THE MICHIGAN DAILY
Saturday, February 10, 1973
Page Eight THE MICHIGAN DAILY Saturday, February 10, 1973
Foreign banks move to
WIN - -
tightens its grip
Appeals court blocks
action on oil pipeline
support collapsing dollar
By Reuters, AP and UPI relatively high price and buy it fore foreign exchange markets o n
Speculators sold nearly two bil I back more cheaply after it has next week, there was no official'
lion dollars to European money been devalued-forced the finance confirmation of it. But its monetary (Contin
changers yesterday, forcing the ministers of West Germany, France experts devoted increased atten- President G
central banks of West Germany, and Great Britain to a night meet- tion to the problem. he does not v
the Netherlands and Belgium to ing in Paris to seek "a joint Euro- There appeared to be recogni- shut down n
intervene to prevent de-facto dollar pean solution to the dollar crisis. tion that the massive run on the cut off fundst
devaluation. Meanwhile the U.S. Treasury De- dollar in overseas money markets The South
In Tokyo, the Bank of Japan partment worked furiously yester- could not be allowed to continue subsidized to
bought an estimated 240 million1 day to try to find a way out offomuhlnedsrbtdf
dollars, chiefly from speculators the dollar crisis which threatens to for much longer. distributed f
hoping for an upward revaluation wreck the 1971 international agree- The dollar's troubles are two- Monday thru
of the yen. j ment on values of major world cur- fold-most of the ones sold i has been pub
The seventh day of the dollar rencies. Europe and Japan are beyond the paper since
oncontrol of Washington and are pri- not called the
crisis-caused by speculators seek- If the treasury was working on manrly owned by persons and com- The present
ing to sell the dollar at its current, a plan of action to be offered be-stingd b be com less in control sins
panies betting it will become less cntosn
valuable than the marks, pounds, by the Board
yen and francs they are buying small politic
POW swap announced with dollars. If that happens, these not represent
. speculators will make big profits whole.
F Al- a-,/
nued from Page 1)
sullen emphasized that
want the South End- to
or does he intend to
to the paper.
End is a University-
bloid paper which is
reely to the students
Friday. Wayne State
lishing a student news-
1918 although it was
e SouthEnd until 1967.
staff, which has been
ce June, 1972, was felt
of Governors to be a
al faction which did
t the University as a
that the South End has become an
The Board of Governors stated
that a student newspaper is nec-
essary to "publish the creative ef-
forts. of students and provide an
open forum of student opinion."
They said that the present staff
had been financially irresponsible
and that the South End had deter-
iorated into "horrible example
of college journalism." The Board
charged that some o fthe articles
had been "hateful, vicious, and
The present staff feels that the
criticisms are totally unjustified.
Editor Cunningham, a senior ma-
joring in psychology, stated that
the Board just used the anti-
Semitic issue as a 'smokescreen'
and that they "took action because
they foud our editorial policies of-
fensive." He called the passage
of the recommendation a "capri-
cious, fascist maneuver."
Both Cunningham, who has been
working at the paper for four
years, and the rest of the staff in-
tend to retain their positions until
the end of the year. Cunningham
stated that the SNPB does not have
the power to legally remove him
unless he is specifically charged.
He also said that he must be giv-
en a chance to answer the charges.
"I haven't been legally removed
and I'm not resigning," stated Cun-
BELGRADE, Yugoslavia (P)-A'
homesick pig walked more than
40 miles to the farm of its former'
owner, the newspaper Politika
Ekspres reported. The pig had ,
been sold the day before.
HAIFA, Israel (IP)-A third of the
1958-1965 graduates of Israel's two
naval schools never have served
at sea, the Israel Shipping Re-
search Institute reported.
(Continued from Page 1)
The main legal basis of the Ap-
peals Court ruling had nothing to
do with environmental issues. In
the majority opinion Judge Wright
said that the oil companies behindj
the pipeline had sought to expand
the amount of land for the right of
way and were supported in this re-1
quest by the U. S. government.
The amount of land exceeded the
limits set by Congress under the
Mineral Leasing Act.
"We have no more power to
grant their request, for course,
than we have the power to increase
c o n g r e s s i o n a 1 appro-
priations," Judge Wright said.
. ..The power over the public
land thus entrusted to Congress is
Judge Skelly said that the courts
decision was reached in full knowl-
edge of the severe economic im-
pact stopping the pipeline would
have on Alaska and the companies.
"Any decision further enjoiningf
construction of this project will
impose serious costs on the oil
companies . . . who have made
substantial investments that can-
not begin to show a return until
oil begins to flow from their wells
at Prudhoe Bay," he said.
"The project means much need-
ed jobs and income to the people
of the state of Alaska, and develop-
ment of Prudhoe Bay oil resources
will bring forth badly needed reve-
nues for the Alaska state treas-
ury," he added.
"Recognizing these hardships,
however, we nevertheless are con-
strained to enjoin the Secretary of
the Interior from issuing One of
the permits which all parties re-
cognize is necessary for construc-
tion of the pipeline," the Judge
"We have determined that the
Secretary of the Interior lacks au-
thority to grant the special land
use permit for construction pur-
poses which Alyeska (a consortium
of leading oil companies %behind the
pipeline project) has requested,
and that the grant of this permit
constitutes a violation of both sec-
tion 28 of the mineral leasing act
and applicable bureau of land
The West German bank decision
(Continued from Page 1) between the government and the to keen buying dollars and thus
Another 27 American prisoners Communist Pathet Lao rebels ap- gu1arantee its price at the level
held in jungle camps along the pears near. lestablished in 1971 was a public
Cambodian border will be freed in Reliable sources said Kissinger sign it would not surrender to the
South ,Vietnam near An Loc 60 will discuss the Laotian peace sneculators. But at the same time,'
miles north of Saigon. talks, now in their -8th week, but it meant more marks going into
Three thousand South *Vietna- will not take part in negotiations. circulation and encouraging infla-
mese prisoners also, will be ex- He reportedly told officials in tion.
changed on Monday, the Interna- Bangkok, Thailand, before leaving West Germany alone has bought
tional Commission for oCntrol and for Laos, that a cease-fire will an estimated six billion dollars in
Supervision of the peace agree- come to Laos and Cambodia the, past week, but the dollar re-
"<S4n"',mains pinned at its rock-bottom
ment announced., svalue of 3.15 Deutschmarks when
The American prisoners sched- the market closed yesterday for
South Vietnamese sources report- uled for release Monday-Sunday the weekend despite the interven-
ed that about 2,000 communist pris- night U.S. time - number about sion.
oners will also be released on one-fourth the total held by the The Japan state bank also in-
Monday. The Saigon government communists. According to Kissing- tervened in trading again Thurs-
would release no more details con- er's timetable, there will be three day to buy $105 million dollars,
cperning the exchange. additional releases in roughly equal bringing its total purchases since
numbers at two-week intervals un- last week to more than $1 billion.
Meanwhile presidential adviser til the 60-day deadline for freeing! German industry, like that of
Henry Kissinger arrived in Vien- all prisoners March 28. Japan, is opposed to a devaluation
tiane, Laos, yesterday amid re-1 U.S. spokesmen in Saigon said of the dollar, since that would
ports a cease-fire would be signed the exact timing and other remain- make its goods more .expensive on
there by next Wednesday ing details of the release will be U.St marketsf
worked out at a meeting today The closing of the markets for
Kissinger's arrival coincided with among delegation chiefs of the the weekend provided a welcome
! breathing spell for the bank and
speculation in Laotian diplomatic four-party . Joint Military Commis- the Bonn government to decide on
circles that a cease-fire agreement sion. its next defensive moves.
Gov. and legislature continue
controversy- over 'U' budget
The Board said that the news-
paper had not been objective in
their news efforts and that the staff
had attempted to propagandize the
campus.* They charged that the
paper had attacked persons of var-
ious groups giving them no chance
for defense. Paul Pentecost, direc
tor of information services, said
(Continued from Pagel)
the governor. Not until 1971 did
they add to the budget set by the
The last increase in the recom-
mendations had occurred in 1966;
when the state legislature granted
a $1 million hike on former Gov.
George Romney's $57.9 million al-
In addition, the open-handed
legislature gave an additional
$100,000 for cancer research at the
University, $920,000 for the Mental.
Health Research Institute and $3.5
million earmarked solely for Uni-
versity Medical School buildings.
Romney, however, confronted
taxpayers the following year with
an ultimatum: choose higher taxes
or be prepared to "slash educa-
tional and other essential statea
University allocations were cmn-
sequently "slashed" $3.1 million
under Romney's recommendations
to a total of $59.1 million, the low- t
est increase of any state univer-
sity in Michigan.
The University made upnthe dif-
ference with an increase in out-of-
state student tuition fees.
In 1968, the University requested
a $75.8 allocation from the state.
Romney approved $64.7 million ;n-
stead. University President Rob-
ben Fleming said he was "disap-
pointed." The following daly the.
legisalture lowered the sum to
'At this point, Fleming said a
tuitionincrease for the fall was a;
certainty and that "the only ques-
tion is the amount."
Under the threat of further sub-
stantial tuition increases for the
1969-70 year, the legislature ap-
proved an allocation almost identi-j
cal to Milliken's at $67.3 million
during the following year.
The continual rise of tuition fees
to compensate for allocations un-
able to support new programs andj
inflationary costs became an issue'
again in 1970.
The University's- request for S84
million was met with Millikeis
offer for $75.7 million. And the
state Senate argued the funds
down to $73.3 million.
When g o v e r n m e n t officials1
threatened still another tuition in-
crease, $1.2 million were added to1
the sum in the state House of Rep-
While Smith announced, "It's a
figure we can live with," Fleming
went ahead with the promiied tui-
The trend of legislative cutbacks
on Milliken's proposals was re-
versed suddenly in 1971 when the
state Senate added $1.43 million
to the governor's suggested $76.31
This time, Fleming announced
that the budget situation was "vary
Ann Arbor Tenants Union
1528 S.A.B. 761-1225
M-F 2-5 P.M.
tight, but a brighter picture than
it was a little while ago."
And, like this year ,he' added
optimistically, "We still have hopes
However, this turn of events was
short-lived. Milliken's proposed $12
million increase for the present
fiscal year (four times the hike
suggested for the previous year)
was again dropped to a more con-
servative $7.3 mililon, bringing the
current budget to $79.8 million.
Despite the erratic history of
University funding, the adminis-
tration has expressed hope for in-
creased funding and is determined
to "try to work on the legislature."
"We haven't given up yet," says
Jane Fonda in
BOOLEE - I love you. Happy Hearts
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