Evening star., 1939-06-28

currency Stabilisation fund and
continuation OF SilDer purchasing
program 1UaS passed BY House
:. at administration request In
Senate, holDeuer, coalition OF Re-
publicanS and SilDer Senators
struck out deualuation provision
and Jumped silper price dboUe
administration -tapored leuel.
BY the Associated Press.
Administration leaders beat down
Republican opposition in the House
today to keep the way open for a
possible compromise of the Senate S
drastic curtailment of Presiden.
Roosevelt's monetary powers.
Rallying overwhelming Democratic
-, support, they won vote to send to
a conference with the Senate con-
f1icting versions of bill to extend
those powers beyond the Friday
midnight expiration date.
The tally was announced as 20e
to 161.
The House previously had ap-
proved continuance of all of them
The Senate, however, rewrote the
House measure to provide extension
of the $4,000 100000 stabilization
fund, but to end the President S
power to devalue the dollar further
and to buy foreign silver. 1t voted
also to fix the Treasury price for
-domestically mined silver at 77.57
cents an ounce.
Devaluation First Task.
The principal task before the Con-
ference Committee, therefore, will be
to decide whether the Senate, House
or a compromise version of dollar
devaluation authority shall prevail.
Shortly before the vote on send
ing the measure to conference, the
leadership knocked down, PIG to
1874, a Republican move to win i'm
mediate House concurrence with the
Senate limitations.
Republicans strongly opposed the
move to send the measure to con-
ference, their strategy being to de-
lay action on it so that all the
Presidents monetary powers would
expire with the end of the present
fiscal year at midnight Friday.
Policy Assailed by Fish.
Representative Fish, Republican.
of New York said the policy of buy
ing foreign silver was the most alb
surd" of all the "wand-waving, crys-
tal-gazing" policies of the New
Deal
I'VE are throwing American dol
lars down the sewer to buy foreign
silver" Representative Fish shouted
to a crowded chamber. Il don't think
there's a member of Congress who
approves the policy"
He urged the House to reject the
resolution which would send to con-
ference with the Senate the con-
ficting measures.
SABBATH Makes Plea.
But Chairman SABBATH of the
Rules Committee, remarking that
the original House measure has
been emasculated" in the Senate.
pleaded with members to send it to
conference.
Representative SABBATH called at
tention to the Presidents statement
yesterday that the Senate action in
ending his devaluation powers would
turn the control of money over to
Wall Street and international specu-
lators
mo matter whether we are Demo-
Gratis, Republicans or independents,
we cannot conceive that the Presi-
dent has acted other than prudently
and wisely" Representative SABBATH
said
ITO take away this power would
be injurious to America and to the
best interests of the Nation. 1t is
conceded even by the arch enemies
of the President that the American
dollar demands a premium all
through the world. What has beer
accomplished should not be de-
stroyed"
Pittman Opposes View.
Meanwhile, Senator Pittman,
Democrat, of Nevada, usually an ad-
ministration supporter, took issue
with the Presidents remarks on the
SenateS vote to Tx the Government
price for domestic silver at 77.57
cents an ounce.
Senator Pittman said in state
ment that he had voted for appro-
priations for billions of dollars to
make losing loans and pay bonuses
to the producers of certain export
ing agricultural products that did
not benefit my State, because I be-
lieved that it was the Presidents
policy to raise and stabilize (fix) the
price of such products to the pro-
ducer.
THE Government does not pay
the silver producer any bonus. In
fact, the silver producer pays the
Government a bonus. The
Government now takes half of the
silver and coins the other half for
(See MONETARY. page All