Evening star. [volume] (Washington, D.C.) 1854-1972, 1939-06-21

fHtttut uutItD tSuttOH JOT IHG
President to reduce the gold con-
tent OF the dollar UaS granted in
the Agricultural Adjustment Act
in May, 1888. In 1884, this poWer
1uas extended in slightly modified
form to January, 1887, and on the
latter date to June 30. 1889.
Despite this long eristent priUi-
lege. the President has not yet
made tul use of it, still retaining
margin OF unused deUaluation.
BY the Associated Press.
Prospects for enacting new none
tary, relief and tax legislation by
June 30, when many administration
powers in these fields expire, became
increasingly uncertain today as ad-
vocates of currency expansion and
domestic silver subsidy held the
Senate floor.
Senator Barley of Kentucky, the
Democratic leader, called prolonged
discussion of the pending monetary
bill fllibuSter. He expressed the
opinion that Senators engaged in
1t were trying to get the Treasury
to announce its new price for newly
mined domestic silver.
The Treasury now is paying 64.64
cents an ounce for such silver, about
"a cents above the world price. Some
Senators have been apprehensive
that Secretary Morgenthau might
reduce this price after June 30.
Advocates of an increased silver
subsidy or at least continuation of
the present subsidy, are in an un-
usual strategic position because the
administration is anxious to get the
monetary, relief and tax bills
through Congress within the next
nine days.
Excise Taxes Expire.
Unless they are enacted by that
time, the Presidents power to
operate the 100000 stabiliza-
ton fund and to revalue the dollar
Will expire; w. P. A. funds will be
exhausted, and the Government will
lose money from the expiration of
excise taxes.
Majority Leader Barley called
the Senate into session at IL am,
an hour earlier than usual, in an
obvious effort to wear down the
speechmakers. There was talk of
night sessions, too, if the prolonged
discussion continued.
Senator Barley told reporters the
situation works two ways" because,
if a fllibuster prevents enactment
of the monetary bill by June 80, the
Treasury would have no authority
after that date to pay any price
for domestic silver higher than the
world quotation.
The bill extends this authority, in
addition to continuing the right to
operate the sterilization fund and
to devalue the dollar.
Senator Thomas, Democrat, of
Oklahoma, one of the authors of a
substitute bill, said the monetary
discussion might continue until the
end of the month.
McCarran Delays Action.
On the Senate floor, Senator Nc
Carran, Democrat, of Nevada, aide
of Senator Thomas in the currency
expansion battle, held up action on
the monetary bill by the use of
many of the little devices of delay
familiar to Senate filibusters.
He broke up an apparent agree
ment to limit debate on an amend
ment to abolish the Presidents
power to devalue the dollar, de-
manding frequent quorum calls.
When Senator Wagner, Democrat,
OF New York, presented an amend
nent to another bill, he insisted that
it be read in full by the clerk. And
he prolonged the speeches of other
Senators by frequent and lengthy
questions.
Senators McCarran and Thomas
are authors of substitute for the
measure which would: Reduce the
sterilization fund to 100000, 900;
take the remaining $1,500, 900, 900
and add $500, 100000 of free Treasury
gold to it to furnish the backing for
the issuance of 100000, 900 in new
paper money, and increase the price
paid by the Treasury for newly
mined silver from 64.64 cents an
ounce to $1o5.