Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-01-25

p..--s per cent, but he doe
not do SO yet, sayinl
that because of world uncertainties
do mo- believe 1t desirable In tn,
public interest that an exact value b,
now fixed" He added that careful
study had led him TO the conclusion
that any r%eyaluation at more than 6t
per cent would not be In the public
interest.
The President asked full power &c
lake 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.
PINNED, places the right, title and
ownership OF our gold reserves In the
government itself; 1t 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.a
The profit that may result from cut
ting the gold content, the President
proposed should be used to set up q
tWo-billion-dollar fund for purchases
and sales of gold, foreign exchange
n 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
or 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 leyelat 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.
lie made 1t clear that his program
does not call for a resort to green
back currency.
Immediately after the. reading of the
Presidents message, Senator Duncan
Y. Fletcher of Florida, chairman OF
the senate banking and currency com
mittee, introduced the administrations
Oil to effect the monetary changes
proposed. He called his committee to-
gether the next day to consider 1t. and
Secretary M~orgenthau was the first
to be heard In argument for the legis-
Iation asked.
Only two Democratic senators came
out In the open promptly In opposition
the Presidents program, Carter |
Glass OF Virginia and Thomas P. Gore
Oklahoma. Both declared that the
appropriation of the reserve banks
,old was unlawful and immoral. Most
II the Republicans were cautious In
heir expressions of opinion.
However, Attorney General Homer
cummings rendered to the senate
'anking and currency committee q
ormal opinion unfolding that section
I the proposed bill.
The monetary gold stock (of the
ederal reserve system) may be taken
y the government In the exercise of
g right Of eminent domain" the at
orney generals opinion declared.
Such power he went on. 'extends
Q every form OF property required for
ublic use"
Gov. Eugene Black OF the reserve
was heard by the committee In
losed session and Senator Fletcher
aid Black was unchanged In his Oh
osltion to the seizure OF the federal
eserve gold and the loss of the profit
hitch would accrue from the devalu.
tion Of the dollar.
Senator McAdoo OF California was
e%raciously reported as sharing the
Jews of Senator's Glass and Gore. but
tier sought to silence the rumor. as
that he had not yet made up
Is mind.