Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-04-26

PLAN ADJOURNMENT
TARIFF TO CAUSE DEBATE
SILVER STATUS
LOANS TO INDUSTRY
%REPAYlNG DEPoslToRs
c. c. c. AND VETERANS
MILLIONS ON RELIEF
With an idea of an early end OF
this session OF Congress, congress
siona1 leaders are working hard te
complete action IN items which the
President urges before adjournment
These include stock market regula,
ton, modification of the Federal Sc
curities act, an emergency approp
ration OF $500 o0. 900 for relief and
rehabilitation and extension OF the
temporary bank deposit guarantee
law for another year.
While silver and closed-bank relief
legislation appear on the list doomed
to wait for the next session, the pos
slblIity exists that insistene demands
for action may aus these questions
to be taken UP now. The Wagner
Labor bill. the Connery 3O-hour week
bill, the raifroadsi 6-hour day bill,
the Dill bill OIL communications, the
Lewis unemployment insurance bill
and the permanent air mail measure
go over.
While 1t seems to be the aim OF
the leaders to finish the session by
the middle OF May, there is one
question to be taken up which nigh.
cause an outright effort to block the
legislative progress and thus mean
a much longer session. This is the
reciprocal tariff bill, the most con
troversial subject in the program.
Action on II will p~recipitate pro
longed argument although the Presi-
dent Is In an excellent position with
all measures absolutely essential to
the conduct of the government so
far along as to be unsuitable targets
for filibusters.
The agitation for silver legislation,
which Is backed by the Silver-Farm
bloc, calls to mind the fact that an
international agreement was reached
at London last year for cooperation
among the great producing and hold.
Ing countries for restrictive action
to enhance the world value of the
metal. In January, President Roose
welt withheld suggestions in regard
to the future use of silver In order
to see what effect the International
agreement would have.
The President is known to be OPP
posed to any action until he has
worked out a purchasing plan, and
Speaker Rainey says the Chief Ex-
ecutive lis as strong for silver as /
Nevertheless, the powerful sill
yer bloc is pressing steadily ahead
with the aim OF lifting silver from
the commodity status and making II
primary money. 1t is probable that
this question may prolong the cur.
session Of Congress.
BY the treaty, the United States,
Canada, Mexico, Australia and Peru,
the major producing nations. agree
none should sell any silver until
January 1st, 1888, and that they
should purchase OF withdraw annu
ally 5000, 900 fine ounces from their
mine production for four years, be
ginning January 1st, 1934-the sill
yer withdrawn to be used for cur
rency purposes. This agreement has
been ratified by the countries affect
with the exception Of Peru.
The holding countries, including
India, China and Spain, agreed to
limit their disposal Of silver for a
four-year period. Spain had not rati.
fled the pact by April 1st, which was
the deadline, but the Spanish Gov
eminent had been given an extern
sion OF thirty days. 1t al also pro
vides that sixty-six nations would
from debasing their silver
coins, use silver for minor currency, !
and take no measure to d~epreciate
price OF tine metal.
The President is understood to
have approved the proposal OF Sen.
ator Glass to empower Federal Re
serve banks to make five-year loans
direct to going Industries. While def
mite details are subject to adjust
ment, especially with the Governor
Of the Reserve Board, 1t is under
that something will be done to
extend Federal credit to industry so
that recovery may be accelerated by
business activity.
The effort to repay the depositors
Of closed banks the full amount OF
money now tied up meets with
The ~disapproval OF Secretary Morgen-
thau, who points out that nearly one
halt of the money would go to foul
per cent OF the depositors and that
The proposal, If enacted, would cost
the taxpayers from $3.50, OOO, 900 to
5000.
The idea behind the bill lis for the
Government to take owe the assets
Df closed banks and release the mon
to speed up recovery.
In a letter to the President, Rob
art G. Fechner. director OF the emer-