UNDER FIRE

Ashburton Guardian, Volume 54, Issue 91, 27 January 1934, Page 5

UNDER FIRE

ROOSEVELT’S MONEY BILL. SOME VITAL AMENDMENTS. HEAVY INCOME TAXES. (United Press .Association —Copyright). (Received This Day, 9.40 a.m.) WASHINGTON, Jan. 20. President Roosevelt’s Money Bill was subjected to four hours’ bombardment of constitutional argument in the Senate to-day. The Administration leaders impatiently awaited the end so that they could defeat the amendment appended by the Banking and Currency Committee, and pass the measure in the form President Roosevelt originally sought. Senator Borah announced that he was preparing an amendment making it madatory that the Secretary to the Treasury should issue currency upon tlie profits of the dollar devaluation. Senator Wheeler introduced a provision for the purchase of the maximum of a billion ounces of silver, to establish the 16 to-1 monetary ratio. The President’s spokesman- is satisfied he lias sufficient votes to withstand the silver inflationist movement, and the other amendments the Administration deems undesirable.

PROTECTION FOR SMALL MAN. BONA FIDES OF PROTESTS. WASHINGTON, Jan. 26. A Worcester (Massachusetts) message states that General Johnson (Administrator of the N.R.A. Plan) alleged, in a speech to-night that 80 pci cent, of the complaints, about small business concerns being oppressed, emanate from establishments which declare that “to survive we* must exploit the workers.” He declared that, the N R.A. would fight the exploiters of labour. He revealed that the President approved of the plan to establish a separate board to investigate legitimate complaints from small businessmen. , PLUGGING UP THE LOOPHOLES. DRASTIC INCREASE IN TAXATION WASHINGTON, Jan’. 26. The Ways and Means Committee oi tho House' of Representatives adopted drastic revisions of the income tax law to increase the yield by 200,000,000 dollars. The new schedule provides foi slight decreases on earned incomes up to" 8000 dollars. The taxes arc to be limber, the increases to graduate upwards to 59 per cent, on net incomes above a million dollars. The committee also revised the capital gains and losses provisions, thereby > plugging the loop holes, whereby the wealthy escaped taxation. , The Bill, embodying the committc s recommendations, is expected to receive the right of way of. Congress next week. WAY APPARENTLY CLEARED. ENACTMENT OF LEGISLATION (Received This Day, 1.35 p.m.) WASHINGTON, January 26. . Final Senate consideration of Piesident Roosevelt’s Monetary Bill became imminent to-day as an amendment to create a board of fiye was to handle the stabilisation fund was defeated and the way apparently cleared fox the en 5,3 of legislation in tho form President Roosevelt desires.. Senate Reed (Pennsylvania) led the attack on the Bill. To-day s debate, “The first purpose of this Bril I brto do with Government bonds lie declined. “That dishonest thing we have been condemning bankers for will create an artificial market for these bonds. When the bankers do that wo say , ‘gaol them.’ When the Government does it we say, ‘lt is praiseworthy The Democratic majority have determined to press for a vote to-morrow, although the Senate usually enjoys a holiday on Saturday.