The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1932-01-18
HOOVER CREDIT
BILL CAUGHT IN
CONGRESS JAM
Senate and House Disagree
on important Points
in Measure.
DEMOCRATS IN SPLIT
Republicans Are Annoyed
by Differing Views
of Rivals.
LYLE G. WILSON
United Press stan CORRESPONDENT

WASHINGTON, Jan. 18.-PreSi-
dent Hoover's $2,OOO.OOO,OOO emer-
gency credit project is in legisla-
tive jam from which it is the task of
senate leaders to extricate it today.
Both houses have passed the
measure, the keystone Of Mr..
Hoover's domestic relief program.
But the two houses did not pass
identical bills. They differ mate
rally in two economic features and
in one important political matter.
The Republican senate passed
the bill first and sent it to the
Democratic house bearing the name
of one of Mr.. Hoover's closest
friends, Senator Walcott (Rep.,
Conn.,, as sponsor. The Democratic
house chucked the senate bill into
the discard by referring it to
committee and proceeded to pass its
own bill, bearing the label OF r. 1.
Steagall (Ala.) a Democratic stall
wart.
Concurrence is Requested
Now the house bill has been sent
to the senate with curt request
for concurrence. The bill over which
the senate labored so nightly
languishes in a house committee,
and senate Republicans are an
noyed.
So far as the senate is concerned,
the bill has reverted to the legisla-
tive position it occupied the day the
banking and currency committee
reported it favorably.
Republican leaders expect today
to obtain a favorable vote for a
suspension of the rules to enable
immediate consideration Of the
credit program.
Republican annoyance Is in
creased by the fact that the most
important difference between the
house anG senate bills represents a
difference of opinion between DEM
ocrats themselves.
Senator Glass (Dem., Va and
Senator BulIsley Dem., o. led the
senate fight to keep the emergency
credit scheme entirely separate from
operations of the federal reserve
system. House Democrats have en-
acted bill which gives the pro-
posed reconstruction finance corpo-
ration the privilege of discounting
its paper with the reserve banks.
Fears for Bank
Glass contends this discount
privilege would overwhelm the re-
serve banks and seriously impair
that primary source of commercial
credit.
Senators are determined at the
outset of the forthcoming confer
ence between representatives of the
two houses to stand fast for their
version of the credit scheme. Re
publican leaders hope conferences
may begin today.
The house appropriations COM
nittee today set congress an ex-
ample of concrete economy by re-
porting favorably on an agricul-
ture department annual appropria-
ton bill 100000 900 under funds al
lowed for the present fiscal year,
and ,591 less than President
Hoover's budget estimates.
The bill, which will receive i'm
mediate consideration, appropriates
SITS, 443,314 for activities of the de-
partment, including federal aid
highways.
Agree to Cut Expenses
This drastic economy action by
the committee follows closely upon
agreement of house Democratic and
Republican leaders to cut expenses
as far as possible without iniuring
governmental efficiency.
The greatest single saving eff
fected in the bill is in federal aid
highway appropriations, which are
cut by 100000 under the Presi-
dents recommendations and S25.-
100000 under last years allowance.
In its report, the committee
stated that an appropriation of
$10O,000,000 for the highways will
be sufficient to meet all payments
until March 1, 1888, when more
definite knowledge Of state road
building program will be available.
Practically all bureaus and ac-
Invites of the department felt the
economy ak.
The $15O,0O0,O00 appropriation for
federal land banks probably will be-
come a law this week. Vigorous OPP
position is developing to the pro-
posal to extend federal aid to de-
positors in insolvent banks, but a
hard fight should get that measure
through.
A bill for creation Of a system Of
home loan banks to thaw frozen
mortgage assets is in the hands of a
senate subcommittee.