Evening star., 1932-05-05
.BORAH PROPOSES
2FOLD PROGRAM
Disarmament, ReparationS
Settlement and Restored
Silver Urged in Senate.
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methods by which the people can get
larger and greater loans"
He asserted that the only policies
proposed. not only in this country but
in foreign lands as well, are to in
crease taxes and provide larger loans
to the people
He tracked the silver problem back
to 1925, when, he said, the effort was
started to force the gold standard on
silver-using countries.
Beginning in India.
1t began. he said, in India when
Great Britain began to establish the
gold standard there.
Borah recalled that Gov. Strong of
the New York Federal Reserve Board
had advised against this move and pre-
dicted it would have a bad effect on
business and possibly the gold standard.
I cannot understand why it would
be unsafe or unsound to restore con-
ditions as they were before 1925. 1t
would not attack the gold standard.
We have vast wealth, but Rome had
as much wealth when 1t fell as when
it was at the height of its power. 1t
was not poverty that caused her fall.
1t was defect in the administration Of
wealth.
China has the greatest undeveloped
natural wealth in the world. 1t does
net signify much to have the most
natural wealth when it is not admin
i-tered to bring about reasonable pros
re-ity.
"Hcw are you going to restore pros
perity to the people Of the United
Ctates, the Orient Of the world gen.
orally on the monetary base we are now
using?
Purchasing Power Essential.
1.-The Reconstruction Corporation has
the purpose to extend credit. But what
proposal Is here which will reach out
and have a tendency to restore the
purchasing power of the masses?"
Borah charged that although the
Senate last year unanimously requested
the President to call an international
silver conference "the United States
bring one about.
And that's the very trouble of the
situation" he thundered, "the timidity
of governments to take hold Of the
question which is sinking the people
into utter degradation
There isn't a leading man in Eu-
rope who doesn't know that unless
armament is reduced the people will
sink under the burden"
Referring to an internat tional silver
conference, Borah exclaimed, THE
Senator from Utah Senator SmocD
says France and England wouldn't
agree to it.
II ask the Senator from Utah to pre-
sent the facts which show they wouldn't
agree to it."
Borah asserted that if the United
State threw it's influence behind
movement to give silver the same place
it had before 1926" it would be success
ful. I'VE have no leadership" ne
roared.
Borah began his address by saying;
The Summer of 1882, in my opinion,
will be Of very great moment to
humanity.
1T will either mark the beginning of
economic recovery or 1t will denote
greater distress than We have yet ex-
perienced
Complaint is still being made against
boarding in this country.
You might just as well inveigh
against the law of self-defense as
against boarding under present condi-
tionS
we are advised again and again that
the difficulty lies in a lack OF courage
and confidence.
Time for Doctor.
1T is we'll to have courage and con-
fidence but when a man is lying on MS
bed with a broken leg and gangrene Is
setting in, he needs a doctor.
In response to question from Sena-
tor Fletcher, Democrat, Florida, Borah
said he did not believe the Goldsborough
bill recently passed by the House TO m
crease the level of Wholesale commodity
prices would provide the needed rllet.
Snator Norris, Republican, Nebraska,
interposed that unequal distribution
CT wealth must be remedied before the
purchasing power of the masses can be
restored"
Snator Howell, Republican, Nebraska,
spoke for the Goldsborough Dill 10
stabilize the value of the dollar. Sena-
tor Thomas, Democrat, Oklahoma, ad-
VOcated it or the bonus.