NEW AMERICAN BILL.
Roosevelt Measure Passed to
Senate.
BACKING FOR CURRENCY. (Received 11 a.m.) WASHINGTON, May 81. The House of Representatives today passed and sent to the Senate, the Administration Silver Bill, the main objective being to use silver to compromise backing for a quarter of the United States currency compared with three-quarters backed by gold. Early and favourable Senate action is expected, although members of the Democratic "silver bloc," who wanted even broader legislation, contended that the measuro was just a "silver brick."
They contend that the result will be a prolonging of the depression for 10 years. Republicans attacked the proposal as involving unsound monetary principles.
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Bibliographic details
Auckland Star, Volume LXV, Issue 128, 1 June 1934, Page 7
Word Count
108NEW AMERICAN BILL. Auckland Star, Volume LXV, Issue 128, 1 June 1934, Page 7
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