The daily worker. [volume] (Chicago, Ill.) 1924-1958, 1934-01-24
Gold Measure Ok'd
bySenateCOmmittee
Continued from Poge y

4ldAA dAAACllHCh IAAC Jill W 4CdAA&E a
report to Congress every three years.
Want More Imitation
Silver Bloc Senators organized to-
day to launch a drive on the floor
tomorrow to include a silver coinage
proposal in the gold bill. Senator
Wheeler, Montana Democrat, told
this correspondent he would submit
his silver plan-another big imitation
scheme - as an amendment to the
gold bill. It would provide that the
government buy up to one billion dol
lars worth OF silver and issue silver
certificates on it on an II to one ratio.
Wheeler said he had consulted the
White House. and although the Presi-
dent had not agreed, lit looks hope
full"
Something will be Done for silver
at this session." Wheeler added.
Probably the silver program will not
be approved by Congress at this time,
but this move will serve TO rally the
silver blocS forces for a successful
drive later on.
The Amendments
Other amendments to the gold bill
approved today would accomplish the
following:
A three year limit would be estab-
lished for the operation Of The stabili-
cation fund, the President being
authorized to terminate it as much as
a year sooner If he so desired:
A time limit would be placed on the
Presidents authority to change the
level Of valuation within the range
of so to so per cent. of normal value;
A board Of five would be created to
handle the sterilization fund instead
of its being handled solely by the
Secretary Of Treasury.
With the exception Of the llmita-
ton on the sterilization funds opera
ton. these amendments are not vital.
The creation OF the Board is simply a
sop to banker opposition to the bill,
within presently would transfer GER
tain Federal Reserve powers to the
Secretary of Treasury. Tao proposed
beard would include the Secretary of
Treasury, the Governor of the Fed
eral reserve Board, the Comptroller of
the Currency, and two members ap-
pointed by the President. Obviously
the Secretary of the Treasury would
control the actions Of the Presiden-
TALLY appointees on the beard, SO that
Roosevelt would retain control, real
istically, though not formally.
Chairman Fletcher Of the Banking
Committee said after the meeting
that he didn't think the latter
amendments had a chance Of sticking.
1t is generally conceded that their
only chance would be to be accepted
by Roosevelt--and that is not now
likely. In the House, every amend
ment was cried down and surnrnarily
squelched.
Secret Discussions
The Senators who had been op-
posing the gold bill in the Committees
hearings, nevertheless, switched to
approval Immediately after the
amendments were adopted. Even
Senator Glass Of Virginia and McAdoo
OF California, the Democratic con-
Seryatives, voted approval. The divi-
sion of the Committee was Is to 2 for
the bill, with only Goidb0sorugh of
Maryland and Townsend Of Delaware,
Republicans, voting no.
In just three hours Of secret DELHI
erations, the committee completed
action. 1t had outstanding monetary
authorities declare the inflationary
character Of the bill. It had heard
the Presidents chief monetary ad-
visor declare, late yesterday, az have
no data on wages although he and
several others had announced that
the brunt of initiation would fall upon
salary and wage carriers, who will
have to pay more for everything
under the Roosevelt program. and
who will be placed in far greater
danger Of being sent to war.
Debate on the Senate floor proba-
bly, will be bitter-but with only oppo-
sition likely coming from the die
hards. and with final approval GER
tain throughout In feet, most Of
the Senators opposing the bill are
included on the Banking Committee,
which approved it today.
Senator Fess complained that his
constituents were "propagandizing
him to vote to devaluate the gold
dollar or to issue greenbaeks. This
would be, he said, "a great blunder.
economic. governmental and in every
other way" He asserted that for
the government
This procedure of decreasing the
value of the dollar in order to pay
a debt and enhancing the price of
the commodity might benefit some
classes" he said, "but it is going to
be terrific injury to the vast ma
jority Of our people, because the
great majority of Americans are en-
gagged in gainful OCCUPATIONS. They
do not sell commodities; they sell
services
Illustrating by the effect the
Roosevelt bill will have in depart
ment stores, he pointed out that in a
Washington store, owned by fifteen
men who employ 200 people, eff
teen men benefit; but at the cost of
the 200 people who do not sell COM
modities but who sell services for
wage and salaries" this represents
vastly more than so per cent Of
Americans, something like rs per cent
in the interest Of increasing prices Of
commodities but who sell services
something like 100000 Of our poo