Evening star., 1933-04-25
INITIATION IS HEIDI |
UNSOUND BY REED.
Pennsylvania Says Grant to
President Under Bill Is
Unconstitutional.
Continued From First Page.)

clause authorizing the Chief Execu.
tive to reduce the gold content Of the
dollar.
Borah's doubt elected from Senator
Thomas q statement that Attorney
General Cummings was studying the
constitutionaltty phase and that II the
latter should decide that further re-
strictive language Is necessary Con-
gress will consider 1t.
Borah had questioned whether Con-
greSs. which has sole power under the
Constitution to coin money and regu-
late its value. could delegate this power
to the President without laying down
formula for executive guidance.
Chairman Fletcher of the Banking
Committee, who had opposed the gold
clause along with two former Demo-
cratic Secretaries of the Treasury
Glass Of Virginia and McAdoo Of Cali
support the entire imitation program
because, in his opinion. sufficient safe
guards had been added by the COM
mittee.
Sees Isolation Policy.
Tydings, In announcing opposition to
the measure, contended America had
enjoyed a $4,000, 100000 favorable
trade balance against the world In the
last 80 years, adding
This imitation means policy OF
isolation. This is policy of America
living unto herself. We are saying
good-by to the rest of the world in the
face of the fact that in the last 81
years We sold more by $4,000 600, 900
to the world than it sold to us
Tydings estimated imitation would
cause direct and indirect unemploy-
ment for 22,000,000 people. who would
have to be supported by the Govern
ment
Tydings asserted further that loss OF
Americas foreign market was ines
capable" under imitation.
Does a policy of imitation take into
account that sooner or later we nave
got to walk the international road or
the road to isolation?" he asked. I'VE
are at the parting of the ways.
We've got $26,OO0,000.000 invested
abroad, bringing in one and a quarter
billions of gold a year. Do you want to
say good-by to that?"
Senator Reed asked II debasing the
dollar would mean "cancelling half the
debt due from abroad?"
Absolutely" Tydings replied.
Half the cotton farmers are dependent
up the foreign market, Tydines said,
estimating that 800.000 Of them would
have no means Of livelihood under in
hation.
Scores Tariff Laws.
THAT would mean 100000 people
to feed, clothe and shelter he said:
Does imitation take that into account?"
Another million dependents would be
created through loss of the foreign
wheat market. he estimated. ADDING
that a complete loss Of foreign trade
would mean direct unemployment for
4,80O. 900 people.
"The unemployment today is di-
rectly attributable to loss Of foreign
markets" Tydings said when you get
five billion dollars Of new orders from
abroad 10000 900 men will 60 back to
work
Senator Connally. Democrat. Of
Texas, asked if the purpose of imitation
was not to provide for a uniform cur
rency system for the world with which
to facilitate trade"
"I believe the time has come to be
truthful and not wave the American
flag until it ought to be waved" Tyd-
ings replied hotly. adding, the policy
Of this country since 1870 mas Deen 70
drive Great Britain on the gold
standard"
He asserted America had granted
Great Britain. one of her best custom
ers, only 80 per cent cut IN war
debts, yet turned around and gave
Italy. a much smaller customer, an 80
per cent write-off.
Tydings said America deprecated sill
yer by demanding payment Of the war
debts in gold.
"Now we come along at this belated
hour. when the horse is out Of the
stable, and try to lock the door," he as
serted I'VE come along and want to
accept $100, ,000.0O0 in silver on the war
debts. What a pity we didn't do that
four or five years ago and arrest the
fall of silver and save our markets"
Urging a policy of live and let live
in international trade relations. Tydings
hoped on the Hawley -Smoot tariff law
as leading to retaliatory tariffs and said
I'VE lost by it."