SILVER COINAGE

New Zealand Herald, Volume LXX, Issue 21471, 20 April 1933, Page 9

SILVER COINAGE

MOVE IN AMERICA FORM OF INFLATION LIKELY WASHINGTON, April 13 President Roosevelt to-day considered the problem presented by the sentiment in Congress for currency inflation, while on Capitol Hill the Democrat leaders showed evidence of expectation of a Government plan, aimed at tho swift combating of deflation. " We are going to have some kind of inflation," said Mr. H. T. Rainey, Speaker of tho House of Representatives. " White House is'studying it, but what form it will take I do not know." Mr. liainey added: " The Administration wants to submit its own plan for inflation to Congress. That is the reason the Democrat leaders desire to tighten tho rules of the House so as to prevent other measures being brought to the vote." Senator Thomas (Democrat, Alabama) to-day withdrew his proposed inflation amendment to the Farm Re-

lief Bill, giving no explanation, but announcing that lie reserved the riglit to submit it again. Mr. Thomas' amendment would have given the President authority to use any of several methods aimed at expanding currency, reinonetising silver or reducing the gold content of the dollar. It was to have been the second attempt of the inflationists following the defeat yesterday by 43 votes to 33 of a proposal for the free coinage of silver at a ratio of 16 to one with gold.

In spite of the setback the inflationists are cheered by their gain in strength over January's test. The Democrat leaders are anxious to speed the farm relief programme, to which inflationary moves aro being offered as amendments, and hope to secure a final vote on the farm programme by to-morrow evening. Word from the White House that the President is opposed to making inflation part of the farm programme is held by many to have been a decisive factor in defeating tlio silver amendment.

BANKERS SUMMONED TREASURER TO CONSULT WASHINGTON, April 18 The governors of the 12 Federal Banks have, been summoned by the Secretary of the Treasury, Mr. W. Woodin, to meet him in Washington tomorrow to discuss ways and means of stimulating the exchange of currency and freeing money in closed banks. v BANKING SCANDAL DELAY IN PROSECUTION WASHINGTON, April 18 Tho Senate to-day directed its Judiciary Committee to investigate the delay by the Department of Justice in prosecuting officials of the Harriman National Bank for alleged violation of the banking laws.