Bangkok, Mar. 9.
Peace reigned in Siam to-day, wi the populace apparently satisfied wit the political disruption which proclaimed for them a new. king—the eleven-year old' Prince Ananda Mahidol.
The country is under the rule of 2 regency and, unless further polit cal activities proclaim otherwise, will be s0 governed for the next nine years.
When King Mahidol is 20 years old be will personally take over the reins of government, it has been decreed.
Congratulations were received by the young monarch, among them being one note from the Emperor of Japan wishing @ long, peaceful and prosperous relgn.—United Press.
Washington, Mar, 10.
'The United States 'Treasury to-day embarked upon a. programme for utilizing a portion of the $2,800,000,000 profit from dollar devaluation' which economists and observers regarded as mildly inflation:
New York bankers, however, denied that the plan will have inflationary effects.
'The 'Treasury Department announced that a share of the profits from fold seizures, which have lain idle in: the federal vaults, will be used to retire $674,625,080 in' national indebt-eelness.
The debt will be discharged through the use of gold certificates, it was stated, which plan was pointed out by observers to be potentially National banks are deprived of the power of issuing currency urder the plan, The government will pay to the Federal Reserve a total of $674,625,690 gold certificates," which will be replaced by an issue of federal reserve notes for the same amount—the latter notes being used to defray the debt. This was described as on inflationary factor, Observers said that the note issue against the gold certifeates could be, the government desires, expanded {o a total of $1,687,500,000 due to the that the Federal Reserve note does require only a 40 per cent, gold basis.
The programme vests in the Tréasury Department and the Federal Reserve Banks the exclusive authority to issue money. It is proposed to retire, about Aug. 1, the $874,625,630 in two per cent. government bonds—and to substitute, when opportune, federal reserve notes for the $657, 987,080 in' outstanding national panic currency—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.