The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-03-09

OF both houses did the President re-
containing his remedies for the natl
After senators and representatives
had passed out into the rain drip
ping from the White House portico,
he called in legislative drafting eX-
perts and set TO work on a measure
designed to open banks restore pub
lie confidence, and revive trade.
Expansion Called for
His program calls for expansion
of the currency Of from S2,0000O0,-
900 to S4000,00000O in federal re-
serve notes. 1t is estimated that
unused federal reserve mechanism
permits currency increase totalling
about $1,500,000000 and that lib
eralizing amendments will raise the
amount Of new issue.
To place banks in a position to
take this issue, it is understood that
a liberal reappraisal Of their assets
will be made. With the administra-
ton confident that most banks
eventually will pay out in whole or
in part, it is felt there is every
justification for currency expansion.
1t is understood that national
bank examiners already have gone
to work on this phase Of the prob
lem.
Besides consulting Democratic
and Republican leaders, Mr.. Roose-
vent called in such progressives as
Senator Edward F. CoStigan of
Colorado, George w. Norris of Ne
braska, Robert M. LaFollette of
Wisconsin and Hiram Johnson of
California.
Plan Held Sound
They gave their hearty support TO
his proposal. 1t was the first time
these men have been invited to the
White House in years.
The general agreement that the
new plan is sound was evidenced in
the support given to it by members
Of both parties at the White House
meeting Senator Charles l.. Nc
Nary of Oregon, Republican senate
leader, and Representative Bertrand
Smell, Republican house leader, in
dictated the measure would have
their backing.
SO did Senator Carter Glass
CDem., Va) the Democrats ultra
conservative financial expert
In addition to furnishing the basis
for currency expansion the
emergency measure will legalize the
embargo on boarding, withdrawal
and export of gold set up in the
Presidents Sunday night proclama-
ton
Although a tax on boarding of
gold and a plan for using postal
savings deposits for checking de-
posits were considered. They were
discarded as unnecessary at this
time.
Speed Is Pledged
In a Joint statement. Senate
Leader Joseph T. Robinson of Ar
kansas and Majority Leader Henry
T. Rainey of the house said the
emergency measures would be
passed without delay. 1t is the
Presidents hope that congressional
enactment by tonight will obviate
the necessity of extending his proc
lamation prohibiting transactions in
gold and currency, except as speci-
fed in Secretary Woodin's modifi-
cations.
If necessary, however, Mr.. Roose-
welt is ready to continue his procla-
nation in force until congress acts.
Like recent RoOSeVeltian moves.
the conference on the banking
crisis had its human side. When
a heavy rain drenched 100 reporters
ranging around on the White House
grounds, they were invited to take
shelter on the White House portico.
1t was not long before official
members of the Roosevelt encourage,
accompanied by the correspondents.
were singing "Oh. Build Me a Home
Where the Buhaloes Roam"
White House cops stared and
gaped, not realizing that serious
business could be put to music with
ont bIlrt il,c pitI,pr