Evening star., 1933-11-26
MONEY-PLANF FOES
SCORED BY BORAH
Battle RACES With Moore Be.
hind President and Fess
Standing by Critics.
CONTINUED From First Page)

Continued From First Page)
which I regard as . sound, wholesome
statement"
Moore, a former member Of Congress
from Virginia, In q statement replying
to inquiries, warned those who opposed
the Presidents program that Congress
and the probability of imitation on a
very broad scale will have to be reck-
oned with"
Moore expressed a great personal ad-
miration for Smith, but challenged the
idea that present conditions were SINH
lar to those in Cleveland's time.
I'VE are in troubles that did not
exist when Mr.. Cleveland was Presi-
dent and that imperatively require such
experiments as Mr.. Roosevelt is max
ing" Moore said "Some of his oppo-
nents seem to be living in the past"
Black Stanchly Denies Rift.
Blacks denial Of a conflict between
the Reserve Board and the Treasury
followed reports Of srHl rift arising
from the boards lat report, which
showed 1t had sold, rather than bought,
Government bonds.
There is absolutely no rift between
the Federal Reserve Board and the
Treasury" Black said.
Since May /, we have bought $594,-
100000 of Government bonds to put
excess funds into the market. Those
purchases, together with our prior pur-
chases, made excess funds OF $780,
600 900.
There has been q gradual tapering
or Of reserve bond purchases for the
last five weeks. Such purchases dropped
from $35,000.000 a week to $25, 900 900,
to S18, ,oOO, 900, to s12, 900 900, to nothing.
''An this tapering Off started before
there were any changes in any Gov
ernment department and before there
was any announced departure in mon
etary policy. SO that this tapering off
any event Of the past four weeks"
Governed BY Developments.
Gov. Black would not forecast what
the boards open market operations
would be in the near future, asserting
that was matter to be determined by
the developing business situation.
Nothing can be said" he remarked
1--WE meet here once each week and Ak
our policy. We must necessarily be
governed by developments. We can
never tell far in advance what our
operations will be-"
On the other side Of the political line
from Borah, the Presidents monetary
policy received an Endorsement from
Senator Wheeler, Democrat, of Mon
tana, silver reconciliation proponent
Speaking over a National Broadcast
ing Co. hook-up, Wheeler declared he
wanted to call the attention of the
people Of this country to the splendid
courage that is being displayed by Presi-
dent Roosevelt in his fight to lift COM
modify prices in order that those who
borrowed money in 1926 may be able
to pay 1t back with money which has
the same purchasing power"
Calls Opponents Tories"
He is being attacked on all sides by
the same Tories who wrecked this coun-
try" said Wheeler of the President
The money-changers do not want to
leave the temple"
Wheeler said he had not always seen
EYE to eye with the President with
reference to his methods of bringing
about higher commodity prices"
i have not seen eye to eye with the
Secretary of Agriculture, who apparently
believes the way to increase wealth is
TO destroy wealth." he added, NOR have
I seen eye to eye with the Treasury
Department in revaluating the gold dol
lar, but have been in perfect accord
with the objectives which they seek to
accomplish"
Wheeler, who at the last session
fought for his bill to remonetize silver
through free coinage. said remonetiza-
ton would not bring uncontrolled in
hatlon' because silver will be hardly
sufficient to supply the monetary de-
ficiencies Of the acute crisis now weigh
ing us down"