~_v
Tu&K
Page Fotp*
THE MIKROK
cM
ULTUM
in
as.
High Spots in News
NEW PROBATE COURT
/HITS SNAG "ABORNING":
CIRCUIT Judge Dan Pyle Wednes-
ruled that probate matters in his
court cannot be tr-aistferred to the
new county probate court (another
Frank J. Murray "Plawzah"), scheduled
to open next Monday and restrained
County Clerk Prank J. Bruggner from
transferring the estate case of William
J. O'Leary, used as the first test of the
jurisdiction of the new court. The suit
was brought by Jones, Obenchain and
Butler. Several other cases aire pending.
Judge Pyle's ruling, which will he
used in the settlement of other similar
tests, says in effect that the Indiana
general assembly cannot arbitrarily require the transfer of a_! pending probate
matters in existing county courts to the
new probate court.
How Judge Pyle's ruling may affect
the new court procedure is not definitely
known but it is the general opinion in
legal circles that the new court may become, purely a fourth court of general
jurisdiction for the county, ft is the
opinion of some that since the new
court's jurisdiction being concurrent
with superior courts it also is concurrent with the circuit court since .superior
courts are created with jurisdictions
concurrent with jcircuit courts.
It is reported in legal circles that further tests of the legal status of the new
court may be lorthcoming but the points
of origin and the subject matter of the
rumored tests are not divulged. Judge
Potts seems likely to be sitting on an
empty hole for some little time.
400,000 "E" BONDS
GOING ON MARKET:
Pour hundred thousand $25 "E" bonds
of a total face value of $10,000,000 when,
matured, will be offered by the federal
government to St. -.Joseph county for
purchase in the seventh war loan starting April 9. The 400,000 figure is based
on the county's $7,500,000 "E" bond quota. The hu^e volume of units to be
bought for $18.75 each represents the
most monumental task m the county's
war financing endeavors. •.
The treasury department has notified
the county war finance^ committee ".hat
the success of the seventh war loan will
rest entirely on the achievement of the
individuals' quota of $10,600,000, which
includes series "E," "F" and "G" bonds.
Corporation bonds will be available for
purchase in the campaign only ^be-weei.
June 18 and 30, while "E" bonds may
be bought during a three-month period
from April 9 to July 7.
If anyone has bought his limit of $5,-
000 in "E" bonds this year, in his own
Bonds
Over America
SPANISH TREASURY
Florida demonstrates the old maxim that good things are made slowly. Long before the Pilgrims landed in the North, Spanish and Esg-
___sh explorers were battling to plant
their colonies on the East Coast.
Sebastian and John Cabot sailed
along there in.1497 and in 1513 Ponce
De Leon christened Florida. By
1647, St. Augustine had a population
of 2,000. In 1586 Sir Francis Drake
.destroyed the town and looted its
treasury. Spain rebuilt it the next
year, much more substantially Reconstruction must be done all over
the world when the guns are silent.
Buy more War Bonds to speed the
day when the world can begin to re-
build. U. S. Treasury Department
name, an additional $5/)00 worth can be
bought with a co-owner.
AVIATION COMMISSION
FACES REORGANIZATION:
Reestablishment of St. Joseph county
airport as a department of county government as a prelude to the general reorganization required under -a new
state law was deferred by the county
council is under consideration by Frank
J. Murray's county council.
Wednesday County Attorney M. Edward Doran appeared to explain the
new Indiana airport act. An ordinance
before, the council calls for establishment of a department of aviation to, be
under the control of a board of four
members to be known, as the board of
emation comn_i____r0r_ers. Appointments
to the board, according to the law, will
be made by the* board of county com-
•n_JssS-oners. &£r$
xxx .§>
LINDEN SCHOOL TO
HAVE JUNIOR HIGH:
Expansion of the Linden grade school
at 1522 Linden avenue, te-to a full-
Democrats to Honor Thomas Jefferson
(From Page One)
day, April 13th — regardless of the
superstitions. In Washington it wiHN
cost $100 to be a guest attendant;
here $5 or $10, dependent upon your
opulence. You will "be well fed, if
you go, hut that is not what you're
paying for. The feed is free. You
are really contributing to the Democratic congressional campaignv fund,
national, state and district, for 1946.
Eugene B. Crowe, Bedford, former
congressman, is state chairman of the
Jefferson Day "dinner programs,—the
highlight of which will be the address
of President Franklin D. Roosevelt,
to be heard during the dinner hour,
on a nation-wide radio hook-up.
In addition to the president's address, national speakers, including U.
S. Senator Claude Pepper of Florida
and Governor 'Connor of Maryland,
will be heard in personal appearances
in Indiana.
Several Indiana cities have ' completed preparations for extensive local dinner programs. These besides
South Bend, include Indianapolis,
Fort Wayne, Gary, Muncie, Evans-
ville, Kokomo, Peru, Anderson, Marion, Logansport. Richmond, Vin-
cennes, New Albany, Jeffersonville
and Lafayette.
Chairman Crowe says that arrangements have been completed for
Senator Pepper to appear as guest
fledged_ junior high school will be completed next fall when the present
eight-grade class becomes the school's
first ninth-grade class. The school's facilities have been improved with addition of industrial arts, home economics
and science equipment and will be further improved with expansion of gymnasium space. The board of education,
meeting Monday afternoon, approved a
program for a $4,000 addition to the
gymnasium. The addition will provide
space for,, showers and dressing rooms
for an anticipated increase of students.
speaker at Gary and Governor
O'Connor to appear in the same capacity at South Bend.
Chairman Crowe has asked that
Democratic committees in all Indiana
counties either undertake some fitting
program of their own or plan to join
with a neighboring community within the limits of the Office of Defense
Transportation's wartime travel limitations.
0>nHnunities which may be without facilities for a dinner or other extensive program are asked to arrange
gatherings to listen to President
Roosevelt's address by radio arid discuss local campaign activities.
The dinners are being held for the
two-fold purpose of renewing allegiance to the great Democratic president, who was born at Shade well,
Va., April 13, 1743 (becoming the
third president of the United States
at the age of 5 8), and to raise funds
for the congressional election of
1946.
Under the plan suggested by the
Denio_C£-i___-C-__Iational Committee, half
of the proceeds of the Jefferson Day
dinners are to be forwarded to* the
national committee, through Chairman Crowe, and the other half of
the profit is to remain in the local
party treasury to -finance local election activities.
NOTRE DAME NAVAL
SCHOOL SOON TO CLOSE:
The naval reserve midshipmen's
school at the University of Notre Dame,
South Bend, will be discontinued late
this fall. Commander W. K. Thompson
in the~ office of Vice-Admiral Randall
Jacobs, chief of naval personnel, in
Washington, has directed Capt. J. Richard Barry, commandant of the naval
training station at the university, to
make recommendations for a suitable
decommissioning date for the midship-
(On Page Six)
Indiana "Foreign Policy Week
//
(From Page One)
centry numbered among the notorious isolationists, are running up and
down Indiana crying that they favor
acceptance and support of the Dumbarton Oaks agreement—"with certain reservation"?
It's the same dangerous, deadly
amputation that the old crowd used
to kill the League of Nations. "My
dear Senator," said the cunning Senator Henry Cabot Lodge as he he explained his plans to kill Woodrow
Wilson's League to Senator James
Eli Watson, "We do not propose to
oppose the league. We shall kill it
with reservations."
The similarity between the Lodge
method and the activities of such men
as Senator Robert Alfonso Taft, and
numerous speakers we hear on the
radio and read about in the daily
press is so striking that none can overlook it. And the Indiana G. O. P. is
distinctly in that van; turned Wendell Willkie down for that very reason.
They don't dare tell the people
that they are against the Big 3^s
world peace plans. They merely plan
to cut out an important phrase here,
a vital clause there, and a paragraph
some place else—until there is nothing left.
And that is exactly what "Foreign
Policy Week" in Indiana is for; to
propagandize fear into the heads of
the people; inculcate surmise that
maybe 'twould be better to follow
the old trails; get the people ready for
the reservations. In Indiana it looks
almost as though it might be a James
Eli Watson concoction. He let himself out on it several times during the
fall campaign for Dewey.
It is all right, and proper, to study
these questions, but it makes some
difference v/hat channels the study is
shunted into. All right to be cautious, yes, but caution can be cowardly, and it can be criminal. They got
reservations to the kill on the last
World covenant, but the reservations
were covered with bent .pins, and we
sat down on the present World fury.
GROSS Between SCARECROW and STUMBLING-BIOCK
(From Page Three)
their internal currencies are concerned
and concentrate on. the purchasing
power of their money. The administration is not yet prepared to adopt
this policy toward money. A complete divorce of the dollar from gold
is not to be recommended by it,—
though foreign policies on pretty
much everything else goes.
The value of the dollar bill, however, officially is regarded as depend-
ing on other factors than the gold
behind it. The major concern is over
how much the dollar will buy in
terms of groceries, clothes, automobiles, houses and other goods. And
the dollar's buying power, in turn, is
seen by officials to depend primarily
upon the supply of dollars and the
supply of goods for which those dollars can be spent, plus the behavior
of people who possess the dollars. If
dollar holders rush to spend, the
value of the currency will drop and
prices will rise. If spending is kept to
reasonable levels, the dollar bill wiil
hold its value.
Savings bonds always will be
worth their face value in dollars.
They now can be cashed like bank
checks and there is no question about
the treasury's ability to redeem those
bonds in dollars. Federal Reserve
Banks will make sure that commercial banks have the dollars and credit
they need to buy bonds from individuals who want"to sell them. Lower
gold requirements will add to Federal
Reserve ability to provide all the dollars and credit necessary.
Other government bonds also will
find a ready market. Corporations
that have invested heavily in government issues will be able to dispose of
them through banks or securities, markets. Here, again, the Federal Reserve
System will see that funds are available. Bank holdings of b6nds are
likely to increase after the war. The
banking system now has $92,000,-
000,000 worth of government securities, and there is another $92,000,-
000,000 in the hands of ind_v_dua4.
and corporations. A .large portion
of bonds now held by the latter
group is expected to be sold when
war ends.
• The prospect that banks may become overloaded with "gvernments,"
however, is remote. Federal Reserve
Banks can purchase bonds up to the
reserve limit, and that limit will ie^
increased if congress accepts a lower
gold requirement. Thus the task of
finding dollars and credits to pay off
war bonds is not regarded as a difficult problem.
The real problem lies in what individuals and corporations propose to
do with their dollars after they sell
their bonds. This is beginning to be
a source of worry. To date, the people, by and large, have handled their
money well. They have saved prodigiously, they have accepted rationing,
and they have observed price ceilings.
Hence, the war period is being weathered without a money crisis. The dollar buys within 30% of as much as
before the war.
But the postwar dollar won't be
worth as much if bonds are cashed
and savings are spent before a large
volume of civlian goods come on the
market. If thousands of persons rush
to-buy farms, real estate prices will
skyrocket. The same result will follow if persons with fat bank rolls
suddenly try to buy the automobiles,
'refrigerators, vacuum cleaners or new
homes that were denied them during
the war. In that even the dollar's
value could plummet.
The government's answer to this
problem is to provide the goods and
services that the money supply can
demand, not to tailor the money supply to the amount of gold in the
treasury. And, until goods can become available, officials would prefer
to keep rationing, price controls and
credit controls to support the buying
power of the dollar by keeping prices
in line. Indeed, they may have to.
The problem of the dollar boils
down to the fact that the money supply can be managed if owners of dollars behave as reasonably after the
war) as they are behaving during the
war. But, if they begin to spend as
heavily as they have saved, the dollar
can get into trouble and complicate
the postwar adjustment. It is a gay
set-up, or a! lack of one, that merges
into t&is socalled "inflation" problem. Nothing could -Isrve been better
calculated to wreck America into
complete government control of our
whole economic system.
