BILL UNCHANGED

Taranaki Daily News, 29 January 1934, Page 7

BILL UNCHANGED

U.S. MONEY BILL ADOPTED MR. ROOSEVELT’S VICTORY SILVER ADVOCATES FAIL CLOSE VOTE ON PURCHASE ISSUANCE OF CERTIFICATES By Telegraph—Press Assn,— Copyright Rec. 6.30 p.m. Washington, Jan. 27. The United States Senate to-day approved 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, creation of a £400,000,000 stabilisation fund and seizure of the Federal Reserve Bank’s gold. The Senate passed the Bill by 66 votes to 23, only one Democrat, Mr. Glass, voting against the measure, which remains in the form Mr. Roosevelt wished. Minor differences between the Senate and the House must be adjusted, but the measure is expected to be ready for Mr. Roosevelt’s signature not later than Tuesday. Administration leaders, almost suffered a reverse when the silver advocates recruited from both parties failed only by 43 votes to 45 to incorporate an amendment making mandatory the purchase and remonetisation of £150,000,000 of silver either from domestic or foreign sources. An amendment providing for the purchase of silver until it reached a ratio of 16 to 1 with gold was rejected. An amendment the issuance of certificates against silver purchased from domestic producers under the London agreement was adopted without a vote being taken. The amendment permits the President. to exercise the powers conferred within his own discretion. It 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. An amendment to create a board of five to handle the stabilisation fund was defeated.. Senator D. A. Reed (Republican, Pennsylvania) led . the attack on the Bill in yesterday’s debate. “The first purpose of this Bill is to do with Government bonds; that is the dishonest thing we have been condemning bankers for, ’ he said. “It will create an artificial market for these bonds. When bankers do that we say gaol them; when the Government does it we say it is praiseworthy.”