The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-07-23
HOME LOAN MEASURE
PUT ON Law BOOKS
WHEN HOOVER SIGNS
Review Of Congress Work
Shows President Got What
He Asked For

washington, July 23.-(P)-While
congress in its session just adjourned
saw enactment Of great many re-
construction measures 1t will have be-
fore 1t when 1t returns in December
still other proposals designed to bet
ter business conditions.
The lawmakers accepted a good
number of President Hoover's recon-
mendations intended toward this end,
but at the same time they wrote into
the nations statutes a good many Of
their own.
Added to this list of new statutes
was the home-loan bank measure
which President Hoover signed into
law Friday. 1t contained many of
the features the chief executive rec
commended last December, but in it,
too, was the Glass currency expansion
rider congress added but to which he
objected.
In a statement the president said
he did not think that rider lis such
as would warrant refusal to approve
the measure which means so much to
hundreds of thousands of home own
ers. is such contribution to their re-
lief; such contribution to establish
ment of home ownership; and such
an aid to immediate increase in en-
ployment.'
The bill makes possible establish
ment of eight to twelve federal banks
to mako loans to home owners who
cannot get the money elsewhere and
to building and loan associations. saw
ings banks. homestead associations
and insurance companies Prelimi-
nary work toward the new system
can begin when the president names
the five men who are to constitute
the federal home loan board.
What Record Shows
The presidents recommendations
last Dec. 8 and what congress-in-
Guiding the Democratic house-did
about them line up like this:
Hoover asked more money for fed
eral land bank; congress voted $685.
100000
He proposed increased taxes; con-
gress passed measure to raise ST.
$500, 900 more
He wanted the Reconstruction FL
nance corporation: congress estab-
lished it with a 81. 300 ,0OO, 900 fund.
He asked economy; congress voted
to cut expenditures $150.O00 900 by a
special bill and the senate set up q
committee to study the question dur
ing the summer; all appropriations
were reduced under the budget esti-
mates.
He wanted to make more paper ELI
gible for discount by federal reserve
banks; the bill sponsored by two
Democrats-Senator Glass of Virginia
and Representative Steagall of Ala
bama-did that.
He asked rejection of the dole: d.
rect gifts by the federal government
to individuals were not approved.
Tariff Bill Vetoed
He suggested the use of federal re-
serve funds to liberate funds in failed
banks; congress did not grant that,
although the house passed bill to
guarantee deposits in national banks.
He wanted to avoid general tariff
revision; no general revision was at
tempted but Democrats sent to him
| for a veto their bill for changes.
ne pTOpOScQ CLldIlScS III IdilIOetu
laws: several measures to that end
are pending in both houses.
He sought adjustment Of antitrust
laws to remove injustices; congress
has not granted that.
| He urged additional federal regula-
ton of interstate power transmits
sion; congress failed to act.
He opposed additional veterans ex-
penditures: congress approved bill
to liberalize bonus certificate loans
but turned down cash payment Of the
bonus and set up special committee
to study veterans benefits during the
recess.
He wanted a general overhaul Of
banking laws; the Glass bill pending
in the senate is drawn to accomplish
that purpose.
He sought authority to consolidate
governmental activities; limited pow
er to do that was granted in the econ
omy bill.