STORMY SESSION OVER

Evening Post, Volume CXIV, Issue 15, 18 July 1932, Page 7

STORMY SESSION OVER

AMERICA TACKLES SLUMP

METHOD OF INFLATION

United Press Association—By Electrlo TelegrapU—Copyright. WASHINGTON, 16th July. The final hours of the present session of Congress, which is tho longest by ten hours ana Stormiest for decades, witnessed a. bitter deadlock between the House of Keprcseutatives and tho Senate over inflation, which ended in a victory for tho Senate. : The House -accepted the so-called Glass-Borah amendment to the Home Loan Bank Bill providing that National Banks bo privileged to issue currency for a period of three years, all based on Government bonds, bearing more than 3 3-8 per cent; interest and estimated to provide approximately ono - billion dollars for inflation. The last day of the session: was marked by tho passago of the compromise two billion dollar unemployment relief Bill which was acceptable to President Hoover. , During the aay the "Bonus Army" inado a final desperate effort to persuado .Congress to vote compensation for ex-soldiers. Some 6500, or approximately half of those who are still encamped, demonstrated in the capital. Serious riots were narrowly averted. The leaders were twice arrested and released. , MAINLY ECONOMIC. . Including the .Reconstruction Finance Corporation, unemployment relief, and other credits which were voted, Congress produced a super-banking machine capable of throwing some five billion dollars to the support of . the nation's credit structure in the present business crisis. Thus the session was largely dominated by economy matters. . However, six votes were taken on various phases of Prohibition and the adjournment saw tjio "wet" leaders pressing another vote for repeal. No action was taken on many important issues, including the World Court, Philippine independence, permanent railroad and public utilities, and anti-trust legislation. One of the few important international., matters enacted was the Hoover one-year moratorium. . •. The Senate adjourned sine- die at 11.9 p.m., and the House at 11.29, after. a futilo Prohibition debate in the Senate. . . ; . '■ .■'■.. President Hoover prepared immediately to journey to the Capitol to sign the Unemployment 'Relief: and Bank Bills. -"