Plentywood herald. [volume] (Plentywood, Mont.) 1908-current, 1934-02-08

SN@rsss1kA&
control OF the $1,000
Senator Glass ooo ooo stahilization
fund should be given TO a board
of five instead of to the secretary
of the treasury. This was defeat
ed by the votes of SO Democrats,
three radical Republicans and the
single Farmer-Labor senator. The sec
ond amendment offered was put for
{ ward by the silver bloc and was
beaten only by the assistance OF IT
Republican senator's, for IS Demo-
Gratis were recorded In favor of 1t and
the vote stood 43 to 40. 1t would have
provided for the purchase and re-
monetization of silver.
The final vote on the measure was
GO TO 2S. One lone Democrat had the
nerve to stand out against the adj
ministration and uphold by his vote
his convictions, although several 9th
ers had opposed the bill In debate.
The man who was true to himself was
Carter Glass of Virginia, secretary of
treasury under Wilson and c0-author
OF the federal reserve act. Senator
Gore OF Oklahoma was paired against
the measure but did moi vote. Sena-
tor McAdoo of California had done a
lot of opposition talking but quit with
that and went into the AYE" column.
All or the Independent Republicans
and ~Shipstead. Farmer-Laborite. sup
ported the bill.
Though the money bill has been
summarized before In this column. 1T
may be well to state again It's main
provisions, as follows:
The treasury is given title to all the
nations monetary gold stocks, includ-
Ing S3,500,0O0,000 held by the federal
reserve banks.
The President Is authorized to re-
value the dollar at so to 60 Der cent
OF Its present statutory gold equiva-
lent.
Coinage OF gold is declared at an
end. The metal is to be held in bull
Lion form In the treasury as backing
for paper currency.
The $1,000, 1000 900 sterilization fund
Is created out Of the increased value
OF the gold accruing as a result OF de-
valuation OF the dollar. 1t Is placed
In the sole charge OF the secretary OF
the treasury and he Is given author
ity to expend 1t In virtually ans trans
actions he may deem necessary for
stabilizing the dollar abroad.
a CITING under the authority con.
ferred on him by the new money
law, President Roosevelt proceeded to
devalue the official dollar to 59.Oe
cents by %proclaIming a reduction of
The dollars gold content from 25.8
grains nlne-tenths fine to Is 5-21 grains
nine-fenths fine. AT the same time the
President announced the government
would buy gold at a price OF s35 an
ounce.
The change In the dollars gold con-
tent, the first to be made In q century.
Will not be Immediately appreciate to
the general public; but it Is the ex-
pectation Of the administration that
1t win bring about a general rise of
commodity prices and that this win
an increased volume of bust
ness, which will enable producers to
make more money and therefore to
wages. Only time can tell
whether this theory is correct or fall
lacious.
Shortly after the President signed
proclamation, the treasury an
nounced that a new form of currency
was being prepared by the bureau OF
engraving to take care of the problems
created by transfer of title to all fed
eral reserve bank gold to the treasury.
Gold certificates, the same size as cur
rency now In circulation, will be used.
Instead Of the absolute promise to pay
In gold carried by gold certificates pre-
issued, however, these viii
This Is to certify that there Is on
In the treasury Of the United
States Of America (blank) dollars In
gold, payable. to the bearer on demand
authorized by law
DRESIDENT ROOSEvELT'S admin.
: istration has proposed to congress
legislation that would bring the stock
commodity exchanges of the coun-
-ry under the rigid control OF the fed
,ral government. The Presidents In.
.erdepartmental committee has made
suggestions for the federal licensing
II those markets and the creation OF
governmental agency with extraordi-
larry powers to regulate their opera
Ions. The banking and currency com.
of the senate and house have
recommendations under consider
Ltion as a basis for legislation soon to
introduced.
The interstate m committee
4 the house IL working ON legislation,
lso proposed by the Interdepartment-