Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-03-09
ROOSEVELT ASKS
POWER0VERBANKS
President Calls on Congress
for More Currency to
Meet Crisis.
CONTINUED From First Page.)

q great emergency ever sent to the
Congress. While the President did not
in his message give an linking of the
two other recommendations he would
make, it has been reported that one
Of them will call for broad powers to
deal with the fiscal affairs of the Gov
eminent and the other for relief of I'M
employment, possibly the initiation of
the Tennessee Basin project.
Description of Bill.
A brief, authoritative description
of the bill introduced by Senator
Fletcher, follows: -
l. Valuation of all emergency
DEGREES and proclamations of the
President and Secretary of the
Treasury
2. Re-enactment of sections of
the old wartime trading with the
enemy act. to prevent boarding and
to control gold reserves in the
United States
3. Grant to the Federal Gov
eminent Of power to control all
national banks; State banks. through
State banking commissioners; pro-
vision for prompt reorganization OF
non liquid banks. and closure Of
non-liquid banks for the present.
4. Authorization for the Reserve
Board to issue Federal Reserve Bank
notes, through reserve banks against
obligations of the United States,
notes of corporations, partnerships
or individuals secured by United
States obligations and against Notes
of member banks when secured by
sound assets
THIS was the Interpretation Of
Senator who had studied the bill,
but was not an administration ex-
.planation.
In introducing the bill. Senator
Fletcher moved to have 1t referred to
the Banking and Currency Committee
with instructions to report it back to
the Senate this calendar day"
Senator Norbeck of South Dakota.
who was chairman of the Banking and
Currency Committee before the Re-
publicans lost control of the Senate, in
Quired if that meant reporting the bill
today or tomorrow Senator Fletcher
said it was hoped to get it back today
and within an hour if possible
Il am not going to object but when
We act on important banking legislation
IN an hour we are apt to get ourselves
IN trouble" Senator Norbeck said.
Referred to Committee.
The measure, providing for a con-
trolled expansion of the currency and
for approval of all of President Roose-
velt's orders taken during the bank holi-
day was referred Immediately to the
Banking Committee
The original text of the bill was not
released for publication because as in
PRODUCED it contained many last-minute
revisions.
Senator Glass of Virginia, who re-
n hn hi ir1 yvrit y,
Chairman Steagall of the House Bank
ing Committee, and Treasury officials.
said some of the changes were very
important"
Glass hurried to the Senate floor with
the completed draft and handed it to
Chairman Fletcher of the Banking
Committee to introduce.
Senator Huey Long, Democrat, Of
Louisiana, said he had been trying to
find out since last night what is in the
bill, and suggested to Majority Leader
Robinson that some Senator who is
familiar with the bill could explain its
provisions to the Senate while waiting
for the committee to report. Senator
Robinson said, however he preferred
not to have discussion of the bill begin
before the committee makes its report.
On motion of Senator Robinson, a Is
In both House and Senate the ways
had been creased for immediate organ
ization for the conduct of business.
The congressional leaders of both
parties. had been familiarized with the
program of the President at confer
ence in the White House last night
The Democratic leader of the Senate.
Senator Robinson of Arkansas, and
Speaker Rainey, joined in a statement
thereafter declaring that: 1T is the
opinion of all in the conference that
the bill dealing with the banking
emergency will be passed through both
houses today and will result in the
opening of large number of banks to-
morrow"
Little Delay Expected.
In the House such a program may
easily be carried out The only posi-
bility of delay was found in the rules
of the Senate permitting unlimited de-
bate and another rule that requires a
bill to lie over day after it has been
reported to that body. The rule may
be suspended, however by vote if unan-
imous consent is not obtained. And the
belief prevailed that the Senators would
individually cooperate to hurry through
the legislation for which the country Is
waiting.
The hope has been expressed that
the Presidents emergency program can
be disposed of by Saturday night or
Monday and that the Congress may
then recess for two or three weeks to
give the President time to perfect his
whole legislative program to improve
conditions in the country.
Whether such recess will be taken
remains still matter of doubt The
President, 1t is reported. will soon send
recommendations to the Congress for
broad powers to deal directly with the
Nations fiscal affairs, and also for an
appropriation of S500,000,000 to begin
work on the Tennessee River Basin
project outlined by him in confer
ences with congressional leaders after
his visit to Muscle Shoals this Winter.
The President. it is said, will if he
obtains the broad powers over fiscal
affairs-even broader than those con-
ferred in the Treasury-Post Office ap-
preparation law passed by the last Con-
gress-be in position to deal promptly
with the curtailment of Government
expenditures, including appropriations
for veterans of the wars for the sake
of balanced budget of the Govern-
ment.
Speaker Rainey, as the session was
about to open at noon, reasserted his
belief that the House would pass the
SPECIAL NOTICES.
NOTICE is HEREBY GIVEN THAT NO
person other than myself, Henry j. Gompers.
IS authorized to make contracts or coilec,
inn No nf o