AMERICAN AFFAIRS

Ashburton Guardian, Volume 54, Issue 92, 29 January 1934, Page 5

AMERICAN AFFAIRS

MONEY BILL PASSED. PRESIDENT GIVEN POWERS, PURCHASE OF SILVER. (United Press Association—Copyjigbt). WASHINGTON, January 27. The United States Senate to-day approved President Roosevelt’s Money Bill by 66 votes to 23, and sent it to the House of Representatives for final action on Monday. The measure authorises the devaluation ot the dollar, the creation of a two-billion-dollar stabilisation fund and the seizure of the Federal Reserve gold. Only one Democrat, Senator Glass, voted against the measure, which remains in the form Mr Roosevelt wished. Minor differences between the Senate and the House must be adjusted, but the measure is expected to be ready for Mr Roosevelt’s signature not later than Tuesday. Administration leaders almost suffered a reverse when silver advocates, recruited from both parties, failed only by 43 to 45 to incorporate an amendment making the purchase and remonetisation- of 750,000,000 dollars worth of silver, either from domestic or foreign sources, mandatory. The Senate rejected an amendment providing for the purchase of silver until it reached a ratio of 16 to 1 with gold, v An amendment authorising the issuance of certificates against silver, purchased from domestic producers under the London Agreement, was adopted without a vote being taken. The amendment permits the President to exefcise the powers conferred within his own discretion) and also permits the issuance of silver certificates against any silver held in the Treasury, and would allow the President to make a larger coinage.charge against foreign bullion.

OVERSEAS TRADE. ' SMALL INCREASE SHOWN. ■ WASHINGTON, January 27. The Department of Commerce announces the following trade figuies. December. November. Dollars. Dollars. Exports- ... \ 192,000,000 184,000,000 Imports ... IWOOOOO 128,500,000 1933. 1932. Exports ... r,675,000,000 1,611,000,000 Imports ... 1,448,000,000 1,322,000,000

CONTINUING RELIEF WORK. HUGE SUM SOUGHT. 1 WASHINGTON, January 27. Answering’ widespread demands that Federal unemployment relief be continued, Mr Roosevelt has asked Congress to appropriate 950,000,000 dollars for such purposes as making possible tlie continuance of. the Civil Works Administration projects after. May 1, when it had been due to end. TAX ADJUSTMENTS. PRIVILEGES REDUCED. WASHINGTON, January 27. The House Ways and Means Committee has recommended authorising the Secretary of the Treasury to raise by a maximum of 50 per cent, the levies on incomes of foreign corporations having branches in the United States, whose Governments discriminate in taxing United States subjects. Representative Vinson said that the impost was intended principally to deter France. , The committee also recommended cutting by half the 100 per cent credit which American concerns have heretofore been allowed against income tax payments on home account toi taxes paid to foreign Governments.