Evening star., 1934-01-27
Foes See Total of Only rs
Opposing Votes as Final
Action Nears.
TIME LIMIT EXPECTED
TO BE SOLE REVISION
Measure to Permit 60 Per Cent
Devaluation of Present
Dollar Level.
By the Associated Press

bill to President Roosevelt by Tuesday
became the goal of Democratic leader.
today as they cleared its Senate path
way for final speech-making and a
time-limited dispute over imitation BY
the silver route.
A final Senate vote is assured by
nightfall. House concurrence is expected
in quick order Monday. The administra-
tion thus may be able to inaugurate its
devalued dollar two weeks after suggest
ing it to Congress.
The only consequential change in the
bill as it apparently heads toward the
White House is time limitation on the
operations of the 100000. 900 stabil-
ization fund and the Chief Executives S
power to revalue the dollar.
This limitation, agreed to by the
President. allows two years for these
operations, and a third, if the Chief
Executive wants 1t.
Treasury Control Upheld.
Unless unforeseen changes are made
the bill will allow Mr.. eosevelt to
devalue the gold dolla. e 80 per cent
of its present level, and shift this con-
tent at will between the so and 60 per
cent levels BY 54-36 vote yesterday
the Senate upheld sole control of the
big stabilization fund by the Treasury
Secretary.
The Senate today was called into
session an hour earlier than usual to
allow time for final time -budgeted
formalitieS.
There was an agreement to vote on
the silver amendment by o'clock and
to sharply limit debate after o'clock
if a final decision had not been reached
by that time.
Even Senator Wheeler, Democrat. of
Montana, author of the Sllver-lnf1atlon
amendment predicted 1t would draw the
support Of few more than 80 or possibly
IS Senators The amendment would re-
uuire the Treasury to purchase silver
until it reached a ratio of l6 to l with
gold, or until a billion ounces had beer
bought.
IS Negative Votes Seen.
The only question about the final
vote was when it would come. Repub-
lican leaders gave as an optlmiStic
prediction about 25 votes against 1t.
Further Republican attack on the bill
was expected during the day. however.
Senator Borah. Idaho Republican
yesterday announced support OF the
measure as a step in the right dlrec-
tion"-toward imitation of the currency
would
taken soon. He called for the re-
nonetization OF silver.
The Wheeler proposal is that the
Treasury be instructed to buy $4,000. 600
ounces Of silver monthly and issue silver
certificates for which the metal would
furnish backing.
white metal, brought up his proposition
late yesterday. just after the Senate
had given the Secretary of the Treasury
sole authority over the stlbiliZatlon
fund. First efforts to reach an agree
ment to assure a vote today were baked
by the objection of Senator Fess. Re
publican, Ohio. an opponent OF the bill
who feared time would not be allowed
for a speech he plans to deliver. Senator
Robinson. the Democratic leader
threatened to keep the Senate in session
last night, however, and Fess and other
opponents withdrew their opposition.
Reed Assails Measure.
Yesterdays debate brought sharp
indictment Of the measure from Senator
Reed prominent member OF the con-
servative Republican faction, who con-
tended it would play havoc" with the
people and was the equivalent OF 4O
per cent cut in American wages. Sena-
tor Robinson responded with a warm
defense, and Senator Borah contended
it could not achieve its purpose without
some increase in currency in circulation
Robinson disputed a claim by Reed
that giving the Federal Reserve Banks
special gold certificates in return fol
the gold which the measure proposes be
seized by the Treasury would not fulfill
constitutional requirements of just com
pensation for property appropriated by
the right of eminent domain.
If any conclusion can be reached
from the Senator's argument" said
Robinson, "it is that the old policy OF
Iaissez-faire that prevailed until March
4 should be continued indefinitely"
Spending Limit Beaten.
On another roll call vote yesterday
the Senate defeated, So to 80, COM
mittee proposal that expenditures from
the stabilization fund be limited to the
sole" purpose of stabilizing the dollar
in relation to the currencies of foreign
nations. Conservatives objected to au-
thorization of outlays for the purchase
of Government bonds.
Borah, in describing the bill as a
"step in the right direction" predicted
that soon I'VE will have to take other
remedial action"
Il am quite sure" he said, 1--WE will
not see a rise in the price of COM
modities until we increase the volume
Of the circulating medium. No one de-
sires unsound money. No one would
suffer more than agricultural interests
and labor interests"