The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-04-10
Brain Trust MournS as
Rigid Markets Act
Loses Teeth.
BY RUTH FINNEY
Times Special Writer

WASHINGTON, April 1O-At one
end of Pennsylvania avenue Will
liam A. Writ solemnly warned the
country today that the brain trust
is too powerful.
At the other end of the avenue
the men he fears were more glum
and discouraged than at any time
during the Roosevelt administration.
The Writ charges we're not re-
sponsible. The capital is amused
by them.
But by coincidence the man who
fears revolution told his story be-
fore a house committee just after
the Presidents young liberal adj
visers had suffered a series Of
crushing defeats, striking at the
fundamentals of their recovery pro-
gram.
Emasculation of the stock market
bill in the senate banking commit
tee yesterday was the most serious
reverse they have met in the thir-
teen months of the Roosevelt admin
iStration. Unless the President on
his return to Washington Friday is
able to regain the lost ground and
restore the bill to the form agreed
on before he left, the reverse may
prove a major defeat.
In the stock market bill the ad-
miniStration and the money
changers" have come to death grips.
The young liberals believe govern
ment regulation of the issuance and
traffic in securities is essential if
other phases of the program are to
succeed. Financial interests are
putting up their stiffest fight against
the bill and spending thousands of
dollars manipulating the most i'm
pressive lobby the capital remem-
berS.
Accede to Money Changes
Yesterday afternoon the senate
banking and currency committee,
10 to 8, acceded to the wishes of the
stock exchange and voted for regu-
latiOn by special new agency in
stead of the federal trade commits
sion. Not only that, but they struck
from the bill the enacting clauses
which we're relied on to make sure
of sanction by the courts.
From another direction came a
threat almost as serious. Imitation
forces, maSsed behind three separ-
ate measures, threatened the ad-
ministration'S fiscal policies, and in
one case had the open support of
Democratic leaders in the house.
The drive for imitation has be-
come menacing only during the
/ Presidents absence from Washing
/ ton.
Today petitions are being circu-
lated in the house of representatives
/ to force votes on measures requiring
the government to pay off ali de-
poSitors in closed national banks
and to issue greenbacks against
farm mortgages.
The first bill is openly supported
by Democratic floor leader Joe
Byrns and Speaker Rainey is doing
nothing to halt it in spite of ad-
ministration disapproval.
81 Members Sign Petition
Fifty-two house members signed
a petition to bring the bill to the
floor for a vote within a few hours
after its presentation yesterday If
las sign this week a vote will be
forced on April %. The plan would
cost the government S1,615, 100000
if only national banks and state
bank members of the federal re-
serve system are included. 1t will
cost S4,000,000,O0O if amendments
already being discussed in the
house should be adopted.
On another petition to bring to
vote the Frazier-Lemke farm
mortgage Greenback) bill, 1872 sig
natures have already been secured.
Still another inflationary threat is
contained in the silver bill which the
senate agriculture committee is re-
writing frankly attempting to get
action while the President is out of
the city.
Administration Under Fire
AZ dOAAAAAllStA cN4On ana us I6CON-
cry programs are under fire on a
number of other fronts today.
The American Bar Association has
convened in special session to dis
sect the program and an exceedingly
critical attitude is indicated.
In Illinois the first primary cleo
ton OF the year takes place today
with politicians watching closely tc
see whether congressman who have
voted with the President will be re-
warded or punished. Speaker
Rainey is up for denomination and
if he should be defeated it would
be considered a direct slap at the
administration.
In Pennsylvania Senator David A
Reed has launched the first cam
paign for reelection based directly
on criticism Of the recovery pro-
gram.
The senate will decide today.
probably. whether the governments
taxing power shall be used TO pro-
duce revenue only, or to reform
business.