Evening star., 1934-01-25
Borah Admits Lack of
Strength, However, to Carry
Two Amendments.
HASTINGS CALLS PLAN
LOCALIZED ROBBERY
Delaware Republican Cites Prece.
dents in Argument Against
Bills Constitutionality.
By the Associated Press.


While Republicans shouted robbery"
at the administration money bill in the
Senate today, independents in both
parties virtually decided to put silver
and mandatory imitation amendments
to test vote, but found their strength
far from majority.
The cry of robbery" came from Sem
ator Hastings of Delaware, as Demo-
cratic leaders bided their time for a
vote on the legislation. They were con-
fident of success when the roll was
called.
Meanwhile, the House Banking Com
mittee made plans to start hearings
tomorrow on bills to establish a new
Federal monetary authority which
would have the sole right to issue cur
rency.
Lack Vote Strength.
Senator Borah. Republican, of Idaho,
told newspaper men there were insuffi-
cient votes for the two independent
proposals. but they probably would be
offered anyway.
built around the idea of Senator
Wheeler, Democrat. of Montana prob
ably would be proposed first to be fol
lowed by one of his own for compulsory
issuance of new currency against the
gold proposed to be taken over by the
Treasury preparatory to devaluation O
the dollar.
Borah said he would have surplu
gold-that left over after s2000,000
900 was taken out for stabiliZation pur
poses-used as a 80 per cent reserV,
for new currency. This, he estimated
would provide for about $4,000 900 ,00t
of new money.
Borah said a preliminary poll hae
shown the Republican regularS-abou
26 in all-were opposed to compulsor,
imitation - while the administration
Democrats wanted this left to thu
Presidents discretion.
Hastings Charges Robbery.
The silver purchase idea would pro.
vide for the buying Of silver until q
ratio of l6 to l with gold had beer
reached. with provision for issuance oi
new currency against the silver bullior
that was bought.
Hastings began the Republican bonn
bardment against the bill in the Sen
ate. charging it was unconstitutiona
and undertakes to legalize robbery b,
taking property of our citizens withou
due process of law and without jus
compensation"
! On the House side. Chairman Stea
gall of the Banking Committee wa.
asked if the proposal for new none
|r,lJy ,ictv fTfI
backing.
That's still up in the air." he re
piled
The Delaware Senator characterize
Roosevelt's monetary proposal as ''muc
nings Bryan's plan for free coinage o
silver in 1896
Opening the Republican assault
Hastings said the social results of thi
bill are hideous," and predicted it woul
'impoverish the whole people
Though the money bill has bee
hailed by some as the most importar
legislation since the Civil War tf
/ overwhelming strength of administrs
ton forces made the battle seem tam
What little fight there was in til
opposition was virtually dissipated b
President Roosevelt's concession on tf
time limitation. making the bill tempo
1ary, rather than permanent Legislation
Precedents Cited.
Hastings, former State judge. cha
lenged the constitutionality of the do
lar devaluing bill in a long prepare
speech. much of which was devoted
citation of legal precedents. He warne
the Senate the constitutional questio
was Of more importance than in mo-
legislation because confusion in tt
whole economic life of the Natior
would follow an adverse ruling by tt
Supreme Court.
Turning to the more general aspect
OF the Presidents money policies, Hast
ings asserted the administration N:
definitely decided to create huge Ger
trail banking system which shall
controlled by the Government
He said the Federal Reserve systel
would be 80 crippled by this legislatio
that it will be of little or no value
the future" and predicted that with
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