U.S. CONGRESS

Hokitika Guardian, 18 July 1932, Page 5

U.S. CONGRESS

STORMY SESSION CURRENCY INFLATION’POLICY. (United Press Association—By EleetriATelegraph—Copyright.) WASHINGTON, July 16. The final hours of the present sessiOil of Congress, which has been the longest by ten hours, and the stormiest for decades,, witnessed a. I>*cer defiicilock between the House and the Senate over currency inflation, winch finally ended in a victory for the Senate, the House accepting a so-called Giass-Borah amendment on the Home Loan Bank Bill, providing Hat the national banks shall be privileged to issue as currency for a period of three years, all Government bonds bearing more than 3 3-8 per centum interest, which is estimated to provide approximately one billion inflation.

The last day of the session was marked by the passage of the compromise two billion unemployment relief bill, which is acceptable to Mr Hoover.

During the day the Bonus “Army” made a final desperate effort to persuade Congress to- vote compensation. Some 6,600. men, or approximately halt of those - still encamped, demonstrated in the capital. .Serious riots were narrowly averted. The louder, Mr Water-/;, was twice arrested and released. Including the Reconstruction Finance Corporation, unemployment relief, and other credits, that were, voted, Congress produced a super banking machine, capable of throwing five billion to the support of the- natiorijs credit structure in the present business .crisis.,' , This session has largely been denominated by economy matters. 'However, six. votes were taken on various phases of prohibition, and, the adjournment saw ‘the Wet leaders pressing another vote for repeal. No action was taken on many important issues, including the WoHd Court, Philippine independence,' permanent railroads, public utilities, antitrust legislation, or Mussle Shoals. One of the few important international matters enacted was the Hoover One Year Moratorium. . The Senate adjourned sine die at 11.9, and the House at 11.29 after a futile Prohibition debate ■in the Senate.

Mr Hoover prepared immediately to journey to the Capitol to sign the unemployment relief* and bank bills.

In an unprecedented economy move, Mf'*' Hoover voluntarily his owi annual salary twenty per cent, to sixty thousand dollars. Simultaneously Vice-President Curtis and nine Cabinet Ministers reduced their salaries fifteen per cent, to 12,750 dollars.