The Indianapolis times., 1932-01-06
Blaine BLOCKS
RUSH VOTE ON
FINANCE BILL
ASSailS Measure as lust an
Effort to Boost Stock
Market
mo FOOD FOR HUNGRY
Resignation of Navy Chief
Demanded for 'DisIoyaIty
to President

WhS1lINGlON, Jan. b. - Ac-
compsnied by a denunciation of
mot containing a single mouthful
of food for the hungry or employ
ment for the jobless," President
Hoover's 2,OOO,OOO,OOO emergency
domestic credit bill was offered to
the senate today with a favorable
committee report which warned
that many banks are in danger and
"this series Of failures must be
stopped"
Senator Blame (Rep, Wis.,, +,
blocked immediate consideration of
the measure when Senator Wal
colt (Rep., Comm asked unanimous
consent to take it up. It was
placed on the calendar and will
come up Thursday in regular order
OF business.
Blaine branded the bill as de-
signed for only two purposes, ito
aid the very banking institutions
that largely are responsible for the
present situation and to produce an
upturn in stock market prices"
Reflected Elsewhere
Efforts to aid the domestic situ-
alton were reflected in other di-
visions of congress with the senate
unemployment relief committee con-
sidering measures for federal relief,
hearing testimony indicating relief
difficulties in the state Of Illinois
and city of Cincinanti.
Three Republicans voted against
the Reconstruction Finance Corpor-
atnon bill lin the senate banking and
currency committee. They we're
Couzens, Michigan; Blaine, Wiscon-
sin, and Brookhart, Iowa. Minority
Leader Robinson informed Republic
an leaders he knows of no opposition
on his side of the chamber. Demo-
cratic policy is to permit the PreSi-
dent to create his proposed relief
structure so that If it fails to re-
viye business. the responsibility will
be entirely his.
Oltc Cdpitdl EAHduStIOn
Committee report recommending
passage of the emergency credit bill
cited exhaustion of many banks
capital because of depreciation in
asset values and difficulties en-
countered by railroads through their
pre-1929 belief that they could bor-
row short term money and have no
trouble in obtaining renewals; or
failing in that, fund their obliga-
tions into long term bonds.
Meanwhile, Representative Nc
Clintie Dem, Okla) electrified
the house by placing before the
naval affairs committee a demand
that Secretary of Navy Adams re-
sign for "disloyalty to the PreSi-
dent in espousal of the Vinson
warship construction bill"
Adams Immediately went before
the committee in defense of his in
dorsement, saying he felt in no way
disloyal for advocating naval con-
struction up to the limits of the
London treaty.
Provides 100 Warships
Adams Tuesday strongly indorsed
the Vinson bill, which provides for
ten-year replacement program I'M
der which 120 new warshipS would
be built at cost of more than
$4,000, 100000 Rear Admiral Will
liam V. Pratt, highest ranking of
ficer in the navy, today told the
committee it is imperative to enact
q warship building program so that
the country can have a navy ade-
quate to defend our shores"
Democratic leaders announced
today adherence to a policy of lib
eral readjustment of income taxes
with the least hardship consistent
with the treasury's needs and
prompt balancing of the budget,
and indicated members of the ways
end means committee would elm
mate the section of their bill au-
thorizing President Hoover to ne
gotiate reciprocal tariff agreements
with foreign nations.
Somewhat Embarrassed
Democratic leaders, it was re-
ported, have been somewhat en-
barrasSed to discover that the pro-
posed negotiations would abrogate
most favored trade nation" trade
treaties with 4 number of foreign
countries and thus cause interna-
tional complications.
GroSvenor N. Jones, chief of the
finance divisions of the department
of commerce, told the senate finance
committee investigating foreign
loans, that loans were made to
South America in certain instances
where the commerce department
had advised against them. He felt
that the countries there are over
borrowed he told the committee.