—The Daily Collegian Friday, December 6, 1974 Gold prohibition still necessary Congress asked to extend ban i‘ WASHINGTON (UPI)— Federal Reserve Chairman Arthur F. Burns broke with the ad ministration yesterday and asked Congress to extend the4o-year-old prohibition against private ownership of gold, which expires Dec. 30. Although he acknowledged there was almost no chance the ban would be extended, Burns warned that a speculative gold-buying binge may "com plicate a financial situation that is already beset by strains and stresses." Treasury Secretary William E. Simon Monday opposed a bill Which would continue the ban until July 1, 1975 and announced the Treasury would have to sell two million ounces of its gold, worth about $360 million, on Jan. 6. WE'VE EXPANDED! 'Oese stew c lt.s t‘oa c k es 61° sav°4l\e'ctes 4 10 /eh -,90/ -goo op ea o 0% cf % 6404 c eee et ° o' e Now Munchies has a separate take out and delivery service right next to their restaurant 106 - 108 Sowers Come in or call Look for January's ads for a Free Ski Trip :The announcement caused world gold prices to plunge. Burns told a House banking subcommittee the economy could suffer in a number of ways if many Americans decide to transfer their savings' , from bank accounts and stocks into gold. He said heavy imports of gold would increase the balance of payments deficit, lowering the value of the dollar and raising the cost of imports, which would reinforce inflation. In addition, Burns said deposits withdrawn from savings accounts would hurt the homebuilding industry, deepening the recession; stock prices might fall as investors move from stocks into gold; and credit might become scarce for industries that must borrow Pa. coal WILKES-BARRE, Pa. (AP)—Pennsylvania will establish a monitoring program to investigate charges that poor quality an thracite coal is being sold in northeast Pennsylvania. Coal distributors found selling an inferior product could face criminal or civil court action, State Secretary of Community Affairs William Wilcox said yesterday. Officials of the State Bureau of Consumer Protection revealed last week that laboratory tests showed in ferior quality coal was being sold to some consumers. THE SUPERNATURAL SHOE 238-0076 238-0070 However, the bureau' . .said't did not plan to= tale disciplinary action againt coal suppliers, because the suppliers had agreed 6 replace the inferior an thracite. Wilcox, at a press con ference here, noted the State Department of Environmental Resources also has attempted to work out such complaints with coal producers in the past. "We've got beyond that," Wilcox said. "If we find a specific pattern of poor quality coal we will certainly f oot /0 %et it> 40, cf. „„, obee:' 0-0/)04,10TY se6o ',Yes 'pep& es ts ii‘ Nks es 3s - I t ‘ . ‘ vo°,2, 9 _ s '0 31% " Open 24 hours "Speculative forces originating in the gold market may spread to the markets for silver and other precious metals, and from there to other commodity markets," Burns said. Simon said the auction of two million- of the nation's 276 million ounces of gold would make a profit of over $3OO, million for the government, requiring it to borrow that much less than h otherwise would and making more money available to private borrowiers. Subcommittee Chairman Henry B. Gonzalez, D- Tex., sponsor of tlie bill, said the administration and ‘,, Congress were guilty of "absolutely almost criminal negligence" in pe mating the prohibition to end aL this time arid " ithout rules of the game being spelled out" : by federal - regulatory agencies. be checked consider civil or crimina court action." He said his department would attempt to uncover sucl patterns through the monitoring system. Wilcox asked customer: who believe they have pur chased inferior coal to brink samples of it to the local DC, office in Scranton or State Consumer Protection offices in Scranton or Wilkes-Barre. The samples should bi delivered in shopping bag! bearing the name and address of the consumer and weigl slip or receipt from the dealer, he said. Samples of the coal will then be analyzed by the state. "We're not suggesting that there is wide spread sale of poor quality coal," Wilcox said. "But we have enough in formation la' establish that there have been some such in stances." Lewis J. Beltrami, operator of Beltrami Enterprises, one of the largest anthracite producers in the Wyoming Valley, joined Wilcox at the press conference. He said that neither he nor any other coal producer was purposely attempting to sell inferior coal. He said that when poor quality anthracite was produced, efrequently resulted from mechanical problems, and that it was his company's policy always to L7 replace it. You'll never know how much • you can • o untlyou do it. If you can spare even a few hours a meek, you can help people Call the Voluntary Action Center In ‘our to‘‘ n Or %\ rite Volunteer: ‘Thshington D C 20013 Miunteer. 7fic Nanmal Cerm isrUiarear, wrumcs.nwsok,.....s.> n: ro.erva caw.. Com( TRIP T FOR 0 $ 4 59 PER DISC is London Imports; Argo, Telefunken and L'Oiseau-Lyre. Everything you want in a re cording: Authenticity, superb engineering, and impeccable pressings. All London Imports The goings-on in the courts of sixteenth century England might surprise you! A delightful collection by such composers as Henry VIII, humorously per formed by St. George's Can zona. Ifou'll find a huge selection of rock, classical, blues, jazz, country and folk LP's we're enA. , . eak or ettmc9. Phone: 237-5876 Mon.-Sat. 10 A.M. to 9 P.M. 127 S. Allen St., State College I- .1 •?:-1 4 4, %[. 4 ' . t i 4* A RESIDENT 1)1.' THE COLLEGE OF AGRICULTURE Ba—a—a—a—a! ,esterda expressed the sentiments of Tatty students after their first day of classes for the terms Jackson works compromise on gasoline rationing*power WASHINGTON (UPI) Compromise legislation to give the President standby power to impose gasoline rationing was in triiduced in the Senate yesterday by Sen. Henry A.. Jackson, D-Wash., with apparent assurance it will not be vetoed if it reaches the White House. Jackson said he had worked out a com promise with the White House on the bill, and he expects the. Senate to call it up soon perhaps as early as next week. President Richard M. Nixon earlier this year vetoed similar emergency legislation, but Jackson said the Ford administration "now_ recognizes the urgent necessity" for such action. . He. warned that energy problems could push the nation to the brink of a depression, in a letter to the president of the Senate, he said: "Although the administration earlier opposed these measures, it now recognizes their urgent necessity. Also, the leadership in the Senate on both sides of the aisle has urged passage of stand-by contingency programs j;•:'i , Inhann , Sebashun fk,tch You've never heard the real Bach until you've heard it played on antique instruments in antique settings! Definitive! BRANDENBURG CONCERTI 1-6 CONCENTOS rviustcu FIRST RECORDINGS WITH ORIGINAL INSTRUMENTS lIY ORIGINAL SETTINGS Vi * before our energy posture worsens much further." Jackson's proposal would combine elements of two existing pieces of legislation. Among other things it would give the White House ' "standby authority to implement orderly and equitable programs to restrain energy demand, including rationing, and requires the prompt development of specific recommendations and plans for establishing strategic energy reserves." There has been a dispute between Congress and the White House in recent months over whether the President has standby rationing powers under existing law. Ration tickets for gasoline were printed last winter, but the only power which the President technically held was to declare a "national security emergency." Jackson's proposal would clear up the dispute by giving him direct standby rationing power subject only to congressional review. Jackson said in his bill he has "endeavored to include ... only those provisions on which I believe there is agreement between Congress and the administration." On Sale!! j44:444' 5 6f , 4•4 THE COMPLETE CANTATAS The complete Bach Cantatas. The most monumental project in the history of recorded music. Performed by Nikolaus Harnoncourt and the Concen us Musicus. Each two record et is packaged with the com ete scores. Photo by Eric Polack
Significant historical Pennsylvania newspapers