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March 07, 1933 - Image 4

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The Michigan Daily, 1933-03-07

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is that gold may be exported from the country to At least, the Michigan plan offers the advan-
pay international debts. This principle is defeated tage that the new council would serve as a cor-
by the clause in the proclamation declaring an relating unit of all the major campus organiza-
embargo on gold-exports from this country. tions. With all the leaders hfeeting in one single
The third leg is the use of gold as the standard unit, campus problems could be solved. Each or-
money metal of the nation with the currency re- ganization could present its own problems to the
deemable for a definite amount of gold. No state- group and eventually some plan could be worked
ment has been made saying that gold will not re- out whereby all activities would function properly.
main the standard of the nation with a dollar bill Our council is almost a parallel to the Michigan
redeemable for 23 grains of gold at some time in unit in personnel and operation, and it might be
the future. This must be the basis on which Mr. well for that body to eye the succ.ess of the pro-
" J tWoodin bases his claim. i|oposed changes. The council has become a waste
Already the Canadian dollar has unofficially product of extra-curricular aotivities and today
risen four cents in relation to the American dol- is nothing but another activit, for those who
lar. This in itself is sufficient to show that the have been shrewd enough to get themselves elected
American money is not operating on the same to the council. Unless some constructive work can
basis that it was before the proclamation. be found for the council, we can do without one.




Y . : .
liii. X'_.. - -''c>' ",-,.111 -r - . .:iS,,1ry

PublMhed every morning except Monday during the
University year and Summer Session by the Board in
Control of Student Publications.
Member of the Western Conference Editorial Associa-
tion tund the Big Ten -News Service.
The Associated Press is exclusively entitled to the use
for republication of all news dispatches credited to it or
not otherwise credited in this paper and the local news
published herein. All rights of republication of special
dispatches are reserved.
Entered at the Post Om9ce at Ann Arbor, Michigan, as
second class matter. Special rate of postage granted by
Third Assistant Postmaster-General.
Subscription during summer by carrier, $1.00; by mal,
$1.50. During regular school year by carrier, $4.00; by
!nal, $4.50.
Offices Student Publications Building, Maynard Street,
Ann Arbor, Michigan. Phone: 2-1214.
Representatives: College Publications Representatives,
Inc., 40 East Thirty-Fourth Street, New York City; 80
Boyston Street, Boston; 612 North Michigan Avenue
Telephone 4925
CITY EDITOR......................KARL SEILET.T
NIGHT EDITORS: Thomas Connellan John \V. Pritchard,
Joseph A. Renimn, C. Hart Schaaf, Brackley Shaw,
Glenn R. Winters.
SPORTS ASSISTANTS: L. Ross Bain, Fred A. Suber,
Albert Newman, Harmon Wolfe.
REPORTERS: Charles Baird, A. Ellis Bai, Charles G.
Barndt, Arthur W. Carstens, Raph C. Goulter, WiliaM
Gi. Ferris, Sidney Frankel John C. Healey, Robert B.
Hewett, George M. oes, Edwin W. Richardson,
George Van Meck, Guy M. Whiippe, Jr.
Barbara Bates Marjorie E. Beak. Eleanor B. Blum, Ellen
Jeanette Duff, Carol J. Hanan, Lois Jotter, Helen Levi-
son, Marie J. Murphy, Margaret I. Phalan, Marjorie
Telephone 21214
DEPARTMENT MANAGERS: Advertising, Graton Sharp;
Advertising Contracts, Orvil Aroson Advertising Serv-
ice, Noel Turner; Accounts, Bernard E. Schnacke Cir
culation, Gilbert E. Burley; Publication, Robert E.
ASSISTANTS: John Belamy, Gordon Boylan Alien Cleve-
land, Charles Ebert, Jack Efroyinson, Fred Hertrick,
Joseph Hume, Alen Knuusi, Russell Read, red Rogers,
Lester Skinner, Joseph $udo w, Rbert Ward.
Elizabeth Aigler JaneBassett, Beulah fHapman, Doris
Gimniy, Billy CGrillths, Catherine Mfenry, May See-
tried, Virginia McComb.
Union Haircuts
The Union is still charging 45 cents for hair-
cus. Every other shop in town is charging 35
cents. The Union, a student club, is a non-.
profit organization and exists solely for the
students. Yet the Union will not meet the town
A Clear Field
For Reconstruction.. .
sign that the end of the depres-
sion is approaching has appeared.
This may be a strange view to take toward the
unprecedented demoralization of business and
commercial life which took place yesterday when
President Roosevelt placed his ban on every fi-
nancial house from far-off Guam;and Samoa in
the South Pacific to the tip of Maine. But the rea-
son this is a sign of life is that it is an indication
that we are no longer in a position to "kid our-
selves." ,
Business is in no worse condition now than it
has been. at any time during the past four years.
But the shell of its rotten foundation has just
begun to cave in. The financial leaders of our
country have been stalling off the evil day as long
as they could, from week to week and .from month
to month, hoping that by some sleight of hand
they might be able to make good the worthless
securities on which their financial structures are
The structure is falling now. Great fortunes
have evaporated and more will follow-some
of them fortunes which were based on the un-
sound methods which have gutted the financial
structure and deserve to share its rpin, and some
which are the genuine result of hard work and
ability but which must suffer with the rest..,:
But now that the jack-in-the-box has opened
and the true situation is no longer to be concealed
or defended, there is an opportunity for intelligent
and able leadership to bring order out of the
chaos and to establish a .solid foundation on,
which to build a secure banking structure worthy
of the greatness and wealth of the nation.

To do this it will be necessary to give up the
hope of restoring the old situation. It will be
necessary to take what is good out of the scrap
heap and resign the rest. The country is as cap-
able as ever of producing wealth. The amount
left over is not so important as the kind and the
way in which it is organized. Given a solid bank-
ing system on which to build up a credit struc-
ture, the American people with the optimism and
courage which they have already shown in this
crisis will undoubtedly go quickly to work to re-
store trade and commerce. Then the depression
will be over.
U. S. Leaves
The Gold Standard . .
HE UNITED STATES is definitely
off the gold standard, despite the
statement of Secretary of the Treasury Woodin
this morning to the contrary.
The retaining of the gold standard rests on
three facts and two of thee nron have beean

Action On Federal
Guarantee Of Deposits-. .
I MMEDIATE action on guarantee of
bank deposits has been pointed out
as the only effective measure to pull the country
out of its present credit difficulties. The measure,
with its overwhelming advantages, was advanced
on Ieb. 25 by a group of five noted economists on
the faculty of the University. A copy of it was sent
to each of the senators and representatives of
Michigan; the plan was read by Prof. I. L. Sharf-
man, of the committee which framed it, in an ad-
dress over the radio on the evening of the plan's
release. Note that immediate action was stressed
as of high importance. No official action, to date,
has been taken; letters of acknowledgement have
been received from the recipients of the plan;
that is all.
Today,. 10 days after release of this momentous
proposal, Washington appears still oblivious to its
existence. Very shortly-possibly as early as day
after tomorrow-the situation may have become
so fearfully tangled that it will be too late for de-
posit guarantee to be of any assistance.,
This is only the latest and most conspicuous
example of total disregard by our national gov-
ernment of suggestions advanced by men and
women who are specialists in their field. It has
become practically a truism that the advice of a
professor is never to be given the slightest amount
of notice by the legislature.
It is conceivable that, when the routine of
government is proceeding at a comparatively
smooth pace, the advice of a professor, while it is
based on absolute knowledge and scientific study
of the facts, is relatively of little moment. It is not
conceivable that an intelligent government can
disregard completely such advice at a time when
48 out of the 48 states have placed restrictions
upon, or completely prohibited, banking activity;
when credit is practically at a standstill; when
there is imminent danger of going off the gold
standard; when the President has had to assume
powers that to all intents and purposes are dicta-
torial, in order to prevent the nation from be-
coming completely insolvent.
The five economists on the committee-Pro-
fessors I. L. Sharfman and Leonard L. Watkins
of the economics department, and Dean C. E.
Griffin and Professors R. G. Rodkey and W. A.
Paton of the business administration school-are
men who have spent their lives in research into
economics. They are eminent among the educa-
tors of the country. They have put much thought
into the preparation of their plan, refusing to
issue statements of any sort until they knew
precisely what they wanted. The collusion of the
economics department and the business adminis-
tration school insures consideration of the matter
both from the angles of abstract and concrete
economics and from the viewpoint of industrial
and business research.
Deposit guarantee is yet to be realized. It is, in
fact, not even under serious consideration by the
government, from present indications. Yet it is
advocated in one form by eminent economists
,and in other forms by a number of outstanding
thinkers, legislators, and executives of the
Editorial Comment
Aar' -
And now that most of the rigors of Hell week
have been endured, as have the most solemn and
awful rites of initiation, neophytes who have been
hereto considered the scum of the earth by actives
have at last come into their own. This is the
time of year which belongs exclusively to them.
Who are these proud creatures with their noses
in the clouds? Who are these young men and
women who appear so knowing and so confident?
Why, they are last year's crop of pledges who
have fetched and carried all semester for merci-
less actives.;
A few despondents still roam the Hill, however
with the longest of faces and the roundest of
shoulders. These are the pledges who failed to pass
their probationary period satisfactorily. Especially
now do they wish they had studied just a little
harder to make their grades, for they feel left be-
hind in all the initiation glory. Even their former

fellows will be ordering them around before long.
With Hell week over, house-mothers are sighing
with relief that none of their charges were mur-
dered outright or maimed for life.
.-University Daily Kansan
Our own student council might pause for the
moment in its ceaseless activities and look at
Michigan where the council is considering a pro-
posal, which if adopted, might actually endow that
body with some responsibilities. The attempts to
change the Michigan Council come as the result
of efforts of that body of student governors to
find something for itself to do.
Under the new plan at Michigan the personnel
of the organization would be shifted from so-
called politicians, who are elected as members to
the body to heads of major campus organizations
who during the tenure of office in their particular
groups would be ex-officio members of the coun-
cil. By this proposal, it is believed the campus
would receive greater representation. The Mich-
ir nr.min4i ,xar.u i nnliiAa,r, -.... 4a- -f ,-

-The Daily Northwestern

Screen Reflections
Four star means extraordinary; three stars very
good; two stars good; one star just another picture;
no stars keep away from it.
Lefty Merrill ............ James Cagney
Ruth Waters ...............Mary Brian
Mamma Waters ........Ruth Donnelly
Marlene Reeves ......... .Claire Dodd
Mr. Reeves ............ Robert McWade
James Cagney's latest tough picture is a turnip.
"Hard to Handle" shreiks out its cheapness. It's
plot is sterile, its humor pallid, its heroine homely,
its hero unappealing.
"Hard to Handle" tells the story of a young
man who has a penchant for publicity handling.
He'll take anything from a dance marathon to a
grape-fruit grove and make it the talk of the
nation within a week, by fair, or (usually) by
crooked and irresponsible headlining. Promoter
Merrill (Cagney) finally comes out on top of the
heap, more or less a millionaire, after narrowly
escaping a penitentiary sentence.
Ruth Donnelly (you will remember her as Lee
Tracy's secretary in "Blessed Event") is the phil-
andering blonde mother of the now blonde Mary
Brian. Her nose twistings and amateur-night act-
ing could not have been unfunnier.
Mary Brian is laughable as a blonde. Through
her transformation, the fact that she is and al-
ways will be a theoretical brunette is only too ap-
Li Ho Chang's magic act is billed above the fea-
ture, and rightly so. If you enjoy the baffling
enough to weather Cagney, you might try the pro-
gram, sort of tentatively.
.-G. M. W. Jr.






: " "


~'----By Karl Seifr---v
When your cash is all gone
And your watch is in pawn
And your banker has taken the count-
And your checks all bounce back
With a sickening smack
And your debts still continue to mount-


your credit goes flop
your charge accounts stop
your creditors start in to howl-
your clothes are in rags
your faith in life lags
conditions are generally foul-


Well, you're just about due
To admit that you're through
And then turn up your toes in despair-
When you suddenly pause
In your mooning because
You have felt something strange in the air-
And you feel sort of silly
And pink daffodilly;
You just can't keep on being blue-
So you bring forth a sigh
And you don't know just why,
But it's Spring that has happened to you!
It seems we've got Canada interested in the
St. Lawrence Waterway and now Congress can't
decide whether to approve it. Maybe you know
how it feels to have Mother get the family all set
to go movieing and then decide at the last minute
she has a headache.
Electrocardiograph Technician, Heart Sta-
tion, University Hospital.
-Tasty monicker of Gerald C. Grout, B$, MD.
Michigan undertakers report that business is
better than ever, but you'd think their customers
had reached rock bottom by now.
Too bad about Mr. Hitler, he went to all
the trouble to tell newspaper men that he was
going to invade the Polish Corridor and then
all the papers put the article on an inside
page. He'll have to do better than that if he
wants to be a world power. Right now most
editors seem to consider him right in a class
with Japan storming the Great Wall and
Paraguay declaring war on Bolivia. Page 16
for you, Mr. Hitler.
W P w *" *gnr
Well, Poland wants Ignace Paderewski to

Call Al the Ad-WTaker
and Let Him Find Valuable Trades for
Your Unwanted Artiics

f ll''l

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