The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-03-24
COMMUNISM IS
CRIED AGAINST
BRAIN TRUST
Unnamed Members Declar-
ed To Be Upsetting the
Social Order
WAY BEING PAVED FOR
A 'STALIN,' Is CLAIMED

WASHINGTON. March "a
(UP). President Roosevelt wants
stock market bill with teeth in
it, but he hasn't vet read the re-
vised measure on which house
and senate committees are now
holding hearings. the White
House said yesterday.
Gov. Eugene Black of the fed
eral reserve board told the senate
banking committee that he ap-
proved the bill and was confident
that it would work. Tom K. Smith,
assistant to Treasury Secretary
Morgenthau, renewed an earlier
endorsement of sections on which
the treasury had been consulted,
but was non-committal on the
rest.
Richard Whitney, president of
the New York stock exchange, re-
newed his attack on the bill as I'M
workable and destructive. Before
the House Interstate Commerce
committee, charges of cOmmun-
ism were leveled against undeslg-
mated members of the brain trust
and an accusation Of treason was
directed at a critic of the eX-
change measure.
James H. Rand. Jr.. chairman
of the committee for the nation,
a group composed largely of bust
ness men, which worked closely
with the administration in con-
nection with dollar revaluatlon,
denounced the bill as move to-
ward RECOMMENDATION of the nation.
"Mysterious powers" including
foreign interests, were backing
the bill. he said. and added that
eve are being pushed along the
road to communism"
He introduced a statement by
DR.. William A. Writ, Gary, lnd''
educator, charging that the brain
trust was seeking to destroy the
america of Washington, Jetter-
son and Lincoln" -. =,
Writ quoted an unidentified
member of the brain trust as say
ing to him: u
eve believe that we have M.
Roosevelt in the middle of a swift
stream and that the current is SO
strong that he cannot turn back
or escape from it. We believe
that we can keep Mr.. Roosevelt
there until we are ready to sup
nIant him with a Stain. We all
think that Mr.. Roosevelt is only
the Kerensky of this revolution"
Rep. Monaghan. DEM, Mont,
protested:
"This sort of testimony is
damnable and traitorous."
Rep. Wolverton, DEM, N. j.,
told Rand his testimony would do
more than the bill itself to upset
the public mind, and Rep. Mapes,
Repn. Mich. expressed amaze
ment that Rand, who "aided and
abetted the brain trust in its
monetary program" should take
such a violent stand against it.
Gov Black, before the senate
committee, took sharp issue with
stock exchange critics of the re-
vised bill.
He said that the federal re-
serve board was in full accord
with the theory that stock eX-
changes should be regulated,
speculation curbed and credit
controlled.
His board is ready to assume
responsibility for regulating mar
gin requirements. he said. He ap-
proved the bills specification of
a basic margin limit subject to
alteration by the board when con-
ditions required.
"It is the feeling of the board
that the new bill is workable and
fair and that speculation will be
curbed and the undue use of
credit will be presented" Black
said.
He expressed confidence that
the country was cured of "specu-
lative frenzy" for the present.