The Washington times., 1933-04-29
SENATE'S VOTE
SPEEDS BILL
, TOF|NAL|TY
Greater Power Than President
Ever Had Provided by
+ Farm Measure

The Administrators prosperity
bill" comforting on President
Roosevelt the greatest peace-time
powers in American history, held
the Senate's stamp Of approval to.
day with ratification expected
from the House. The vote was
"a to 20.
The bill empowers Mr.. Roose
welt to initiate farm prices, slash
agricultural Indebtedness, extend
leniency to foreign debtors, and
expand the currency.
The expansion program would
give the President authority to
use the Federal Reserve System
in initiating and then StabiliZing
commodity prices.
Foreign Debt Feature
If that fails, he may issue 3d.
900 100000 in Treasury notes, re-
monetize silver at a fixed ratio
against gold, and even reduce the
gold content of the dollar.
One section authorizes the
President to accept up to $780,
100000 in silver on debt pay
ments within the next six
months.
A provision further empowering
him to value the silver at not to
exceed so cents an ounce would
allow a % per cent slash in the
amounts due on June is or over
due.
All Opposition Fails
The conservative Republican
opposition was beaten down at
every turn.
The Administration won, Al to
26, on vote authorizing the
President to remonetize silver.
It won, 35 to SO, when the
Senate rejected the Reed motion
to strip the President of all
power to change the gold dollar.
1t won, % to go, when the
Senate rejected cash payment Of
the bonus at the Presidents sug-
gestion.
It won, SO to 80, on the pro-
vision to take silver on debt
payments.
Three Party Boilers
The whole initiation program
found only three Democrats bolt
ing the President. They were
Senators Glass CD { Virginia
former Secretary of the Treas
ury; Bulkley of Ohio and Bailey
of North Carolina.
Fourteen Republicans, includ-
ing the Independents and the
rather conservative Steiwer of
Oregon, Dickinson of Iowa and
Keyes of New Hampshire, voted
for the program.
The battle over initiation COM
pletely overshado wed the farm
bill, to which the currency meas
ure was added as rider" Only
four Democrats bolted the Presi.
dent on his farm-relief program.
They were Glass, Bulkley, Bailey
and Clark of Missouri.
Power to Wallace
The farm sections authorized
the President. through his Secre-
tary of Agriculture, to initiate
farm commodity prices by leas-
ing surplus acreage, paying a
bonus for reduced production
through the so-called allotment
plan, and by negotiating price
fixing agreements between pro-
ducerS and professors.
The price-fixing provisions ap-
piled to the basic crops, enum-
Grated as wheat, cotton, tobacco,
corn, rice, hogs, milk and dairy
products, and sugar. Sugar
probably will be eliminated in
the House.
A separate section gave special
relief to cotton-growerS by per-
mlttlng an exchange of options
on Government-owned cotton in
return for reduced acreage.
Aid to Exporters
The agricultural export trade
was dealt with in a separate
section. The President would
be authorized to use a fund of
$100,000,000 to increase exports,
while a portion of the allot-
1ucuG lax WOulQ De QlVerLeQ 10
the same purpose.
Relief for agricultural indebt-
edness was provided in another
special section. It would author
ize $4,000, ,0OO,0 bond issue to
refinance farm mortgages at AZ
per cent interest.
The Administration could ex-
change bonds for new mortgages
based on a reduced valuation Of
the mortgaged property or sell
the bonds and use the proceeds
similarly.
Direct loans to farmers to re-
deem foreclosed mortgages also
were provided.
HL nL