The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1939-07-13
Bruckafs Washington Digest
Two Great National Policies
Line Up Queer Combinations
Presidents Control of Money and Neutrality Legislation
Bring About Political Mix-Up; Roosevelt Assumes
Personal Command and Takes 1t on the Chin.
BY WILLIAM BRUCKART
WNU Service, National Press Bldg, Washington, D. c.

sterilization fund, also an emergen.
cy proposition. There is $4,000, OO0,-
600 in that fund and it is managed
by the treasury which seeks, by pur-
chase or sale of foreign currencies,
to maintain some even relationship
between American and foreign mon
ey. 1t has worked well. It will be
continued, without a doubt, and it
certainly should be. AS a piece of
constructive money machinery, it
shines like the millions of dollars of
unneeded and useless silver that has
been purchased by subsidy pay
ments. The sterilization fund is the
thing that prevents Wall Street spec
ulation in currencies, not the Presi-
dents power to devalue the dollar.
But because Mr.. Roosevelt insisted
on all of the powers being continued
beyond June 80, of this year, the
whole thing went smash. Thus was
necessitated new legislation to get
even the good parts of the program.
Roosevelt Takes Command
OF Situation; Program, Flops
Mention ought to be made of how
the whole program crashed, or was
tossed out. When the Republicans
and the Democrats and New Deal
ers from silver states made their
deal, it appeared that Mr.. Roose-
welt would be satisfied to continue to
buy silver from American producers
and to operate the sterilization fund.
But he wasn't. He rushed to Wash
ington from his Hyde Park, N. Y,
estate and took command. The bill
which the senate had subjected to
emasculation under the strange-bed-
fellow combination originated in the
house. 1t has to be sent back to
the house, therefore, to have the
amendments considered. That
meant conference between special
delegations from the house and the
senate, and here was where Mr..
Roosevelt got busy. He directed the
house delegation to refuse the SEN
ate amendments, and the senate
conference delegation, being headed
up by Majority Leader Barley, an
other equally fervent New Dealer,
Senator Wagner of New York, and a
sometimes New Dealer, Byrnes of
South Carolina, yielded to the de-
mands of the administration.
That circumstance is not unusual
in legislative affairs. But it was
thought the senate coalition of Re-
publicans and silverite senator's
would be able to force some sort of
a compromise. That did not hap
pen. All of the senators who had
sold their votes for a higher price
for silver turned tail and ran. They
left the Republicans holding the bag.
Which would have been very bad
for the Republicans, except that all
of this happened during the day of
June 80, and the powers involved
were to expire at midnight, that
night, by limitation in the law itself.
The Republicans were pretty sore
about the situation. They had the
element of time on their side, how
ever, and so they engaged in '1egiti-
mate discussion" of the amend
ments, of the perfidy of the silver
lite senators, of Mr.. Roosevelt's rea-
sons and other things, until after
the witching hour of midnight. The
whole thing ended on a sour note.