The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-01-19
PRESSURE PUT
ON SENATE FOR
ACTION ON GOLD
Administration Is Confident
of Speedy Passage
by House.
By United Press

by Cnite0 Pf6SS
WASHINGTON, Jan. 19-Admin-
istration pressure for early passage
of the gold bill swung to the senate
today, as house leaders geared for
action on the significant monetary
legislation tomorrow.
Chairman Duncan U. Fletcher of
the senate banking and currency
committee said that Treasury Sec
rotary Henry Morgenthau had in
formed the group that it was "im-
perative" that the bill become law
by Tuesday. What was in the wind
on that day, neither Senator
Fletcher nor other committee men,
bers would guess.
1t was understood, however, that
the treasury plans some new
financing next week. Meanwhile, an
abrupt rise of the dollar on for
eign exchange indicated the need
of starting operations with the ST.
100000 sterilization fund which
the bill provides.
Several Provisions Fought
AS house and senate committee
hearings on the dollar revaluation
measure continued today, the adj
ministration found several pro-
visions of the bill opposed by Signi-
ficant financial figures.
Governor Black of the federal
reserve board, before the senate
banking and currency committee,
opposed the Presidents proposal to
take title to federal reserve gold.
James M. Warburg feared that
efforts to keep the dollar below go
cents would "be costly" and possibly
result in a serious drain on the
sterilization fund. He told the
house coinage committee however
that if he we're member of con-
gress he would make a speech in
which I would set forth that I
would vote for any bill the Presi-
dent asks for in the emergency"
"I would then explain however"
Mr.. Warburg said, that I would
like the revaluation plan better if
there was no top of co."
FiIibuSter Is Feared
Several senators predicted that If
the administration tries to rush the
bill through by Tuesday there would
be Republican filibuster, based on
the argument that detailed study of
the momentouS legislation was
necessary.
Senator Carter Glass (Dem:, Va
asked if he believed the bill would
pass by Tuesday, said 'it hasn't got
a chance"
The house, however, under the
ironclad program of the leadership,
will stay in session Saturday until
the bill is passed. Debate is linn
tied on the bill, which will be
brought up under a special rule.
A Republican attempt may be
made in the house to place a time
limit on sterilization fund opera
tions-either one year or two. Rep
resentative McGugin Rep., Kan) is
sponsoring SuCI d Cnang6.
Plan Open Hearings
Senator Adams (Dem., Colo.) of
the senate banking and currency
committee said he opposed per-
hitting the secretary of treasury
to engage in foreign exchange
transactions. He also said he would
attempt to have the provision
which forbids further coinage of
gold, deleted. He predicted that
the bill would be favorably re-
ported but by close vote.
The senate committee planned
open hearings today, while the
house coinage group was trying
zealously to round up a group of
witnesses so further information of
experts could be available before
the bill is brought up.
Mr.. Warburg said he had sought
to prevail on the President that a
devaluation program should pro-
vide a bottom limit of so per cent
but not stipulate top of so, as is
provided in the bill.
HE has gone the other way"
Mr.. Warburg said. But he has
more facts than I have"