j
in adjusting worid tariffs, which is <
| the President's aim officials feel cur- t
reseias that do not fluctuate from
day to day. j
President's Roosevelt's move today, ]
some observers said, will force s
Prance, the last remaining country, <
off the gold standard.
? An immediate stimulation of busi
ness activity throughout the country )
|waa expected by interests close to i
J Th* primary purpose of
powers in international markets
| since, most other world powers -had
ring it from gold.
action today is expected to
ikiamlate buying of various neces
I be fcftilininff prices thft- ^
^ to the fixed
Series Of Meetings
To Begin Methodist
Church on April 30th
Rev. H. L. Hendricks, pastor of the
local Methodist church, announces a
series of meetings, which will begin
in his church on Sunday evening,
April 30, with Rev.. E. J. Rees of
Washington, N. C., as the preacher.
Mr. Rees is recognised as an out
standing Bible student of the Con
feerence and as a pleasing and forci
ble speaker.
f ^
The Pitt County
Mutual Exchange
. .
The Pitt County Mutual Exchange
has been very active in its marketing "
activities this spring. They have sold '
$10,976.32 worth of products for the
farmers this spring, including hogs, (
poultry, sweet potatoes and other
farm produce on the curb market
There are now on feed in the coun
ty some five or six carloads of hogs j
that will move in the next thirty days.
? ?*' 1
County Grange
Organized in Pitt
National Lecturer, F. C.
Harding and W. Kerr
Scett Speak
, ?' ??? ?? ? "? " -x :-A
Greenville, April, 19.?A county
lie meeting at the courthouse here
last night at which J. G. Farmer; of
South Newbury, New Hampthire, lec
turer of the National grange, de
livered the principal address.
The meeting was largely; attended
by menders of the conauumity
granges from various sections of the
county as well as farmers anal other
people intereste in the innmswr
meat of agriculture.
Mack Smith, of Arthur; ems elect
ed master of the Couatygraage, aad
in executive committee, composed
of E. F. Arnold, A. L. Woo lard, and
Mack Smith, was chosen. Other of*
ficers from- community granges were
also selected. '
W. Seer Scott, master of the North
Carolina grange, was present and
spoke of the legislative program in
this State. He urged the fanners to
jive more attention to legislation in
behalf of agriculture and to see that
their interest is fully represented .
F. C- Harding, prominent Green
ville attorney, introduced Mr. Farm
er, and stressed the vafye of organi
sation in agriculture. He declared
progress m every-lin? of human -en
deavor depended upon success of the
farmer.
Mr. Farmer gave a comprehensive
survey of national legislative pro
gram of the grange, and the need of
farmers promoting legislation in
their interest.
He said President Franklin D.
Roosevelt had been a member of the
SJew York grange for twenty years
ind was sympathetic toward its ef
forts to improve the conditions of
agriculture and was already taking
steps to put the industry on a pay
ng basis.
Mil Give Work
To 250,008 Nh
*
Foresters Will Be On
Way To Camp la a Few
Days, Says Fechner
Washington, April 19. ? Robert
fechner, director of the conservation
unemployment program, said today
.hat men from every state will be
?equisitionec for membership in the
'oresty conservation corps' within
two or three day" and will be start
id for army conditioning camps with
n a short time afterward. . <
Fechner said that 250,000 men will
>e used in the corps as originally
Haimed and that he hopes to have
nost of them on their way to camps
>y Hay 15. He announced that of
ficial quotas for every state together
rith the individuals who will be in
iharsfc v of the selection of men inl
iach/
All of the quotas have been com
>uted on a population basis, roughly
me recruit for every 500 persons in
i State.
Quotas of Southern States follow:
Alabama, 5,500; Arkansas, 3,750;
Florida, 3,00; Georgia, 6,000; Lcujsi
iha, 050; Maryland, 3,250; Missis
sippi, 4,COO.
Missouri, 7,500; North Carolina, 6r
>00; South Carolina, 3,590; Tennes- i
see, 5,250; Virginia, 5,000; West Vir
ginia, 3,500.
. i
One of the fftmitfimtismT of beini
joor is that yon can get a thrill out
>f finding a dime in the pocket of an
On the left ia Dr. Hut Luther, mem German flmhawwdOT to the Batted
tatee, aaeceediijt Fredrick Elm von Prittwit*. On the right la David H. * <
orrie of New York, new Americas Aiebeeeador to Germany, nomhuited t
- > Preeident Booawelt during March. I
i . * .
Government
Operates At
Gain in March
Slight Balance Shown In
Oaeatfied Report Is
sued by The Treasury
Washington, D. C., April 19.?-The
United States Government operated
at a profit during March for the first
time since the beginning of ; the pres
ent year, the Treasury's current state
ment showing classified reports ope
rating expense revealed.
Thanks to income tax receipts of
$180,712,321 during the period the
government closed its books for the
month with a balance $$17,909 on
the right side of the ledger after
taking into consideration all items
of receipts and expenditures, includ
ing those on account of general spe
cial.funds. .
Total general funds during the
month amounted to $269,914,029 to
which was pdded receipts of $2,122,
267 as special funds and $11,149,477
Of it rust funds, bring the total to
$288486,778.
General fund expenditures amount
ed today to $272,412,242 during : the
month to which was added $9571104!
for special funds and ~$8,"997,519. of
trust funds, making a total of $2B2t
867364.
- " 1 '
Lower Cotton
Acreage Desirable
This Season
While North Carolina farmers
await the passage of the Farm Relief;
bill to settle many of the difficulties
In regard to cotton growing, it should
be kept in mind that this bin is not
to guarantee a better price for cotton
but is to encourage a smaller acreage
so that a better price might be se
cured for that cotton which is pro
duced. - ? .. ? .
? "A study of the available figures
shows the supply of American cotton
on hand was reduced but little during
the first seven months of the fiscal
year 1932-1938 and if the experience
of the past years indicates what will
happen this year, the rate of takings
will slow up considerably from now
.witn August 1," says J. F. Criswell,
extension farm economist at State
College. "Regardless of the outcome
of the present farm relief bill, grow
ers wUl make a serious mistake in
not reducing the acreage this'season.
This is absolutely necessary before
better prices can be expected."
Criswell points out that, the supply
of American cotton on hand last
August 1 was. 18,000300 bales and
the last ginning report on darch 1
showed a- production of 15,994,000
bales last season. TWs. menis that
>?? fH
the supply for the present season is 11
about 28 million bales. It is estimat
ed that not over 13 million bales will b
be consumed this year and so the n
grower will race a supply of 13 mil- ^
lion bales left over wlum he begins e
to market the 1983 crop. In other
words, the market could do without e
the 1938 crop very welL " n
Therefore, if North Carolina cotton ^
growers want to work in harmony ^
with the new farm relief bill, they
will reduce the acreage this season. g
To do so is not only wise but neces
sary if better prices are to be secur- d
Id, Criswell says. b
? |*
Justice Is a bigger surprise these ~
days than a miscarriage of justice.
?' ...
British Declares ?
Partial Embargo j
On Soviet Goodsji
Russian Imports to Un- J
ited Kingdom Expect-?
ed To Be Cut at Least '
80 Percent t
?- . 5
London, April 19.?Great Britain
answered the conviction of British s
engineers in Moscow by declaring to- f
day a partial embargo against Soviet e
goods which will cut out 80 per cent *
of Russian imports in the United 1
Kingdom. .
On the basis of currency trade fi
gures the emb'jrgo which before April
26 will bar imports aggregating 9,- t
600,000 pounds, whieh in currency is c
$33,600,000 annually.
The proclamation was signed by I
King George at Windsor Castle and I
published in the London Gazette. '
It prevented all importation of
Soviety wheat, barley, oats and other
grains, in addition to poultry, raw
cotton, petroleum oil, wood and tim
ber hewn or dressed, or articles manu- j
factored wholly or partly of wood *
and timber.
Parliment authorized, the action
last week as a measure of retaliation
against the prosecution k.1 five Brit
ish engineers in the Moscow espin- g
age triaL
c
Two Arc Killed By I
Bolt Of Lightning *
? h
Greenville, April 19.?Mrs. Eula ^
Harris, 22, and Ruby Hardy, 20, the ?
latter colored, tenants of Raymond
Tucker in Chicod Township, were e
killed instantly this afternoon about v
4 o'clock when lightning struck a "
tree by a barn that they had gone c
into to get out of the rain. They
were out in the field picking to- u
bacco plants when the rain began to ?
falL There were two others in the
barn who were shocked frit not sen- ?
ously injured.
t
Ch&?Zr$ng%i?Gi?is
V '' .-V$ ? 1??r
^Chari^. ApHM9.-A ij-j^r-oki J
was bound over to Superior Court on i
a charge of bigamy today when wit- ;
nesses at a preliminary hearing testi
fied he had married three Charlotte ,
i3rfit Xo moninB* ? j ^
? - : ?? v'? "w- vvv".--..-38-? '5-- . -, ?.I
Udred ?t Yoric, S. C., March 16, 1932,
rnd w Miss Mabel Yarborough, also
it iYoilc, in December of the same
rear
Miss Foy, 16-years-old, said she did
xot wish to testify against her "hus
jand," but the court, over defense
Ejection, held that she was a "com
pellable" witness in that she could not
>e legally married if Allen had been
previously married and had livingF
yives, not divorced.
Whmupon, Bhetoiitled Sat
j , , , , ,: -, ' % .A
; ?y;' ?> ' ~ TTTrrrrvTsr -??? -'?wcsjr??
IA7 n:u IIam
lui I Hi mini
TolteMOir
1 J'"'i ?^V tf t* ^ * '
'?)-*? '"v* "-V"1 i 'y V' V'.-'vC--/-'
Unemployed To Partici
pate In Reforestation
of Government
: - '?
One hundred and seven Pitt coun
^ men will be eligible for jobs in
;he great reforestation program set
n motion recently by President
Roosevelt with congressional ap
>roval.
These men will be picked from the
?anks of unemployed and must have
lependents, it was said.
K. T. Futrail, director of the Pitt
bounty Welfare Department, will at
end a regular conference in Wash
ngton, next Friday to discuss the re
'orestation scheme and it was believ
sd that all phases of the program
vould be worked out at that time.
The men picked for the reforestra
ion camps will be from 18 to 25'
rears of age, but it was expected the
ige limit would be increased in the
fear future owing to the fact that a
arge part of the unemployed is made
ip of men beyond that age. 7
These workmen will be paid $1.00
1 day and will receive clotlri".g, food
ind housing in addition. It is not a
nilitary project but a tremendous at
empt to relieve the unemployment
Jtuation which has proved distressing
o all communities the last several
ears.
The reforestation movement in this
tate will be conducted in the national
>ark in the western section and was
xpected to play a big part in clear
fig up unaccessible regions in the
ough mountain territory.
Bingo?Is your dog affectionate?
Stingo?Yes, indeed: I've sold him
hree times, and each time he has
ome back; to me.
Pitt County Man
Killed in Accident
I T. Hodges Loses His
Life When Struck By
Car
Greenville, April 19.?J. T. Hodges,
1, prominent farmer cf the Belvior
ommunity, was fatally injured this
norning about eight o'clock when his
orse and buggy were hit by an au
omobile on the Bethel-Conetoe high
ray, near Blount's saw mill. R. L.
Tdverton, of Rocky Mount, driver
f the car which also was occupied
y his brother, B. 0. Yelverton, was
xonerated by the coroner's jury
rhen it was found that the accident
ras unavoidable. The accident oc
urred on a curve during a rain.
Hodges was said to have had an
mbralla over him and waa believed
t> have been unable to see that his
orse had carried him to the middle
f the road. Coming around a sharp
orve Yelverton said he was unable
0 see the approaching vehicle until
: was too late to stop.
Hodges was taken to the home of
is daughter, Mrs. Joe Barnhill, im
lediately following the accident, but
ied in about two hours, after having
very medical attention possible.
Funeral services will be conduct
d at his l-.te home Thursday after
oon at 3:30 o'clock by Rev. Warren,
ravis,. of Washington, pastor of
lount Pleasant church. Interment
ill follow in the family burial
round.
He is survived by three sons, three
aughters, all this county, and a
rother, Joe Hodges, of Beaufort
aunty.
1 V ?
Naval Aeroniu tio Chief
1 ?
Would Rise as Cheaper
Dollar Easttd Debt
ftardten - -
Washington, April 20.?The admin
istration's program to revive business
through a cheapening of the coun
try's money and an aggressive cur
rency inflation program is expected
by financial authorities to change the /
financial position of various classes
of citizens.
While designed to, promote the
economic health of the entire coun
try and to aid all- citizens, many
classes of people are expected to
benefit to a much greater extent than
others.
T% ? *1 al _ !_ . - ?_
ramaruy, tne program is expect
ed to help persons who owe money
at the expense of the persons who
are lending money. Cheapening of
the dollar would make it easier for
debtors to pay their loans than it
was when the dollar was anchored to
gold.
Broadly speaking, the farmers
would receive the greater benef. ts ac
cording to fiscal authorities. I eying
off of the huge farm mortgage debt
estimated at $10,000,000,000 w< uld be
easier with cheaper dollars, while the
farmers' money income would be
raised by the higher prices he would
receive for his products because of
the currency inflation.
Benefiting least, or not at all,
from the money inflation -?rould be
the small salary or fixed wage-earner,
considered the backbone of the
American economic life. Unless sal
aries or wages were raised as rapidly
as prices went up, he would find
his weekly stipened buying less and
less as the inflation progressed. Food
prices at his corner grocery might
rise; clothes woijld cost more and
his rent might rise unless he had a
long-term lease.
Until salary increases caught up
with the - increasing cost of living,
the average white collar office worker
or factory hand would be at a dis
advantage as compared to other
bodies of citizens.
The unemployed, another large
group of citizens, are expected by
economists to benefit from more jobs
made possible be the speeding up
of industrial and farm output brought
about by raising prices. Jobs might
be more plentiful.
Along with the farmers, people
with large mortgage^ on their homes
might be aided by the inflation, as
their debts would be paid with
money of a iower value than the
money they originally borrowed. The
same might be true of people buy
ing automobiles or other articles on
credit. *
Effects of money inflation on .
other groups of citizens, like store
owners, small business men, brokers
and bankers, are expe- ted to vary
widely and depend largely upon the
condition of the various businesses. *
A store-keeper with large stockes
might receive higher - prices than
heretofore, while the effects on
business men, brokers and bankers
are expected to depend upon how
deeply they are in debt. Those with
the greatest debts would be expected
to benefit the most.
' As regards security owners, hold
ers of life insurance and those liv
ing on their savings, further unset
tlement might be seen. A period of
inflation usually sees stock prices
or other evidences of ownership rise
and loans such as bonds decline.
Holders of life insurance or fire in
surance would be paid off, at least
for the present, in money of a much
smaller purchasing power than be
fore the abandonment of the gold
standard and the inflation tide. Per
sons- living on trust funds would
similarly be effected, and the pur
chasing power of money in banks *
would decline along with the decline
in the dollar outside of the tanks.
Three Barrymores In
"Rasputin* At State
"Rasputin %nd the Empress," prob*, ,.
ably the most discussed motion pic-* 1 ?
tore of the year, will open Monday; '
at the State Theatre, Greeriv^le, fol
lowing its successful run at the Astor
Theatre in New York and extended
showings in thf; principal cities of the
United States. John, Ethel and Lionel
Barrymore. are starred in the three
principal roles of theproduction,ap
pearing together for the first time on
che screen during their respective u
careers.
r "Rasputin and the Empress" is
based on an original story by
Charles MacArthur, well kncwn, for
his work on "tta Front Page,"
"Lulu Belle" and other stage and
screen dramas. '.The picture was
\ ' ry '? ?; . ? ' ' . . ? ? - ' ? ' ' :