Imperial Valley press., 1934-01-24
SENATE OPENS
DISCUSSION ON
FINANCE BILL
Roosevelt Willing To Accept
Amendment For Time Limit
On Operations.
| OPPOSES CONTROL BOARD
Leaders To Fight For Accept
ance Of Presidents Program
Without Change.
By III. o. THOMPSON

United Press Staff Correspondent
WASHINGTON, Jan. "a. W.P)--
Debate on the administration IS
monetary bill opened in the senate
today with administration leaders
urging acceptance of the measure in
the form desired by President
Roosevelt.
Majority Leader Robinson, COM
ing to the chamber after confer
ence with the President, put the
bill before the senate when it ocn-
vened at noon. The administration
was prepared to accept a committee
amendment imposing a 3-year time
limit on operations of the proposed
So 900 100000 stabilization fund.
Administration forces were OPP
posed, however, to the proposal that
the fund be administered by board
of five members and it was be-
! lieved that this control would be
returned by the senate to the Sec
retary of treasury as in the origin
al bill
WASHINGTON, jar. 24.--Presi-
dent Roosevelt is prepared to yield
/ if necessary, to demands of some
senators that his new gold program
be placed on an emergency basis
with a time limitation, it was learn
ed today.
The President is opposed, how
, ever, to the change written in by the
senate banking and currency COM
mittee whereby the proposed So ,o00,-
100000 stabiliZation fund would be
supervised by a board of five men,
berS.
AS result of the Presidents at
titude it appeared probable that
control OF the fund would be re-
turned to the secretary o. treasury
as in the bill passed by the house
! last Saturday
Senate debate On the dollar de-
valuation bill was scheduled to open
today with indications that the bill
in its final form would be suitable
to Mr.. Roosevelt.
! The administrators opposition
to the committee amendment call
ing for diversified supervision over
the Stabilization fund is based OH
| the element of secrecy regarded as
vital part of the funds operation
With the beard controlled by
board of five, this necessary secrecy
would be jeopardized, it is felt.
The committee amendment limit
ing the activity of the $4,000 900 900
fund to two years with a third year
/ permissible at the discretion of the
President was regarded by the ad-
miniStration as of less Importance.
Centered In Committee
Most of the senate opposition
either to the bill as a whole or to
particular features of it is centered
in the banking and currency COM
mittee.
/ While three votes such as those
used with such telling effect by
Glass, DEM, Va; McAdoo, DEM,
Calf, and Gore, DEM, Okla, would
be sufficient to swing majority
within the committee, they would
dwindle to comparative insignifi-
canoe on the senate floor.
The administration was believed
! capable, therefore, of having pretty
much of its own way in any test
submitted to the entire senate
membership.
The Democratic leadership. how
ever, might prefer to make conces-
sions rather than to tie up the bill
in prolonged debate. 1t is considered
necessary to put the new monetary
plan-transfer of federal reserve
gold to the vaults of the federal
treasury, fixing of limited range
for dollar fluctuation and the set
ting up of the stabilization fund
into effect as quickly as possible.