PRESIDENT ROOSEVELT
PLAN TO RAISE MONEY TAXATION PROGRAMME (Received February 2, 5.5 p.m.) WASHINGTON, Feb. 1 The renewed activity on the part of the "inflation bloc" in Congress, which wishes to finance the Government's agricultural programme and other activities through the issue of up to 5,000,000,000 dollars of new money, received a blow from President Roosevelt to-day. It was stated that he was prepared to insist upon Congress voting new taxes to raise about 750,000.000 dollars. Of that sum 500,000,000 dollars would be used to pay farmers' benefits and the remainder would go to the amortisation of the veterans' bonus. As the voting of new taxes in an election year is considered to be politically dangerous, the Government's taxation programme is bound to produce bitter controversy. Before the President's attitude became known the dollar remained under heavy pressure in the foreign exchange markets and dropped to 99.06 cents against the franc, which rose to 6.69f. this being above the gold export point.
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New Zealand Herald, Volume LXXIII, Issue 22333, 3 February 1936, Page 9
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162PRESIDENT ROOSEVELT New Zealand Herald, Volume LXXIII, Issue 22333, 3 February 1936, Page 9
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