20 Apr 1933
Page 1
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Newspaper
Thomasville Times Enterprise
Location
Thomasville, Georgia, United States of America
Date
Apr 20, 1933
Page
1
The first official U S move from the gold standard in over fifty years causes worldwide anxiety. The dollar weakens against the pound and francs as London Paris Berlin Rome Vienna report varied responses and forecast ongoing effects on exchange markets.
Washington reports that Democratic leaders with President Roosevelt support aim to amend the farm bill to authorize a controlled inflation to raise commodity prices and expand work. McNary says refer to banking committee. currency views complicate passage.
Speaker Rainey told reporters that President Roosevelt's monetary moves are aimed at countering a coordinated foreign campaign to undermine the United States economically.
New York April 20 reports Uncle Sam launching a bold program toward a managed currency system aiming to stabilize value and control inflation. Officials emphasize coordination with domestic policy and international trade implications.
New York reports the United States is off the gold standard for the first time since 1879 after the decision to stop licensing gold exports. The move aims to lower dollar purchasing power and raise price levels, letting the currency drift in market terms.
Treasury actions mark a shift to a managed currency with gold exports embargo. The move lowers dollar purchasing power to raise prices and restore balance, while the New York Fed controls the dollar's value against world currencies. J P Morgan supports the policy as a remedy to deflationary pressures.
El Paso Texas April 20 A prisoner exchange on the international bridge ends the Meers case. William Jefferson Meers a 21 year old American youth jailed for shooting a Juarez waiter is exchanged for Jose Carrasco a Mexican serving life for the El Paso payroll killing. The swap was arranged under Texas authorities and Chi huahua governor clemency.
London reports that the Soviet Russian trade delegation to London is recalled to Moscow for consultations and will return next Monday. The move follows the conviction of five British engineers on sabotage charges and the 80 percent embargo on Russian imports into England. Britain maintains the embargo while Moscow weighs possible commutations for L. C. Thornton and William L. MacDonald and awaits final Soviet decision.
Senator McAdoo introduces a bill to authorize issuance up to 8 billion United States notes to refinance the government's short term debt maturing in the next five years. The proposal aims to ease near term funding needs and stabilize fiscal management. The bill reflects McAdoo's plan while he is a former treasury secretary and serves as a California senator.
Governor Talmadge commuted the death sentence of Sam F. Aiken to life imprisonment after he escaped Fulton county jail and was captured in Houston. Aiken had been convicted in 1929 for killing his wife. a second indictment for killing neighbor Boyce Hunter was not tried. The clemency followed a strong plea from the prison commission and a petition from jurors and officials.
Treasury records show April 18 receipts at 5 553 860 50 and expenditures at 18 994 978 42, leaving a balance of 386 202 319 57. Customs duties for 18 days in April totaled 10 359 814 72.
Pensacola plans for a $30 million loan from the Reconstruction Finance Corporation to build a Gulf Industries complex. The project would include a battleship capable graving dock, steel shipbuilding, steel houses, and allied operations, employing about 300000 workers and linking with Birmingham area mills and regional industries.
Congress shows tension over an anticipated controlled inflation amendment to the farm bill. Senator Thomas of Oklahoma is expected to offer the rider granting Roosevelt broad inflation powers. House actions include continuing the one cent gas tax and lowering local postal rates as relief loans move toward a vote. sugar provisions face opposition amid broader farm bill battles.
Earl Manchester of Michigan escaped execution when Governor Eugene Talmadge commuted the death penalty after arguments in Macon Georgia. Manchester and Mrs. Sarah Powers were accused of murdering James Parks to collect life insurance. Powers received a life sentence. Manchester’s sentence was reduced to life imprisonment. The case drew on concerns of mercy and complicity with Powers as the alleged moving force.
London reacts to the US gold embargo and off the gold standard stance with anxiety and confusion. The dollar plummeted to about 3.90 per pound and officials fear trade wars as Britain signals it will let the pound find its own level. The London Herald warns of possible retaliation and a currency-depreciation driven clash with non gold nations.
Paris officials and bankers fear France may abandon the gold standard as Britain drains French gold. France holds bullion only, while the Bank of England has taken most of the $117,000,000 lost in four months. Experts call this a pivotal, world-spanning devaluation with far-reaching consequences.
Colonel and Mrs. Charles A. Lindbergh left Logan Field at 10 31 a m marking the start of their announced trans continental flight from Baltimore.
South Carolina remains mostly cloudy tonight and Friday with possible showers in the extreme south on Friday afternoon and cooler conditions in the east tonight. Georgia expects cloudy conditions tonight and Friday with showers and likely thunderstorms Friday and in the south portion tonight. Florida mostly cloudy tonight and Friday with showers and thunderstorms Friday and possibly in the north and central tonight. Alabama and extreme northwest Florida: cloudy with probable thunderstorms tonight and Friday.
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