The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1935-04-12

l1CI DCulA0- w aNl4Oh NaA NC 1920
ed in either body for several weeks
The present law expires June 16.
Recently Mr.. Roosevelt sent TO con-
gress a very bitter message denounc-
and demanding legislation eliminating
them from our economic structure. The
house committee considering this legis-
lation is just winding up its hearings
and the senate committee which viii
have Jurisdiction has taken no action
at ALL 1t must be said that hard
fight is in prospect Ii and when this
legislation reaches the stage of de-
bate because investors in these COM
panies are not going TO have their equi-
ties destroyed while they sit idly by.
These investors are doing more now
than just making faces at congress and
the volume of letters which members
are receiving In opposition to the hold
ing companies legislation transcends
anything that ever has happened in the
memory Of this correspondent.
The banking legislation which Mr..
Roosevelt has proposed, or which was
proposed for him by Governor Eccles.
the New Deal and radical governor
of the federal reserve board is faced
with opposition equally as bitter and
as well organized as that confronting
the holding companies bill Perhaps
it can be said that opposition to the
banking legislation is even stronger
because in that fight the President
will be opposed by Senator Carter
Glass of Virginia, who must be regard
ed as the most virulent of all the Dem
ocrats in the senate. The house bank
ing committee has about done its job
with hearings on this bill bur the SEN
ate committee where the full force Of
the Glass opposition will be felt has
not even SET date for committee con-
sideration.
The social security bill about which
Mr.. Roosevelt has done much talking,
because it is distinctly reform meas
ure, has finally been redrafted In the
house while senate leadership is un-
able to get together on any policy
respecting it. Some senators want to
split up this bill and pass the section
providing for old age pensions, allow
ing the other parts Of the bill to die
a slow death. On the house side OF
the Capitol there is q vigorous fac
tional dispute going on with some of
President Roosevelt's official family on
one side and some on the other. They
- 1,l <hnsp
differences and the President has left
the job of reconciling the two factions
in the hands Of his house ieutenants.
II was the only way, according to
astute observers, that he could avoid
being dragged into a personal row
among members of his official family.
The legislation to increase by $780,
0O0, 600 the loaning power of the Home
Owners Loan corporation probably win
get through the senate without much
more ado. The house passed the bill
because IT could not do otherwise with
individual members realizing that
there was a chance that some Of this
money would go into their particular
districts. Included in this bill is
line that promises a good many hun
dred jobs for politicians and it Is nat
ural that the party in power is NOT
going to overlook this possibility.
There remains on the must" list.
then. only the proposal to extend the
nuisance taxes which expire at the
end Of June. 1t is probable that the
bulk of these levies viii be accepted
by congress as necessary but I under
stand there is some tendency to delay
enactment of the bill until members
can see how much money the Roosevelt
administration proposes spending. They
want to be prepared TO raise some adj
ditional taxes against this increasing
outgo because there can be no doubt
of an increasing fear in some quarters
about the size of the national debt.
Besides, it will be much easier to lay
new taxes in this session of congress
than in the next session converting
January 8, 1886, where new taxes can
be used against the party laying them
in campaign speeches by the opposi-
ton.
One cannot fail. in tramping around
Washington these days, to note the fire.
quent expressions
About the concerning the out
Future look for the New
Deal and for Presi-
dent Roosevelt's personal political fu-
t. 60 oh
servers lately have been heard to say
that Mr.. Roosevelt is suffering from
too much ballyhoo. He was put up on
a pedestal that made Of him in the
eyes of many persons something of a
superman- He himself is regarded as
having contributed TO this condition
by his many campaign promises, some
of which he has found absolutely i'm
practical as remedies in leading the
country out of the morasses and on 10
a more satisfactory economic plain.
In truth. the Presidents own political
colleagues have continued TO depict
him as an individual capable of things
which no human can accomplish and
this combination of circumstances Is
declared by many keen minded persons
as likely TO bring. If indeed ii has NOT
already brought, definitely bad po-
IticaI reaction from the Presidents
standpoint
1t is still fresh in the minds of men
and women throughout the country
how President Hoover was ver-adver-
tised as a superior person in an adj
ministrative way. Mr.. Hoover suffered
from too much ballyhoo to an extent
greater than any other man who has
served as President with the possible
exception of Woodrow Wilson When