The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-04-25
OF INTEREST TO WOMEN l
HOUSE PASSES THE
MUSCLE SHOALS BILL
CONTINUED from page one)

NSOHLlHuSu' IiOIn page OHCj
currency subcommittee.
1--WE could secure very cOnsiG-
cradle imitation and it would be
! sound and just an effective IN
, flation by taking care Of the de-
= poSitors whose money is locked
up in closed banks" Borah de
clared. "By paying them GO
cents on the dollar and taking an
assignment of their claims. we
would put that large amour. of
| money in circulation and put ii
{ out among the people.
! He estimated between $1,000
! 100000 and $S,O00,000,00 j,
locked up in banks. OF a bank
guarantee, he said eve have no
light to say to the people: You
must bring your money out OF
hiding. until we say to the peo-
pie, here is place you can put
it in safety"
The Idaho senator is consulting
Democratic leaders about the pos.
Sibiljty of amending The currency
initiation bill along the lines h.
suggests.
Standing as the champion OF
| the inflationists in the drama
! played before packed gallaries
was the tall, suav" Senator Elmer
Thomas, Democrat, Oklahoma. He
! bellies his economic philosophy by
a sartorial elegcncc. head O!
glistening and wavy white hair,
and Il drawing room manner,
But he has no kind words for
the east or the money power.
He startled his chief prOtagonist,
| the millionaire, Senator David
| Aiken Reed, Republican, Penn,
sylvania, yesterday by his vicious
attack on the financial interests
The major battle on the preSi-
dents program yesterday came,
however, not from Reed, the ac-
cepted spokesman Of the Hoover
Mellon-Mills faction, but from 4
Democrat, the spare and vnllc
Senator Willard TydingS, Demo
crat, North Dakota.
Tydings had a kindly word to
say for the British as their pre-
mier sat in conference at the
White House with President
Roosevelt. The United States
he said. forced Great Britain off
the gold standard by its policy
Of the last decade. He deScrib,
ed initiation as an "iSolatiOnist'
policy that would start vicious
circle Of nationaliSm that would
take the world still deeper into
distress and despair. He urged
American cooperation to adjust
TARIFFS currency and war debts,
During the debate Thomas re-
vealed that Attorney General
! Homer S. Cummings now is in
vestigating the constitutiOnality
of the provision delegating to
President Roosevelt authority to
re-value the gold dollar, which
was questioned by Borah.
The Oklahoma senator said the
best legal advice was sought in
drafting the provision, but if
Cummings held any doubt about
lit. the necessary changes would
| be made either in the house or
senate.
In addition to clothing the pres
iident with authority to rc-valur
the gold dollar down to 80 per
cent, either on his own militia
tive or in agreement with other
nations. the measure permits Il
$4,000. 100000 currency eXpan-
sion through "open market" OPP
erations of the federal reserve
board; a $3.0O0,000,0O0 cXpan-
sion by issuance Of treasury notes
to buy up government bonds, and
authorizes the acceptance Of
$1OO,OO0,O00 in silver in pay
ment Of war debts for one year.
against which currency would be
/ issued. The president may resort
| to the use of any of these pro-
visions he deems necessary.