“PAY AS YOU GO BASIS"

Hawera Star, Volume LI, 3 June 1932, Page 5

“PAY AS YOU GO BASIS"

OBJECTIVE OF AMERICA BUDGET BALANCING TASK PROBLEM BEFORE CONGRESS TWO HOUSES IN CONFERENCE (.Culled Cress Assoomtiuu —iijr Elecl-llc ielcßiA* l -’ UuijyrigllL.^ WASmUvuAOuN, June i. Congress nurneu to a conclusion its peaoe-tame cask to-day, tnao or utuaiienig toe gaping Treasury uenciu tot preserve toe united £>tates dollar from tm attacks pictured .by x-resi-uent Hoover in ms. message u> the' oena-te. xno Billion Dollar Reve.nue Bill was returned to toe House and directed to a conterenoe Between the two Oranch.es to ensure a nnul agreement on tlie legislation. Tlie House acted unanimously to not instructing its conferees to stand by tins or tnat provision of toe original House Bill. This expedited action by the conference.

The gigantic tax-raising measure, intended to, provide £223,000,0U0 to new xunds for the Government next year, will do the job of putting the country ' on the “pay, you go” basis again. assert the spokesmen ior the. administration.

T-iie Senate banking committee to reported a* a substitute for the Goldsbrough. Dollar Stabilisation Bill a proposal by Senator Glass (Democrat; to make all Government bonds eligible for the insurance of currency. The chairman, Air Norbecii (Republican)’ said that this would permit the issuance of probably 1,000,000,000 dollars more currency. It W'as thought that the substitute plan would bring about quicker extension of currency than the Goldsbrough Bill. Mr Norbeck said that virtually no opposition had developed in tbe. committee to the plan, which would be reported immediately to the Senate. The measure sponsored by AD Goldsbrough, which passed the. House, would have directed the Federal Reserve Board to stabilise the purchasing power of the dollar at the 1921-29 level by continuing its. open market operations.