Attempt to Doctor American Currency

Manawatu Times, Volume LVI, Issue 7065, 26 January 1933, Page 7

Attempt to Doctor American Currency

3EATE DEFEATS PROPOSAL

United Press Association—By Electric Telegraph —Copyright Received Wednesday, 8.40 p.m. WASHINGTON, Jan. 24.

The first attempt to inject inflation into legislation failed to-day when the Senate by 56 votes to 18 tabled two amendments to the Glass Banking Bill, the first of which would remonetize silver at the rate of 16 to one, while the second would revalue tho gold dollar by decreasing tho gold content. The attempt to peg tho prioo of silver in definite relation to the prico of gold is of much historic interest leading to the campaign issue on which the Democratic candidate Bryan unsuccessfully contested the Presidency in 1896. As tho present ratio of silver to gold is 85 to one, the adoption of the amendment would liavo had a revolutionary i»ffect. Financial experts, including Senators Glass and Rood, denounced the amendment as certain to ruin the currency and bring financial chaos to the country. Despite the defeat- of the amendment, the general debato Tovealed that inflationists have considerable strength and they indicated they would propose other measures to relieve the debtor class.