INFLATION MOVE

Waipukurau Press, Volume XXVIII, Issue 29, 26 January 1933, Page 3

INFLATION MOVE

U.S.A. JZZIATE’S OPPOSITION SUBSTANTIAL MAJORITY VOTE By Telegraph—Copyright—Press Assn. WASHINGTON, January 24. The first attempt to inject inflation into the legislation failed to-day, when the Senate by 56 votes to IS tabled two amendments to the Glass Banking Bill, the first of which would remonetise the silver rate by 16 to-one and the second would revalue the gold dollar by decreasing the gold content. The attempt to peg the price of silver in definite relation to the price of gold is of much historic interest, leading to the campaign issue on which the Democratic candidate, Mr Bryan,, unsuccessfully contested the Presidency in 1896. As the present ratio of silver to gold is 85 to one, the adoption of the amendment would have a revolutionary effect. Financial experts, including Senators Glass and Reed, denounced the amendment ns certain to ruin the currency and bring financial chaos to the country. Despite the defeat of the amendment. the general debate revealed that inflationists have considerable strength, ami they indicated that they would propose other measures to relieve the debtor class.