The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1935-07-30
Trends
Coughlin's Banking
Legislation Given
Rebuke.
by VINCENT LYONS
Tines Financial Editor

- n
L whose radio oratOTy during the
winter months spawned many
amateur economists. suffered
singing rebuke last week. His pet
piece Of banking legislation, calling
for several defectiOns from the TX
isting order Of things, was snubbed
BY all but 10 of SO voting members
of the Senate.
Making its debut before Con-
greSs as the Nye-Sweeney bill, 1t
contained virtually all the reforms
which the Detroit priest had mar
rated on numerous occasions to his
Sunday audience. 1t envlsiOned.
among other things. a central bank
with directors elected from each OF
the 48 states.
Undoubtedly, the defeat was
taken much to heart by the Cough
lin contingent. Members of Con-
gress who have been carrying the
Coughlin standard have announced
that the Offices of the Washington
lobby will be closed as of Aug. l.
The notice Of retirement evidently
means that the Senate upset lndi-
Gated very strongly which way the
wind was blowing.
THE lineup on the vote showed
i six Democrats, three RepuO-
Leans and one Farmer -Laborite in
favor Of the Coughlin plan. Two
Of the Democrats to vote for the
measure were Senators Thomas
and Wheeler. both of whom have
championed inflationary causes on
numerous occasions. Republicans
in favor of the bill were Senator
Nye, Senator Frazier, co-author of
the Frazier-Lemke Act. and Sena-
tor SChall, arch-fOe of all things
Eooseveltian. Senator Shipstead
was the Farmer-LabOrite voting
yes.
The overwhelming defeat of the
Coughlin program was as complete
a victory for Senator Carter Glass
as it was an undeniable rOut for
the radio priest. The sharp
tongued senior Senator from Vir-
ginia riddled the original Eccles
omnibus banking bill when it was
sent to his Banking and Currency
Committee. Conservative to the
last ditch. he piloted the measure
out OF committee and on to the
Senate floor without one of The II
pending amendments tackled on
to it.
Conferees of the House and
Senate will next take up the bill.
Whether its reception there will be
as peaceful as was the Senate test
is doubted. Rep. Henry Steagan,
House banking expert, is said to
be ready to do a little Snipihg at
certain provisions. The COughlln
plan. however. is believed def
nitely dead. at least for this ses-
sion. The closing-up of the lobby's
headquarters would indicate that
no attempt will be made to win
votes in the House.
ON another front the COughlln
~ army is staging losing bat
tie. The National Union for So
cial Justice has been attempting
for weeks to rent Soldiers Field
in Chicago for a monster mass
meeting. The Chicago park dis
trict baked at the demand and
finally was ordered to meet the
priests request An appeal Is to
be made and it is expected that
the date for the proposed meeting
will have passed before the case is
finally disposed of by the courts.
1t is probably in keeping with
the usual tactics of rumOr-mon-
gers that the defeat of the Nye-
Sweeney bill should have fOStered
the circulation of certain stories
damaging to the Coughlin cause.
Wall Street and Washington both
are hearing stories that Father
COughlin is about to resign as
head of the National Union for
Social Justice. Motivation for the
action. it is held, is the apprehen-
sion of the priest over the growth
of the organization and the like
lihood that it may become too
big to be controlled by one person.
The story is very interesting but
can be treated only as a rumor.
Should Father Coughlin return to
the air in the fall he will find one
less target for his well-couched
phrases. The BaruchS. the Nor
gans and the WarburgS" no longer
are the financial trinity. for Mr..
Warburg has relinquished his post
with the Bank of Manhattan Co.