PRESIDENT’S VETO THREAT

Timaru Herald, Volume CXXXIX, Issue 20105, 11 May 1935, Page 17

PRESIDENT’S VETO THREAT

ACTIVITY OF BONUS ADVOCATES MENACE OF INFLATION POLICY United Press Association—By Electrio Telegraph—Copyright (Received May 10, 5.5 p.m.) WASHINGTON, May 9. The House of Representatives by 271 votes to 110, passed the Administration’s Bank Reform Bill, giving the Federal Reserve Board, Central Banking Powers. The measure, which now awaits Senate action, permits the Board to fix the reserve that member banks must maintain against deposits, and directs the Board to use its powers to promote business stability.

PAPER MONEY DRIVE PRESIDENT CALLS EMERGENCY CONFERENCE United Press Association—By Electric Telegraph—Copyright (Received May 10, 5.5 p.m.) WASHINGTON, May 9. The Administration faces something of a crisis, the paper money inflationists having begun a drive to pass the Pateman Greenback Bonus Bill. A great campaign is being organised behind the scenes, with indications that the House of Representatives is likely to pass the measure. President Roosevelt has called on Henry Morgenthau and the Administrator of the Veterans’ Affairs (Mr Hines) into an emergency conference, apparently to work out a plan to prevent the over-riding of his veto, or formulate a substitute measure.