HEAVY BLOW TO MR. ROOSEVELT.

Auckland Star, Volume LXVII, Issue 22, 27 January 1936, Page 7

HEAVY BLOW TO MR. ROOSEVELT.

5 VETO OVERRIDDEN. Question of War Veterans' Bonus Payment. } HOUSE'S BIG MAJORITY. e » s United Press Association.—Copyright. J . (Received 9.30 a.m.) ? NEW YORK, January 2G. 1 The Government's fiscal situation 3 steadily appears to be more complicated and rumours persist that some new monetary move is being con- { sidered in Washington. r The dollar fell lieavily on the foreign x exchange market yesterday and sterling s advanced to 5 dollars 2J cents—the :1 highest since September, 1934. The franc t was quoted at G.GB dollars. Government e bonds universally are lower. 1 In Washington President Roosevelt sent Congress a 100-word message P vetoing the veterans' bonus payment, s but within 20 minutes of its receipt the s House overrode the veto by the e astounding vote of 324 to CI. It was e the worst defeat Mr. Roosevelt has so far received in the Legislature, and indicates a similar defeat in the Senate c when it is convened on Monday. Under the scheme to pay the bonus by "baby bonds," the Treasury will 3 probably be forced to raise 1,500,000,000 s dollars within a few months to cash, the bonds for veterans who wish for money. Heavy Treasury financing is also likely > to pay the contracts under the Agricul--1 tural Administration Adjustment Act, 2 .which has been declared unconstitu- " tional, and for other purposes. At the Press conference yesterday Mr. 1 Roosevelt lightly brushed the matter 3 aside when asked questions regarding the fiscal situation. He refused definitely to deny or to confirm that any new 1 moves were planned. r