New Britain herald., 1929-06-05
EXPORT DEBEN7URE PLAN IS ELIMINATED
 IN FARM MEASURE
(Continued From Page One.)

of the proposed farm board.
 Representative Haugen, of lows, chairman of the house agriculture committee, said he believed 1t liko- ly the house would approve the con- ference bill tomorrow.
 Chairman McNary of the senate agriculture committee, said debate probably would preface 8 vote i'll the senate because of the elimina- tion of the debenture plan. He thought. however. that final action this week or early next week was likely.
 Washington, June : NIThs tariff bill apparently is to be made the vehicle for the efforts long threatened in the senate to curb the use of credit in stock market speCu- lation.
 That conclusion was drawn today from the outpurst against the orgy of speculation" which developed in the senate late yesterday prior to passage of the administration bill 10 authorize issuance of a new form of treasury short term securities which will bear no interest but will be sold at . discount. The bill already has been passed by the house, but will require further consideration be- cause of an amendment adopted by the senate eliminating . provision exempting holders from the capital gains tax.
 Couxen's Amendment
 That amendment was proposed by Senator Couzens. republican, Michi- gan, who assailed the federal re- serve board because the re-discount rate had not been raised, . measure which he contended would have checked the use of credit in specu- lation. Taking what was regarded as . fling at Secretary Mellon, he de- clared government officials who have asked that income surtax rates be lowered to liberate money for in- dustry should now move for the talk ing of money out of the gambling pool" for the same purpose.
 His ideas about the rediscount rate were opposed by Senator Glass, democrat. Virginia, one of the fram- CTS of the federal reserve act and . former secretary of the treasury, who congratulated the board on It's resistance to the pounding" of the New York Reserve bank for a raise in the red;scount rate. Such a raise. he held. would have been . penalty rather than . help to business.
 Proposes Stock Tax
 At the same time. the Virginia senator announced his intention 10 propose five per cent tax on trans- actions in stocks held less than GO days. as an amendment to the tariff bill when 1t comes before the cham- her. He also declared he would favor repeal of the federal reserve act provision allowing 15-day loans on United States bonds.
 President Hoover and former President Coolidge also came in for criticism during the discussion. Sem ator Glass charged that the presi- dent had literally jumped into the stock pit recently with statement that there was nothing to be appre- hended from this riot of six billions of dollars of credit in stock gam bling" Senator King, democrat, Utah. who has proposed a senate in- vestigation. said Calvin Coolidge while president had expressed ap- proval. certainly not disapproval. of , the large amount then used. nearly four billion dollars for stock gam bling purposes"
 Calm Judgement Urged
 Calm consideration" was urged by Senator Edge. republican. New Jersey. who argued that the credit problem was ''one of the most deli cate with which we have to deal. Senator Watson Of Indiana. the re- publican leader. taking a similar view. observed that there was quite a difference of opinion as to what the board should do." and cited the large number Of individuals and cor porations who have sought to profit by the high interest rates by putting money into the call loan market.
 Work for Vacattou
 Washington. June R-The t.