Evening star., 1933-02-21
EARLY ACTION SEEN
ON WAGNER BILL
House Consideration Ex-
pected on Relief Measure
Passed by Senate.
Continued From First Page.)

of relief that could be enacted in view
of President Hoover's views.
"In view of the expressions OF ths
President" he said, I'VE are simply in
viting a veto by insisting upon grants
instead of loans"
"I have cast my last vote for these
lief" Glass said.
II would vote to abolish the r. F. C.
at once 1t hasn't been reconstruc-
ton corporation. It's been destruc-
tion corporation.
1T has merely postponed the agony
for all except those States that don't
expect to pay back"
Two Ways to Get Money.
Glass interrupted debate over meth
DDS of distributing unemployment re-
lief to ask:
Where do you Senators expect this
picked out of the air. or come from
some foreign government?
You talk about aiding the States. ]
am puzzled to know how you aid the
States, if you tax the people in them
impound the money and then loan II
back as the judgment Of some Federal
minions may dictate.
THE only way for the Federal Gov
ernment to get money, unless 1t re-
sorts to the printing press, is to take
it from the pocketbooks of the people
in the 48 States.
81 heard one Senator say 1t doesn't
expect his State to pay the money back
and I don't either" Glass added, refer
ring to a statement by Senator Long
Democrat, of louisiana IT am ashamed
to note that Virginia has borrowed
$2,700,000 from the Federal Govern
ment."
I'VE would have been on the road
to recovery If we never had erected
the r. F. c." Glass asserted.
THAT would have been a tragedy
Senator Wagner, Democrat, of New
York, interrupted.
Gould we have had worse tragedy
than we are in now?" Glass replied.
Near End Of Rope.
1.-THE only excuse for demands that
We make further loans now" he said
"is that we have loaned millions to
banks and railroads until we are rap
credit of the Nation Is being impaired -
He said the setting up Of the Home
Loan Bank System was an "abominable'
thing.
Building new homes" he observed.
Better rent those we have now. ]
can't rent mine"
Talk about railroad receiverships, !"
he added "A railroad doesn't disappear
physically when it goes into receiver
ship. They still have to employ thou
sands of men. The only difference is
they don't have to pay $150,000 a year
for a president.
THE only way to get reconstruction
OF the railroad financial set-up Is to
put some of them in the hands Of re-
ceivers."
Michigan, asked Glass how much addi-
tional the Government can borrow by
selling securities.
II we keep on at this rate we won't
be able to sell any more" Glass replied.
In the not far distant future the
Treasury must fund $11 .00O, 900, 900. If
we keep on raiding the Treasury"
he did not finish his sentence.
we have S21, 1,000,0 900 900 of obliga-
tions outstanding" Couzens said. Does
the Senator believe we can extend that
to $4,000, ,000,0 ,00O?"
Maybe so, unless we adopt some of
the suggestions here" Glass replied. IF
We undertake to devalue the gold dollar
don't think We will be able to sell an
other Federal bond at any rate.
II we undertake by legislation to
d1shonor this Nation, to assume author
ity to vitiate millions of business con-
tracts. the Federal Government will
be unable to sell anything and on the
contrary We will wipe out the Treasury
gold reserve and the reserves Of the
banks in 60 days"
Glass added that that movement was
already in process now"
In one great city last Friday,
$4,000. 900 Of currency and paper prom
lses to pay were exchanged for gold
II we keep on at this rate God only
knows how long the credit Of the Fed
eraf Government may be maintained" 4"