AMERICAN SENATE

Evening Star, Issue 21631, 29 January 1934, Page 9

AMERICAN SENATE

PRESIDENT’S MONETARY BILL SENATOR REED LEADS ATTACK Press Association— By Telegraph—Copyright. WASHINGTON, v January 26. Final consideration by the Senate of the Roosevelt Monetary Bill became imminent to-day as an amendment to create a board of five to handle the stabilisation fund was defeated, and the way was apparently cleared for the enactment of legislation in the form that President Roosevelt desires. Senator Reed (Pennsylvania) led the attack on the Bill in to-day’s debate. “The first purpose of this Bill is to do with Government bonds that dishonest thing we have been condemning bankers for. It will create an artificial market for these bonds. When bankers do that we say imprison them. When the Government docs it we soy it is praiseworthy.” The Democratic majority is determined to press for a vote to-morrow, although' the Senate usually enjoys a holiday -on Saturday. VARIOUS AMENDMENTS WASHINGTON, January 27. The Senate rejected an amendment to the Money Bill providing for the purchase of silver until it reached a ratio of 16 to 1 with gold. An amendment authorising the issuance of certificates against silver purchased from domestic ‘ producers under the London agreement was adopted by the Senate without a vote being taken. The amendment permits the President’s exercise of 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. The House Ways and Means Committee recommended authorising the Secretary of the Treasury to raise by a maximum of 60 per cent, the levies on incomes of foreign corporations or branches in this country whose Governments discriminate in taxing United States subjects. Representative Vinson said the impost was intended principally to deter France. The committee also recommended cutting by half the 100 per cent, credit that American concerns have heretofore been allowed against income tax payments on homo account for taxes paid to foreign Governments. BILL APPROVED WASHINGTON, January 27. The United States Senate to-day approved of President Roosevelt’s Money Bill, and sent it to the House of Representatives for ■ final action on Monday. The measure authorises devaluation of the dollar, the creation of a 2,000,000,000d0l stabilisation fund, and the seizure of Federal Reserve gold. t- ■ VICTORY FOR PRESIDENT WASHINGTON, January 27. The Senate passed the Money Bill by 66 votes to 23, only one Democrat (Senator Glass) voting against the measure, which remains in the form that Mr Roosevelt wished. Minor differences between the Senate and the House must be adjusted, but the measure is expected to be ready for President Roosevelt’s signature not later than Tuesday. The Administration leaders almost suffered a reverse when the silver advocates recruited from both parties had failed only by 43 votes to 45 to incorporate the amendment making the purchase and remonetisation of 750,000,000d0l in silver either from domestic or foreign sources mandatory. *