Page Two
THE MICHIGAN DAILY
Suesday, June ti, r g 6
Elsman attacks opponents' financing
Ily PHILLIP IOKOVOY branch manager system" to fi-
nance his campaign.
Democratic Senatorial candi-
date James Flsman Saturday
night charged his three oppo-
nents with accepting improper
and illegal campaign contribu-
tions.
The Bloomfield Hills lawyer,
who was attending a dinner in
honor of retiring Senator Phil
Hart along with his three oppo-
nents, claimed Secretary of
State Richard Austin had relied
"on the Secretary of State
ELSMAN ALSO lashed cut
at Congressmen Donald Riegle
,(D.-Flint) and James O'Hara
(D.-Utica). "O'Hara's campaign
is based so much on the sup-
port of organized labor that it
compromises him," Elsman
charged.
lIe also attacked Riegle for
accepting contributions from
people outside the state. "What
right do people outside the state
have (to contribute)?" he asked.
The surprised audience seem-
ed to take his charges lightly.
Washtenaw Democratic Chair-
woman Sue Freund, when ask-
ed what she thought of Elsman's
charges, snapped, "He's a jerk."
AUSTIN appeared shocked by
the charges, and refuted them
in a speech after the dinner.
"It is illogical to assume I
could put any pressure on them
(the branch managers). For this
Senate race we have ... accept-
ed no contributions from the
businesses we license," he said.
O'Hara simply brushed off the
allegations saying, "Organized
labor has given to my campaign
and I hope they give more. It
hasn't been enough. When elect-
ed I intend to represent every-
one, including working people
who only gave a dollar or two."
RIEGLE ADMITTED that he
had some support from outside
the state, but he denied Els-
man's charge that this was im-
proper and illegal. Riegle said
the reason people from outside
Michigan contributed was that
"the Senator from Michigan can
have considerable influence on
national policy," because he
reperesents the nation's seventh
largest state.
"Phil Hart was a national leg-
islator and Hart received contri-
butions from people across the
country. It's really not very
mysterious," he explained.
"People around the country pay
attention ... their impulse is to
help."
11 nations to aid British pound
WASHINGTON (AP) - The
U.S. and ten other nations made
$5 billion in credit available to
Great Britain yesterday to help
it through its financial crisis
caused by the steep drop in the
value of the pound.
Within minutes of the an-
nouncement, the pound increas-
ed two cents in value and pric-
es soared on the London stock
exchange.
THE U.S. Federal Reserve
System and the Treasury De-
partment said the money was
being made available "in the
common interest in the stabili-
ty and efficient functioning of
the international monetary sys-
tem."
Treasury Secretary William Si-
mon said in an interview that
how much of the $5 billion Bri-
tain choses to borrow "depends
on market." He added: "This
is not an effort to fix the ptund
at a level."
One obvious purpose of the
announcement was psychologi-
cal. By demonstrating support
for the British government cnd
the British economy with their
currencies, the industrial na-
tions hope to encourage busi-
nesses and individuals to hold
onto their pounds instead of sell-
ing them and driving down their
value even further.
SIMON SAID it was -agreed at
the economic summit conference
in Rambouillet, France, last
November and at the Interna-
tional Monetary Fund meetings
in Jamaica in January that na-
tions will act totcorrect "errat-
ic movements that create din-
orderly marketing" on exchang-
en,
"This represents such an ef-
fort," Simon sald.
The nations putting un the
money are the United States,
Canada, Japan, Sweden, Switz-
erland, Italy, France, West Ger-
many, Belgium and the Nether-
lands.
All but Switzerland ate mem-
bers along with Britain of the
Group of Ten, an informal or-
ganization of the world's top
industrial powers whico meets
from time to time, usually to
decide on positions t take in
international financial negetia-
tions.
THE MONEY WILL be made
available as a tandby credit
to be borrowed when needed
by the Bank of England, the
central bank of Great Britain.
Of the total, $2 billio will
be put up by the U.S. govern-
ment. The rest of the funds
will come from trance, West
Germany, Japan, Switzerland,
Canada, and several other na-
tions, as well as the Bank for
International Settlements.
The joint Treasury-Federal
Reserve announcement said the
funds were offered because of
the decline in the valuo of the
British pound, which went from
$2.02 in early March to its cur-
rent exchange rate of about
$1.71.
The decline has put increasng
pressure on Britain's Labor gov-
ernment, which already was
faced with trying to control one
of the industrial world's worst
inflation rates.
Ann Arbor Public Schools Notice
ATTENTION-voters in Ward 1,
Pet. 2, South Quad
Your POLLING PLACE for the ANNUAL
SCHOOL ELECTION, Monday, June 14,
1976 has been moved from South Quad
to West Quad, 541 Thompson Street.
Television viewing tonight
m - m - r m a m - m - - m - r .
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"Northwest Trail"
THE MICHIGAN DAILY
Volume LXXXVI, No. 24-S
Tuesday, June 8. 1976
in edited ad mantled by st:,dert'
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Executive Officer Elections
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