Evening star., 1933-03-10
CONGRESS SETTLES
TO ROUTINE GRIND
Banking and Relief Bills Pre-.
dominate in Hopper of
Each House.
BY the Associated Press.

BY the Associated Press.
Banking and relief legislation pre-
dominated today in the bills that
swarmed into the legislative hoppers in
both sides of the Capitol in a day that
marked the settling of Congress down
to routine procedure.
One of the first measures to be pro-
posed in the Senate was by Senator
Vandenberg Republican, of Michigan
to guarantee time deposits in banks.
1t was closely followed by a bill by
Senator McAdoo DsmocraD of Cali
fornia to protect depositors in Federal
Reserve member banks against loss
through failure or suspension of such
Institutions
Vandenbergs bill would define what
constitute time deposits and provide a
Federal guarantee of them up to rs per
cent out OF fund collected by taxing
deposits.
Another banking measure, introduced
by Senator Dill. Democrat, Wash
ington. would open Postal checking
accounts.
One of the first farm relief proposals
came from Senator Bankhead, Demo-
crat. Alabama who proposed a S40O,-
100000 appropriation for loans to pur-
chase small farms, farm implements,
building materials, household equip
ment and sustenance supplies
The purpose of the measure was
described as to aid in redistribution of
"an overbalanced population in in
dustrial centers." one of the objectives
laid down by President Roosevelt in
Bankhead, in statement to the
press, said the general principles
covered by the bill, including the
amount of money proposed, had the
approval Of the administration.
Proposes Indemnity Fund.
McAdoo. who was Secretary of the
Treasury during the Wilson admins
tration. proposed that a depositors'
indemnity fund be created through
assessments against member banks to
be administered by the Federal Reserve
Board.
The assessments would be levied in
proportion to deposits. payable upon
demand by the board until the amount
OF the fund equals l per cent Of the
deposits of Federal Reserve member
banks.
The measure also would apply to
banks outside the Reserve system which
comply with Federal Reserve REQUIRE
ments. Whenever bank fails to meet
Its obligations, depositors would be
paid out of the fund.
One of the first bills introduced in
the House called for issuance of a
memorial postage stamp to the late
Mayor Anton Cermak Of Chicago It
came from Representative Randolph,
Democrat. West Virginia.
Randolph said the stamp would be
issued on the day of opening of the
Chicago World Fair.
Senator Black, Democrat, Alabama,
reintroduced in slightly revised form
his bill fer six-hour day and a five
day week. Extended hearings were held
on such bill in the last Congress
Inc Black bill seeks to set up a
shorter working schedule through the
governments power to control inter-
state and foreign commerce.
>, The stream of legislative proposals
through the House bill clerks office was
well above 1000 within two hours.
Patman Asks Bonus.
The perennial call for the payment of
the bonus came from one Of its mcst
1nSlstent advocates, Representative Pat
man, Democrat Texas.
Most of today'S measures were private
bills which failed of passage last session.
One by Representative Parsons, Dem
ocrat, Illinois, would give the President
power through Federal agricultural
commodities board to fix the price of
Deslc agricultural products to restore the
1925 level. The Farm Board would be
abolished and its functions given to the
new board.
Representative Sinclair pon,,hIi,,,
North Dakota, called for the removal
of limitations on postal savings deposits
and for the establishment of a loan
bureau to lend to individual borrowers
and corporations upon a wide range of
collateral.
He also called for the issue of legal
tender notes by the Secretary of the
Treasury and prescribed punishment for
those who discriminate against these
notes in favor of gold.
Representative Cross, Democrat.
Texas, introduced a silver bill similar
to that he proposed last session. Rep
resentative McGugin, Republican,
Kansas, proposed the regulation of the
gold dollar, its weight to vary as the
price of commodities varied.
A measure for the issuance of So
100000 900 in bonds to expand the
volume of Federal Reserve notes and
Tor the purchase and coinage of silver
dollars until S1,000,000, 900 have been
minted was introduced by Representa-
tive McSwain, Democrat, OF South
Carolina. Another for additional COIN
age OF silver also was put forward by
McKeown, Democrat, of Oklahoma.
McGugin also sponsored bill to raise
the price of commodities to the price
at which the bulk Of farm indebted