Evening star., 1934-01-26

power to revalue the dollar with an as
sertion that q power Of such impor-
tance could be exercised only by Con-
gress.
Il contend that minor powers may
be delegated to another agency to be
carried out" said Austin. There are
think that this particular power is a
power that has been held by the courts
to be Of the highest magnitude"
THE courts have held, over and
over" responded Senator Robinson
pounding his desk, that Congress can
choose an agent, fix the rules Of its pro-
cedure. and. when it has done SO. it Is
. valid delegation Of authority"
Borah reminded Austin that Con-
gresS In the past has delegated the
taxing power to other agencies. in the
flexible provisions Of the tariff law. in
the Interstate Commerce Commission
authority over railroad rates and In
many other instances.
Senator Reed of Pennsylvania, Z
leader among the conservative Repub-
licans. said he agreed with Robinson
that by furnishing an agency with q
rule of action" Congress can au-
thorize it to exercise otherwise legis-
lative powers. This was true, he said
In the case Of the Interstate Com
merce Commission, and the flexible
tariff law. but, he added:
THE trouble with this proposition
Is that the power is delegated witn
no rule Of action prescribed"
Kean Fears Result.
Robinson disagreed with an asserted
opinion that the bill laid down a rule
OF action as clear as In the instances
mentioned.
Austin addressed himself particularly
to this phase Of the bill, asserting
over and over the authority in Ques-
one to exercise, much less to q single
individual.
Senator Kean of New Jersey. Repub-
lican member of the Banking Commit
tee, told the Senate that while the bill
may mean a boom in Wall Street, II
also means misery and distress to mil
lions of people" The only merit he
could see in the measure lay in an ar
gument that "a fall in the currency
must cause rise in the tariff and this
might stop imports" and give more busi-
ness to the American manufacturer.
This bill transfers all the currency
OF the United States from a gold basis
to . nat basis" he said. 1T will be the
first time since Alexander Hamilton
that the holder Of currency cannot re-
ceem it In gold"
He predicted that the two billions Of
the stabilization fund would be in the
hands Of the British in two years time
and asserted that the dollar should be
revalued at 66 % per cent rather than
so per cent or less of its present value
Assurance Needed.
Senator Vandenberg, Republican. oil
Michigan thought the measure woulc
be beneficial in that 1t would give busi-
ness more definite assurance Of the
future value Of money. However, he
was anxious that the Sterilization
Board amendment be retained, arguing
1t was important that Congress anc
the people know the identity Of tht
experts who were advising the admin
istration on expenditures from the fund
Senator Barbour, Republican, of New
Jersey announced that he was "ir
agreement with the objectives of tht
bill' and "in favor of devaluing the
dollar at this time" and felt it OBJ
viously proper to give the resultant
profits" ,of this deyaluatien to the
United States Treasury But he though
the bill was going about the righ
things in the wrong way"
He objected to the mode Of compen
sating the Reserve banks for their gole
In gold certificates of a special typt
and opposed vesting authority to op
crate the stabilization fund in Secre
tary Morgenthau alone. He feared {
conflict between the Treasury and tht
Federal Reserve System in exercising
the powers conferred by the bill
II. Of course, like every one else
particularly in these times, want t.
help the President in any way I pos
sibly can and realize that 1t is my dut.
to do so, but ! do not consider it eithe
helpful or loyal to simply go along OF
any and every measure the administra
tion may suggest, whether or not my
self. in the position of public trust
hold, believe they are destined to sue
cess or failure" he said
If time proves that I am wrong il
this instance, and can say in all sin
cerity that I hope that this will be tn
case, will be the first to admit m,
error. but am still too fearful of bein,
justified in my contention that tn
whole undertaking. in the end, Is NOR
likely to prove harmful than helpful.