The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-01-25
OF INTEREST TO W0NAEN N1
VOTE TO COME LATE
TODAY in SENATE
iContinued from page one)

ever, feel that operation of
board of control the Sterilization
fund would make it impossible to
keep its operations secret and
are determined to seek its ell
mination from h e measure.
Speaker of the House Rainey
yesterday said the amendments
had destroyed the usefulness"
of the bill and predicted the
house, which passed the measure
virtually as drawn by the treas
urv by vote of $50 to 40, would
not accept the changes.
The opening debate on the
measure yesterday brought to
their feet two of the senate's
most vaunted debaters-William
f. Borah and Carter Glass.
Standing on opposite sides of the
senate isles they attacked the
legislation which has been de-
scribed as the most important to
be submitted to congress IN two
decades.
Borah sought assurance from
Democratic senators that a pro-
gram of currency expansion
would follow adoption of the gold
bill, but did not succeed in OBJ
tanning it Then Glass, clinging
TO the edge of his desk and
drawing sarcastic phrases out OF
the corner of his mouth, began
his long awaited attack on the
bill. He began by criticizing
Secretary of Treasury Morgen-
THAI:
"Our secretary of the treas
ury is a most estimable young
gentleman, worthy, patient, amir
able, lovable-yet without a days
experience as a banker, as far as
/ can ascertain, he is without
knowledge of foreign exchange.
Yet, it is proposed to put this
power in the hands of such g.
person"
Only recently recovered from
an illness, the elderly Glass paus-
ed in his speech frequently to
sip orange juice. Waving a $40
bill, Glass pointed out that it
bore a promise to pay in gold
and added:
ut has printed on its face a
lie, and l should think that would
impair and eventually destroy the
confidence of the plain people"
81 am mindful" interrupted
Borah, "that we entrusted the
president with sufficient power
to expand currency and raise
commodity prices at the special
session, but it has not been done.
l want to know if this measure
presents any guarantees that it
will be done if we approve it."
Glass replied that any commo-
dity price increases to come from
enactment of the bill would be
largely temporary and would pro-
vide an opportunity for "gamb-
lers to speculate in the commo-
dity markets" He said it would
be impossible to raise wages with
the same speed as prices, il pric-
es did rise, and the result would
be "destitution for the middle
classes"
Senator Barley, DEM, KY, a
member of the banking commit
tee, was the chief defender of
the bill. He urged it was essen
tial for the government to have
full title to all monetary gold to
prevent boarding and shipment of
the metal abroad. Barley de-
MED that the federal reserve sys-
tenn would be emaculated, as
charged by Glass; and would
have virtually the same func-
tons as usual.
Chairman Fletcher of the SEN
ate banking committee interven-
ed as debate became heated 10
charge that exports, economists
and financiers have brought the
United States and Europe into
the unholy mess they are in" and
called upon the senate to decide
the fate of the gold bill Sin your
own mind"
He said the measure was essen
tial as a step towards stabiliza-
ton of currency and foreign eX-
changes which "the president de-
sires."
Glass revealed that Walter Ste
wart, former economic advisor
to the Bank of England and one
of the worlds foremost authOri-
ties on foreign exchange, has
testified before the banking
committee that the gold bill
would lead to further demorali-
cation of foreign exchanges and
delay in currency sterilization.