Evening star., 1933-04-24

will have done fair and full justice to
the people of the United States"
Thomas said the Nations banks had
$50, 900 900 900 Of deposits in 1880 and
today they have scarcely $4,000 900 900.
The moneys gone" he said. 1t
does not exist And yet they tell us
there is plenty of money. During the
past three years, because of the scarcity
of money a policy Of liquidation has
been pursued"
Thomas said owners Of bank deposits
would Immediately begin to convert
such deposits into commodities. real
estate and property. to secure the bene-
fits Of the advance in price and value.
Predicts Rising Price.
"Owners Of collateral will begin i'm
mediately to negotiate loans in order
to be able to take advantage Of the ris-
ing prices" he said.
Merchants will begin to place orders
for goods to restock their empty shelves.
wholesalers will begin to place orders
for additional stocks to supply increas-
ing demands.
Manufacturers will take chances on
opening their factories. thus making de-
mands for raw materials.
Such activities will make business
for the railroads, transportation COM
panies, transmission companies and the
banks.
Labor will be employed and addi-
tional demands will arise for the prod
ucts of the farmers, hence stimulate
and raise farm and commodity prices.
Bank credit and bank deposits will
be thawed out and banks will become
active once again.
The amendment, il adopted, will
continue the advance now noted in all
lines Of public and private activity.
Refers TO Bank CIosingx
Il need not remind you that, when
the reign Of Mellon, Mills, Morgan and
Mitchell closed on March 4 last, all
banks were closed; thirteen million men
were unemployed; trade was stagnated; :;
business was paralyzed; smoke stacks
were smokeless; dinner pals were
empty; taxes were unpaid; interest was
in default: incipient revolutions were
widespread, and individuals, corpora
tions, counties, cities and most Of the
States were accepting doles from the
1osCAuucAI, WA1CA NJ cAcCt pldCcO
such individuals, corporations and mu-
nicipal subdivisions in the Federal
bread lines"
Looking at Reed, Thomas said. There
is the distinguished Senator from Penn
Sylvania leading on this floor the van
pushed army protesting against cheap
ening the dollar one penny"
He contended that, since March 8, the
Federal Reserve Board had Cancelled out
$1.l54, 100000 in bank credits and had
withdrawn $1,470, 100000 in money from
circulation.
Save the brewery interests. Thomas
said, there's no property now that the
banks dare loan money on"
Senator Reed reiterated he would not
conduct a filibuster. But. he said, he
does intend to try to point out to the
country that what he calls imitation on
q grand scale Is merely opening the way
for the United States to go on jam
boree" and come back with q head
ache"
Determination to get the measure
through unchanged was expressed by
Democratic leaders in order to give
Mr.. Roosevelt a powerful instrument
in negotiating with foreign statesmen
for general return to an international
gold standard on revised basis
From the White House itself there
was word that President Roosevelt con-
siders the Thomas imitation amend
ment essential to his reconstruction
program and Secretary of the Treas
ury Woodin has been quoted as saying
that, once adopted and properly ad-
ministered, "the depression is over"
Plan Called Radical"
On the other hand four Republican
leaders on Capitol Hill in a Joint
statement condemned 1t as radical"
and Unconstitutional" in part as au-
thorizing printing press money" and
as leading to imitation on . grand
scale"
The four Republicans Senators Reed
and Walcott of Connecticut and Rep
resentatives Smell of New York and
Luce OF Massachusetts. said Of the
proposed Thomas rider:
This bill may well constitute the
first step on the road to ruin which
the German people took under COM
pulsion, but upon which it is proposed
we now voluntarily embark"
Senator Pittman, Democrat, Of
Nevada, declared tie measure provided
the "only method that will accomplish
the restoration of prosperity" and said
it would allow expansion Of our cur
rencjes and our credits to the point
where they existed on the average
prior to 1890"
Silver advocates have argued that
the provisions of the bill, allowing the
acceptance Of war debt payments up
to 100000, 900 in silver, would re-
habilitate that commodity.