ATTEMPT FAILS

Hokitika Guardian, 26 January 1933, Page 5

ATTEMPT FAILS

INFLATION POLICY IN U.S.A

BILL REJECTED BY THE SENATE

(United Press Aseo iation—By Electric Telegraph—Copyright.)

WASHINGTON, January 24

The first attempt to inject -inflation into Jegisla/bio 1 failed to-day, when the Senate, by -56 votes to 18, tabled two amendments to the Glass Banking Bill, the first of which would remonetize the silver rate in the proportion of 16 to 1; while the second amendment would revalue the gold dollar by decreasing its gold content. The attempt to peg the price of silver in a definite rotation to the price of gold is of much historic interest, leading to the campaign issue on which the former Democratic candidate, William Jennings Bryan, unsuccessfully contested the IT.S. Presidency in 1896.

As the present ratio of silver to gold is 85 to one, the' adoption of the amendment wonld have a revolutionary effect.

Financial experts, including Senators Glass and Reed, denounced the amendments a& certain to ruin the currency, and bring financial chaos to the country.

Despite the defeat of the amendment 'the general debate revealed that the inflationists have considerable strength, and they indicated that the" would propose other measures to relieve the debtor class.