Evening star., 1939-07-01
The Political Mill
Administration Shifts to Position Thot
Dollar Power Can Be Continued Even Now

legislation We have been consider
ing, of course, is based upon the
continuation of an existing power,
and so long as that power exists, it
may be continued. But when 1t
has expired by operation of law, it
is just as dead as If 1t had never
been the law; and it is my view that
1t would take legislation alb initio to
revive these expiring powers"
This was pretty plain language.
1t was used when the administration
still had hope that the Presidents
demand for prompt passage of the
pending legislation extending these
powers would prevail. 1t was used
when 1t was believed that the hard
money" opponents Of the bill, Re-
publicans and Democrats, had
weakened under the impetus of the
Presidents statement that to take
away from this power to devalue the
currency would be to place the con-
troll of the dollar in the hands of
Wall Street racketeers.
But yesterday, when it was found
that the hard-money Senators had
no intention Of allowing the confer
ence report to be adopted; that they
would talk until the powers of the
President expired, then the admin
lstration shifted its position, and
shifted fast. 1t declared it would
not be necessary to pass bill re-
creating the power of the President
to devalue the dollar after that
power had expired: that all it was
necessary to do was to put through
the measure which would extend
powers-which ceased to exist last
night-until June 80, 194l.
Courts Only Recourse.
If the Senate finally sustains this
position and puts through the con-
ference report, the matter only can
be challenged in the courts-and If
the President does not devaiue the
dollar for another year, it probably
would be impossible to get the mat
ter before the courts until that time.
In the interim, however. the Chief
Executive can continue to hold the
threat Of devaluation over the coun-
try and the country's business.
One reason the administration de-
cided to stick to the conference
report and make it law, if it could,
was that it would take long time,
probably, to put through new act
reviving these various powers of
the President over the currency.
Indeed, it is doubtful that the Con-
gress would put through q new law
permitting him to further devalue
the dollar.
The President and his supporters
are attacking the hard money Sen
ators for "filibustering" the con-
ference report beyond the midnight
hour. They insist they had the
votes to adopt the conference re-
port, if their opponents had ceased
debating and permitted vote. The
hard money Senators, however, con-
fined their remarks last night
strictly to the issue, the debate was
as legitimate as any ever held in
the Senate If the time expired when
the Presidents powers could be
used, it was not the fault of the
opponents of the bill continuing
these powers.
Greed for Power Charged.
THE desperate lengths to which
the administration apparently is
willing to go to continue the Presi-
dents power to devalue the dollar
is merely an illustration of the
greed on the part of the Chief Ex-
ecutive for personal power" was the
way Senator Austin of Vermont put
it, when he learned that the admin
istration would insist upon holding
the conference report could be
legally adopted after the deadline
last night
Until the conference report is
strong armed through the Senate,
or a new bill is passed, there will
be period during which the Presi-
dent cannot use the stabilization
fund and cannot devalue the dollar.
That even the administrationists
admit Many Senators believe that
the stabilization fund automatically
went back into the Treasury last
night and that only by a new bill
ran II he re,ived