DOLLAR VALUE CONTROL

Gisborne Herald, Volume LXVI, Issue 19979, 3 July 1939, Page 5

DOLLAR VALUE CONTROL

PRESIDENT RESTRICTED SENATE FILIBUSTER BITTER BATTLE WALED (Elec. Tel. Copyright—Cubed Press Assn.) (Rccd. July 3, 9 a.m.) WASHINGTON, July 1. President Roosevelt at midnight was stripped of 'his important monetary .powers by the Senate coalition of Republicans advocating a gold dollar and the Conservative Democrats, which successfully stonewalled the bill to extend .these powers. The bill, which was allowed to lapse, with the close of the fiscal year, was the President’s authority to devalue the gold content of the dollar. The Treasury's £560,000,000 currency stabilisation fund, which was the heart of the tripartite monetary agreement with Britain and -France) wo» thus- id lied r-as-was- the President’s foreign and*, domestic silver subsidy programmes. An extraordinary situation lias been created as a result. '

The measure extending President Roosevelt’s -powers was approved by the House of Representatives earlier in the day by 220 votes to 160, despite the Republican obstruction, buft ill immediately encountered a stubborn filibuster ini the Senate. ’ ' Possible Renewal After the defeat, the Administration leaders said the powers had merely lapsed and could be renewed as soon as an extension of the measure was adopted, regardless of the date, but President Roosevelt has been advised otherwise. The obstructionists contend that. the President's powers—killed when -the old law expired—were interred when midnight, the zero hour, arrived. The Administration leaders /squirmed helplessly while me Republicans made a running succession of speeches. At 11.30 p.m., the tall, lantern-jawed Mr. Tydings, the Democrat member of Maryland, whom President Roosevelt attempted to -purge in last summer’s primary elections, rose to deliver the coup de grace. Mr. Tyding-s earlier asked Mr. Van-den-berg, organiser of the filibuster, for the privilege of making the last speech before midnight, thus rubbing salt into President Roosevelt’s wounds. Dictatorial Power Mr. Tydings declared- that it was ironic for Congress to be- constantly criticising foreign dictatorships, and simultaneously enacting legislation bestowing dictatorial power on the President. “I think the time has come to restore Itlme-honoured methods of Government and! .to 'have -the powers vested -in Congress remain in Congress, ’’ he declared. “It am emergency i arises in future and the President calls it to the attention, tof Congress, the Congress will devalue the dollar.” |

The obstruationiisits abandoned tiie filibuster alt 2.38 a.m. in the morning and agreed to take a vote on live bill at C p.m. on Wednesday. The Senate Is in bitter disagreement as to Whether this later vole, if .At favoured the Administrlation, would revive the President’s powers. Neither side is attempting to forecast the result of the Senate’s votes writhe monetary bill on Wednesday. The Attorney-General informed President Roosevelt that the adoption of the measure wii'Ml revive his monetary powers which expired at midnight on June 30, but the Republican leaders contend that new legislation is necessary.