has, however, enthusiasm and his colleagues can be relied upon to first glance arouses any temper it with restraint, Both he great degree of enthusiasm. and Mr. Woodin of the outstanding—Democratic publicans, figures such as Owen D. Young, Two Inquiries Bernard Baruch, Newton D. Baker, In one of the Committee rooms Alfred E. Smith, James M. Cox, of the Senate, that of the Banking John W. Davis or Albert Ritchie and Currency Committee, a process are members. The list contains names of men who have in many sion of leading business men and Bankers. he sri explaining cet-cases scarcely boon heard of beyond tain actions of theirs which are the confines of their own locality. believed to have contributed to-IL is just another average Cabinet wards the depression. In an ad-based as' most "American Cabinets Jecent, room, that of the Finance! are upon a series of compromi Committee, leading business men political and geographical consider and bankers, are explaining what 18, and personal obligations. they "would have taken to 'The' country had been promised! the country out of the depres-during the electoral campaign a sion.
Cabinet of all the Tallents, but it is possible that such a Cabinet Mr. Owen D. Young for example after having explained to one com-would have proved in praemittee his connection with the In-flee even more, disappointing. than full Utility. Companies. crossed to) the present et isin appear {the-other committee. room and outance, The condition of
sions. and a consistent policy. Had one which demands a liped lis lan forthe restoration wu ation has' called forth amused prosperity. rom the President, surrounded himself comment in the lobbies and the with men of national reputation, suggestion has been made that in the fixed in their opinions and as. do-the interests of economy and the termined as himself, there might witnesses. shoe-leather the two en-well have been such confusion of quiries might, be combined, purpose that it would have) been The most interesting of the two impossible to accomplish anything. enquiries is that conducted by the President Roosevelt has not run the Banking and Currency Committes. risk of allowing himself to be over The "Prosperity linie" as the rival iadowed by his associates. committee's enquiry has been dub-'There is another reason for the dent of the National City woduced. nothing of note, absence of big names. President Roosevelt naturally wished to he Bank, Mr. Charles Mitchell, was surrounded by men with whom forced by the Senators on the!
"in complete harmony. The elder Democratic statesmen had all Banking" and" Curveney Commitie Into s0'many damaging admissions opposed his candi idney—some of them his namesake, William Ditterly. He naturally preferred to Mitchell the Attorney General felt the surrounded by people who had {impelled to order an investigation recognised from the first that he by"the Department of Justice to! was-a man of Presidential calibre. see whether action would jie against A Business Secretary: the bank president for violation of the banking of income tax laws, For the head of his Cabinet Roosevelt wont to the Senate and Alleged Fictitious Sale Lil, Me.
One of Mr. Mitchell's transactions ut hich will be investigated was made possible through the fact, that. tite" United "States losses. from the firm believer in low tariffs and sale of stock can be deducted when Jast December supported a plan for income tax returns are filed. In waking a wholesale ten percent re-1029 Mr, 'Mitchell testified that. duction in all tariff was nob, paid no income tax. He sold 18,900 however, able to convert any of his shares of bank stock to his wife colleagues to the idea. He will find for a loss "of $2,800,000, " later' one of his main duties the nego Duying it back at "the price for tion of reciprocal tariff treaties which he had. sold it. In other which will bring about a reduction words he escaped the tax, but stil in rates by a different method. He Kept the stock views war debts as a contributing but not the main cause of the de-the National. Ci pression and realises that their chell is the he payment has been made dificult by afiinte, the igh, tant? policies. In this first {en gears the National City" Ca. public statement he emphasised the marketed. $20,000,000,000 in securi-importance which he attached to Hes admitted to "have been worth very much less. The Department of Justice will endeavour to find of treaties Out whether the interests of the tional obligations. appointment National City Ca. in making money was wall received, from the sula of securities did not 'Me, William Woodins appoint-at times outweigh the obligation of ment' to the Treasury on the con-its alter ego the City Bank t6 safe. trary appears to have been a disap} His reputation is guard the interests of its depas still to be made.
'The inquiry has led to increased light operatic mosie and collects lack' of confidence on the part of told. about ins are only hobby." If the tales the public in their financial leaders and bankers and started wholesale ale tyne. he isan extremely aggressive and. determined character tions of the 4 the will very soam establish ha re: Maryland where, a temporary mo-putation, "He is. not a Banker, yatorium had to' be declared. Un-Which is an advantage these ike Michigan in which a moratorium iut'a business man and, his view jews, had also been enforced Maryland was fu currency. ave "sound." That rot suffering economically to any say he' does not believe in ina: great extent and the banking er tion, had no real justification.
Other Appointments 'Miss Frances Perkins is a popu-Mr. Baruch's Warning lar choice us Secretary of Labour, 'The Finance Committee has not though the presence of her husband begs unearthing' scandals, but Me, "Wilson is likely to. give the Ching remedies. The main remedy protocol offals grey hairs. Miss Perkins is a "Lucy Stoner," that fas "Balance the Budget Witness bropaed by ney every wines is to say she believes in, married lifter witness declared. that the women Keeping their family name country must rigidly eat down its if they wish. " (Biss Stone was a expenses"and. life within its" me pioneer American suffragist who comer "fr" Bernard" Baruch the died in 1893). fiat witness the called. sounded Senator Swanson who takes over the: Keynote. "No "nation ever the Navy Department is well lexown Gared Yo incur defiits"as large Both in Europe and Washingt oars" he said. "The. suspicion is He believes in an adequate nai rowing' that swe do not really me 'The Navy Department, however, {end to balance our budget" Later the War Department' over. which his testimony he' remarked Governor Dern of Utah will rule, loamily "regard the condition Practically run themselves, fife country og the mest serious in The appointment of. Mr.
Kes history. Tt is worse than war Farley, Mr. Roosevelts political 'A. umber of witnesses insisted Postmaster General upon giving thole views Sri private 13 inevitable. He is well liked sessic on. The conclusion drawn was and will not make any attempt, to step outside the strictly limited vole of adviser in chief on the distribution of Federal patronage.
By, William. Wallace the new Secreiary of Agriculture and the son of a former Secretary is regarded fas the wildman of the Cabinet. He that these were so sensational that the. pablic might. ave een' need. Iesstp alarmed. Some of the state: rene indan pubic Session were, One of the professional economists however, quite alarming. anous summoned to appear, Mr. Herm: Arendtz, said for example "Im
Text read from the printed page and cleaned; old type leaves the occasional error.