Evening star., 1934-03-23
Revised FIetcher-R -Rayburn
Measure Is Backed by
Gov. Black.
BRAIN TRUSTERS" HIT
AS IMPEDING BUSINESS
"Backstage Influences Leading
to Communism Charged Before
House COMMITTEES.
BY the Associated Press.


Congressional hearings on revised
legislation for stock exchange reeu-
lation disclosed today full support by
the Federal Reserve Board and pro-
duced statements that the Roosevelt
brain trusters" seek to impede bust
ness recovery in order to push the
Nation into Communism.
Eugene Black, governor of the Re-
serve Board, told the Senate Banking
Committee the redrafted Fletcher
Rayburn bill was workable, right in
principle and will accomplish the pur-
pose of regulating the exchanges
The Reserve Board also presented
to the committee a report recon-
mending the reserve requirements of
member banks be based on the
velocity OF turnover instead Of being
fixed by law.
BRAIN Trusters" Not Identified.
Before the House Interstate Com
merce Committee. letter purporting
to have been written by DR.. william
A. Writ, head Of the Gary, Indiana,
school system. was read. saying some
OF the brain trusters'' who were not
identified had informed him of the
plan.
The letter said the most surprising
statement made to him was we be-
lieve that We can keep Mr.. Roosevelt
there until We are ready to supplant
him with Stain. We all think that
Mr.. Roosevelt is only the KerenSky
of the revolution"
James H Rand. jr.. chairman of
the Committee for the Nation, read
the letter In response TO questions
as to the identity of the brain trust
ers." he did not name them, but said
ne thought they were generally
known.
There were demands that Writ be
summoned to testify, but no decision
was reached.
Names brain Trusters."
Last Summer. I asked some OF the
individuals in this brain truster'
group what their concrete plan was
for bringing on the proposed over
throw OF the established American
social order
I was told that they believed that
by thwarting our then evident re-
covery that they would be able to
prolong the country's destitution until
they had demonstrated to the Ameri
can people that the Government must
operate industry and commerce"
When 1 asked" the Writ letter
read why the President would not
see through this scheme, they replied:
We are on the inside. We can con-
troll the avenues Of influence. We can
make the President believe that he is
making decisions for himself.
At this point Chairman Rayburn
interrupted Rand to say:
You have laid this on the brain
trusts You are making the charge
by indirection that President ROose-
welt has called men around him who
intend to overthrow the Govern
ment
Il would like for you to listen to
the statement and call DR.. Writ" re-
piled Rand
I'VE are not going to call DR. Writ"
Rayburn retorted with some heat.
VIC OiiN
Says He Got Permission.
Rand said he had called DR.. Writ
by telephone and had obtained per-
mission to read it to the committee.
Some members of the committee
objected to the continued reading of
the letter, but Representative Lea,
Democrat, of California, intervened,
saying:
You have quoted Prof. Writ in
such a way which cast reflection on
the Brain TruSterS'. Those state
ments, if true, are damnable and
ought to be investigated by Congress. +"
Representative Mapes. Republican.
of Michigan, asked Rand If his COM
mittee for the Nation has any COM
FUNCTIONS for aiding the Brain Trust
ers' in its monetary policy"
The Committee OF the Nation ad-
vocated going off the gold standard
and supported the Presidents other
monetary policies.
The monetary policy" Rand re-
piled, has been opposed by many OF
the Brain TruSterS' because the mo-
ment you provide plenty Of money,
the regimentation Of business Is past.
Representative Pettengill, Democrat,
Of Indiana, said he could "vouch for
DR.. Writ as perhaps the leading edu-
Gator in the public school system"
Representative Bulwinkle, Demo-
crat, of North Carolina, demanded
the names of the Brain Trusters', but
Rand said he could not recall them,
adding that he assumed" everybody
knew them.
Asked by Bulwinkle whether he
had asked DR.. Writ for their names,
Rand reiterated he thought everybody
knew them.
Did he tell your their names?" de-
manded Bulwinkle.
No" replied Rand, adding that he
asked Dr. Writ If he would come down
to testify before the committee and
suggested that the committee call him.
Representative Wolverton, Repub-
lican, of New Jersey, remarked that he
thought unwarranted statements by
leading business men in the country
that had not been proved by facts
were doing more to upset the people
of this country about this bill than
anything else"
IT think most of the committee
agrees with you," Rayburn said.
Tells of Gable.
Rand said he had seen a cable
from Felix Frankfurter, Harvard pro-
fessor, from London insisting the
Fletcher -Rayburn bill in its orig
inal form be enacted and that this
had opened the eyes of business men.
He added that friends of Frank
furter we're engaged in trying to
get the measure through Congress
and said foreign countries wanted 1t
enacted in order that they could OBJ
tain American security markets.
Never, even in war, have such