Evening star., 1933-11-06
INITIATION BATTLE
|NCONGRESSLOOMS
Repeal, Stock Market Reform
and Works Expansion Also
on Program.
BY the Associated Press.

BY the Associated Press.
Congressional leaders, gathering In
Washington for informal conferences
and committee meetings, believe legis-
lation relating to repeal and monetary
policies will be to the fore in the next
session.
It Is conceded, even by congressional
advocates, that whether imitation be-
comes an important issue will depend
largely on the success in the meantime
of the administrators recovery pro-
gram.
Infiationists are centering their ef-
forts on q proposal to make compulsory
the Thomas amendment to the farm
act which permits the President to de-
valuate the dollar by so cents and to
issue currency up to So 000, 600 900 and
provides also for the free coinage of
silver.
Other Measures Watched.
Some leaders believe that much Of
the steam would be taken out of drive
for direct imitation II measures which
the administration has undertaken-the
gram, credit expansion measures, the
gold buying program to raise commodity
prices, and other similar endeavors-
became fully effective.
They think that If the administra-
ton does not obtain the results 1t wants
| from Its gold program 1t will try other
means to raise commodity prices. The
administration has two months before
Congress meets in which TO elevate
prices.
Repeal legislation will be in the ma
ture Of tax laws. repeal Of the Volstead
act In. SO far as 1t effects the District
Of Columbia and the Territories. enact<
ment Of q control law for the District,
| which the administration desires 10
! make a model, and repeal of the Reed
amendment, under which sendipg
liquor advertising matter through the
| mails Is Illegal. Democratic leaders
! feel that the amendment offers no
| protection to dry States and that it is
| useless.
Exchange Curb in Doubt.
Whether legislation concerning secur-
tiles trading will be enacted will de-
pend largely, 1t is understood, upon
how far the New York Stock Exchange
and others go. President Roosevelt is
understood to have told Richard Whit
ney, president OF the New York Ex-
change, that he would like to see that
trading center put into effect its own
reform
The Exchange has under considera
ton moves to restrict short selling
marginal trading and the operations
of floor specialists. II the exchanges
do not enact their own reforms, it is
regarded as virtually certain that such
legislation will be introduced in Con-
gress.
Revelations before the Senate Market
Investigating Committee have turned
leaders to a study also Of how to plug
up the holes In income tax laws. It is
expected that there will be no drastic
changes in the tax laws and that what
ever changes are made will be largely
adjustments In income tax legislation
and efforts to eliminate nuisance taxes,
such as that on checks.
Pay Law Fight Is Seen.
Leaders foresee a drive by veterans
and Federal employees to rescind the
compensation and salary cuts imposed
on them, but Speaker Rainey said last
week that the Federal employees pay
would not be restored unless finances
warranted. Mr.. Roosevelt has been
studying the question, and budget esti-
mates for next year have been made
on the basis of restoration of the pay
cuts.
Some veterans organizations seek
modification of economies made at their
! expense in the last Congress.
Leaders do not expect any major
banking legislation IN the coming ses-
sion. They are disposed to allow the
Glass-Steagall bill with its deposit in
| surance feature sufficient time to reveal
any defects in operation rather than
to accept arguments based on theories
advanced by opponents.
r.. r. C. Extension Likely.
It Is expected that the life of the
Reconstruction Corporation, which ex-
i pires on January %, will be extended,
since it has became a major financial
| appendage of the Government, and that
1t will be authorized to issue additional
debentures to finance the recovery pro-
gram.
| 1t is also expected that the public
works program will be expanded to at
least $4,000, 600 900 from the present
$500 ,000.0 and that more money will
be voted for relief purposes
Although the N. r. A seems certain
to be attacked, particularly from the
Republican side, no major changes are
looked for by Democratic leaders. The
attitude OF the leaders is that the N. r.
A. must be given further time and al
lowed to evolve into some permanent
form.