MONETARY POWERS

Wairarapa Times-Age, 1 July 1939, Page 7

MONETARY POWERS

KEEN POLITICAL CONFLICT IN U.S.A. EFFORT TO SAVE POWERS OF PRESIDENT. PROSPECT OF COMPROMISE. By Telegraph—Press Association —Copyright. WASHINGTON. June 29. The Senate and House of Representatives committees gave Mr Roosevelt the advantage over his Congressional foes tonight by voting to restore his power to devalue the dollar and continue his foreign silver purchase policy, but the matter is certain to provoke a fight in the Senate tomorrow when the Bill is introduced for retilication. There is a possibility of a filibuster when the President’s monetary powers expire, which will be at midnight tomorrow. The indications point sharply to a temporary defeat for the Administration on the Monetary Bill, but there is every prospect that the twobillion dollars stabilisation fund will be renewed before the session ends. The President’s remaining power to devalue the dollar may be less certain of reinstatement, however, should it lapse. Upon the strongest urging from Mr Roosevelt when he hurriedly returned to Washington today from Hyde Park, the Administration leaders worked feverishly into the night trying to break the jam holding up this measure. Also the 1,808,300,000 dollar relief Bill for the 1940 Works Progress Administration is left with only 24 hours of life unless new legislation is enacted. The 'Senate and House committees announced at midnight that they had reached a compromise agreement over the relief Bill and predicted that their report would be accepted by both Houses tomorrow.