Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1934-01-26

na-A~.y-fk
no0seSe" not do so yet, saying
that because of world uncertainties,
l do not believe 1t desirable In the
public interest that an exact value be
now fixed" He added that careful
study had led MIN to the conclusion
that any revaluation at more than 60
per cent would not be in the public
Interest.
The President asked full power to
take over the last outstanding supplies
of gold in the country, much Of which
belongs to the federal reserve banks.
The legislation he requested, he ex-
planned. places the right, title and
ownership of our gold reserves in the
government itself; it makes clear the
governments ownership Of any added
dollar value Of the country's stock Of
gold which would result from any de-
crease of the gold content of the dollar
which may be made in the public in
terest."
The profit that may result from cut
ting the gold content. the President
proposed should be used to set up a
two-billlon-dollar fund for purchases
and sales of gold, foreign exchange
and government securities.
No further recommendations concern
ing silver were made in the message,
the President saying he believed I'VE
should gain more knowledge Of the
results of the London agreement and
of our other monetary measures"
In talking with the correspondents,
Mr.. Roosevelt explained once more
that the objective of his monetary pro-
gram is to bring the purchasing power
Of the dollar back to the level at which
the average debts of the country were
incurred, so that these debts may be
paid off with a dollar equal in value
to that at which the debt was incurred.
He made 1t clear that his program
does not call for resort to green
back currency.
Immediately after the reading of the
Presidents message, Senator Duncan
q. Fletcher of Florida, chairman of
the senate banking and currency COM
mittee, introduced the administrations
bill to effect the monetary changes
proposed. He called his committee to-
gether the next day to consider 1t, and
Secretary Morgenthau was the first
to be heard in argument for the iegis-
lation asked.
Only two Democratic senators came
out in the open promptly in opposition
to the Presidents program, Carter
Glass Of Virginia and Thomas P. Gore
a. Oklahoma. Both declared that the
appropriation of the reserve banks
gold was unlawful and immoral. Most
of the Republicans were cautious in
their expressions of opinion.
However, Attorney General Homer
Cummings rendered to the senate
banking and currency committee a
formal opinion unfolding that section
of the proposed bill.
"The monetary gold stock (of the
federal reserve SYSTEM may be taken
by the government in the exercise OF
its right of eminent domain" the at
torney generals opinion declared
"Such power" he went on, "extends
to every form Of property required fol-
public use"
Gov. Eugene Black of the reserve
board was heard by the committee In
closed session and Senator Fletcher
said Black was unchanged In his op
position to the seizure of the federal
reserve gold and the loss Of the profit
which would accrue from the devalu
alton of the dollar.
Senator McAdoo of California wa:
veraciously reported as sharing the
views of Senators Glass and Gore, but
later sought to silence the rumor, as
sorting that he had not yet made "
his mind. =