Word: nra
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...haze of tobacco smoke, the President's ablest financial advisers had thrashed over a wide field of problems with him. Currency inflation was not discussed; the President wanted to try other things first. But credit inflation was, at length. One reason that NRA was failing to produce results was that codified industries had trouble borrowing money to finance new costs before new profits accrued. Why? Because many banks were hoarding their commercial credit. Why? Because they wanted to be completely liquid to qualify under the new deposit insurance system Jan. 1. Chairman Jones was deluged with advice...
...General Johnson's desk last week lay a brand new order which, if & when signed by the President, would bring into play the tariff clause of the National Recovery Act to exclude cheap foreign imports threatening NRA manufacturers...
...press money. His polls of Congress showed a 20-to-1 sentiment in favor of quick inflation. Nevada's Senator Pittman tried to interest the White House in inflation by the free silver route. In Idaho Senator Borah rumbled: "Infla-tion is indispensable to the success of the NRA." A growing demand was developing for the Treasury to pay off depositors in closed banks with $3,000,000,000 in "greenbacks." The Iowa Farmers' Union was ranting for inflation and Secretary of Agriculture Wallace's scalp because he refused to believe that inflation was a cureall. Even...
President Roosevelt was determined to try credit inflation on a grand scale before shifting to currency inflation. The success of his NRA campaign depended on ample easy money for the withering capital industries. To this end he held a series of White House conferences last week. One concrete proposal: let R. F. C. go into the market, purchase millions & millions of dollars worth of railroad equipment, lease it to the carriers. The President called in steelmasters, tried to induce them to reduce the price of rails...
...sworn that he would never sign another agreement with United Mine Workers. Before him on the table now lay such an agreement-a fat document providing for the unionization of all the soft coal mines of Pennsylvania, Ohio, West Virginia, Virginia, Maryland, Tennessee, part of Kentucky.- Offshoot of the NRA coal code, the agreement prescribed conditions of labor for some 314,000 diggers in hitherto non-union mines. It gave United Mine Workers their own checkweightmen, their own grievance committees, freed them from the necessity of living in company houses, trading at company stores, opened new jobs now held...