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bA HE EVENING STAR. WASHINGTON, D. C. FRIDAY. APRIL 28. 1933. PRESIDENT FROWNS velg to Show Consistency in Opposing Inflation Move. 's-au. because we have destroyed the | my party's platform in that respect, but | tive system, from which we have drawn jmarket for farm mortgages, and for |of the promises of party spokesmen dur- | all of our inventions, valued experience. ‘:\lmmt all types of mortgages. ing the campaign. | Edmund Burke, the greatest rheto- I cannot in any circumstanges, Dllll-! Mr, President, there was never lnyfncian of all times, was logician enough necessity for a gold embargo. Patrick Henry, Robinson Warns Senate’ Roosevelt Would Not Exer- | cise Discretionary Power. 3 | | The eddress of Carter Glass, ‘ormer | these bonds without any use. It cin- Secre v of the Trezsury and Demo- | not dispose of them without utterly de- cratic Scnator frem Virginia, in oppo- | morulizing the entire bond market of sition to the Thomas inflation amend- | the United Sia And yet here we —but we are reimbursing you liberally for any inconvenience the rebuilding occa- sions. Fact is, practically our entire ock of new Spring merchandise is on the bargain list. (ful as it is to me to differ from the ‘There | L0 magnify_exp.erience. cccupant of the White House and from |is no necessity of making statutory | the great adocate of human liberty, said || my party colleagues, support the second | criminals of citizens of the United |that his feet were lighted by the lamp provision of this bill relating to the de- [ States who may please to take lhzlr‘uf experience. Yet here today we are valuation of the gold dollar. property in the shape of gold or cur- ' flying right in the face of human ex- ||| England went off the gold standard |rency out of the banks and use it for perlence, rejecting it all. I Lecause she was compelied to do so, | their own purposes as they may please. My colleagues talk about serving the { und not from choice. She had less| As I remarked to the Senator from |public. What public? The men who +than $1,000,000 in gold left after pay- | Pennsylvania the other day, we have [Work for a wage. the neediest of all{ x Cu Se us ease ing her indebtedness to the United|gone beyond the cruel extremities of |classes of the public: the clerks and | || Stutes. Of course, she went off the gold | the French when they made it a cap- | the stenographers and the professional { ' | standard; and going off has not resulted | ital crime, punishable at the guillotine, |men, constituting, in the aggregate, half, !/ in increasing the price of commodities. for any tradesman or individual citizen |yea, more than half, of our laboring '} There was a temporary flurry then, and | of the realm to discriminate in favor of | population, will be the people to suffer [ | g there has been 1n this country in the |gold and against their printing press|under this unbidled expansion. That| o meat to the farm bill follows: | have u proposition to accentuate that present situation; but the inevitable currency. We have gone beyond that, |1s what it is, because the rein is s3 I was unable. because of illn disastrous condition and further to im-' reaction came. | We have said that no man may have | Joose that the steed will never stop until | (Continued From First Page.) make more than one s| iz | peril the Rgserve system by adding $3.-) why are we going off the gold stand- 1S gold under penalty of 10 years in he goes over the precipice and kil 3 the entire presidential campaiga and | 000,000,009 more of United States bonds L arq? - With nearly 40 per or. of the |the penitentiary or $10,000 fine. | his rider at the bottom thereof. | in that specch, with all the righteous to_its portfolios. {entire gold supply of the wor:f, why| An expansion of the currency? Fed- | Mr President T find that Tmust de- ;| ind guation Ut 1 could summon, and | WU does 't mean 1o the business | U e going G the 'gold. sta dard) | eral Reserve hotes cutstanding today St I regret to disagree with my col-| ||| lin L peritaps of somc bitlerness, | Interests of the country? It means that ! Witn gl the earmarked gold, with all of | evceed by nearly $3.000,000.090 Gt | leagues. It is painful to disagree with | | | reprcached’ the then President of the | just in that meusure the Federal Re- | e sieurities of -ours hon tho e o Federnl Torserve vofls in 1926, | the occupant of the White House, whom | Unitcd States und of the serve bauks of the United States Will | fcreign governments could witharam in | in those days of prosperid on paper, | L Jove, and Te: and who has ex-. || T ayin s country | be unable o accommodate thelr member | 10ral leck than $700.000.000 of Our gold, | prosperity in- the ‘orgles of the stock | Libited unparalicled courage In trying tof || of going off the banks, tnd just in that measure their | Shich would leave us an ample fund of | gamblers who have ruined this country, | DTiE the Covernment —withia - its ||| ¢ resction "in that | member binks will be unable 19 SCCOL” | gold in the extremest case to maintain | Yel we have not been willing to pass & e acents, e e that ‘T now bave It does nol mean inflation: it means |§6id, Payments both abrond ‘and at|bank bill in the Congress of the United | senzational. T am one Democrat who is| i Of 5,000 telegrams nd | defi tion: und 4lt that was accomplishid| To me, the suggestion that we may [to avert & repelition of that sort of oo o ansinst this Enfak o) eilcrs 1rom peop! h:_nl...:“yl;lu;:‘x:_ e s hfiu”l s n‘_e‘dwulue the gold dollar 50 per cent | thing. other Senators vote for “e x’mav“mv:‘ e bound | Begird and banks, was to release nearly | ¢ans national repudiation. To me.| If there were néed to go off the gold regret. but thall never make apologies | | b D. Roose 00.000 000 0f T8 tre Indebtedness of | 1t means dishonor. " In my conception | standard. very well, I would say let us | for acting upon my own conviction and | : 2005 . of it. it is immoral. §0 Off the goid standard; but there has | @epesits and only through such & pro- @rm will you evcr gt ruch money cut of hoarding. £8,000,000,000 Tied Up. ve have $9.000.000.000 tied up in ! bonks in this country. One of eil "ctive ways to promote m-“-b th Covermm:nt *pOsiLor: on: 1 do e of the monihs, waal nt to pecple in the Lt | 1i has Gov VoL | conscience. 1 civzen who o romov. there 15 Do socunty ! A s I am concornc, b 1k $5.000 in pold I'd doiy the Goserrmens Ve puL money W opue it “he s1y 4 in ot to 1or i Gevernme nt whether gold the power hi to be de; doubted it had Berah, indicatiag he on a bluff ower ia the ople frar o v of th d 1 of ail bani: dep. sound or not” As CinTsency guarA of deposits swered. “I do mnou would favor it as I favor it now becaus know whether a bank Senaior DIl Den 8on. agreed with B i g:d the postal savings system sheuld opened up to small checking ac- tounts as provided in his pending bill. Bonus Parley Slated. Meanwhile, Speaker Rainey and Rep- rescntative Byrns Tenngsse, Ho guaiani .o the bank 1 During whedher sermancnt pol the people den't nt, but President many Hous: Deme.rals fo: ment of the bonus in order 1o ascertzaun the Chici Exceutive’s attitude The visit is to be made at the Presi- dent’s convenience. The Democratic House Representative Patman Texas, leader of the ¢ cates, they would dis with ' the President if bonus demands were withheld for the present The bonus advocates yesterday with- drew their plans to force a Democratic #aucus Monday night to await word of the Presiaent’s views. Senate lcadirs yesterday agreed 1o Jegislation increasing the amount of sil- ver vhich mey be accepled for war debt payments from $100,000,000 to £200.000.000. and Senator Hayden, Dem- ocrat, of Arizona, was expected 10 press his amendm nt for this purpose inime- diately after the bonus vote today. e attack on the Roosevelt n came vesterday from the or Glass of Virginia, who the Republican motion to ate the section giving the Presi- power to reduce the dolla’s gold contnt, A former Secreiary of the Treasury. Gins: told the Senate that he regretted sident and his Demo- leaders told Democrat. of nus #dvo- uss the proposal the attitude carnest on public ques which is more important to | me than party or potentate.” Asseridng he had written the plink #n the Democratic platform calling for | sound moncy, Glass took the inflation bill section by section, denounced its provisions. and criticized especially the gold embarzo, for which he said there Dever was any necessity, “We are flying right in the face of buman experience,” he asserted. “This is unbridled expansion. The rein is so Joose the steed will never stop until it goes over the precipice and kills the rider.” s’ Act Assailed. bonus amendment, the Veter: In urging b Indiana Robin bill te @nd unjust to the cefende: nation.” He took the flcor after the voie on the dollar deialuation amend- ment. “That legislation was, is. and will con- tinue to be indefensible from any stand- point " he asserted, adding: “There has been eleven bilions addi- tional deflation since President Rcose- velt took offic’. and I think one-half million more men ate unemployed today than on March 4. “If we propore to undertake this pro- grem of inflation, it's one thing to create money and another to get it cut into cicculaton. I hope to tributicn : the lana an that #m off Announcing he appio istration plan for vest ng broad dis- power in the Picsiceat to i credit and currenc if the 7Chief Exccutive d:ems it neessary, the Michigan Senator d he w jvinced “that withn a vear o- 1 fwill be ating £g:iin Wi h 1espe this matt [ “We have ! policy for thre said. :dions of cur citizens ha e Lecn wiped out and th 3 . Under this ruthiess defla lo: the savings 2 follo than ever befo ) i we pass thi= bill.” Asserting he had 1o ith in the farm relief bill by it-ell s Al = the Senator Foss of Ohio, e:sisiant Re- yublican leadcr, ailed the whole plan. Declering it was not the lack of money. bul the lack of use of available money which was holding up business. F::: said there was absolutely nothing behind the proposed new note issue of $3.000.000,000 and added: “This Government is proposing, like a highway robber, to gd out in the open and take away a certain amount of wealth from the people by legisla- tive act. “That's dishonest, that's discreditable, the's writing the word ‘porfidy’ over the brow of this Governmen Senator Hatfield, Republican, of West Virginia like Fess, said the way 1o ex- was through liberal ve credit, but cause of business uncertainty Scnator Walsh, Democrat, of Massa- cinsells, supporting iniation, said: 1 belicve the country commends the courze which we aking. There has been a profound reversal of public senbiment on this question. “My own sttitude on this question has been ome, first of fear, then of doubt and uncertainty, and finally of confidence and conviction that we may | safely embark on this course. and that only through the means of an expan- sion of credit and currency can we stem the tide of defiation which ix submerg- ing our country.” Vote on Goid Clause. The vote by which the Senate ap- proved the gold content clause tollows: For the Clause: b Bachman, Bai- g velt States. him :n utternnes places he part of Ul criticized hi compeiitor for country v.as in going off the gold s simnle ree LoV vl commie wineh so bitterly ply copsizie maintaining tude of carpest conviclion cue:tons. which is more imoc e than the Baor of party or tate. Bank Syatenn Change 1t T bjot to the first section of the i 1 1 yesterday, it Re.erve Bank of the an 3 public nt to poen- titued for that pur- We took the rescrve funds of nationsl banking sssociations of the United States by law out of the money centers, Tescued them from the hands of the stock gamblers and im- pounded them in regional Pederal Re- serve Banks for the avowed use of commerce and industry and agricul- ture. Giving the Pederal Reserve Board the right to define eligible paper within certain limitations, we expr denicd to 1t the right to comprehend in its definition those who were en- gaged in stock gambiing and specula- tion. and ve set up this system. not as an adjunct to the Treasury Depart- meni—waich has used 1t us a door mat—not to finance the public in- uebleduess of the United States. but t> resond to the requirements of the tradesmen and of the industry and of the agricultural interest of this coun- try. the agricultural interest being given recedence in Ui maturity of its paper. forms it from a nto & mere age Depariment. to be dominated- by the Secretary of Agriculture, and to be not for business purposes. but to enable the Government to float its term and time indebtedness. Today the Fedel Reserve System has a gold supply on the 40 per cent reserve b that would enable it to d its credits nearly $4,000.000.000. It s choked its portfolios with nedrly $2.000.000 of Government bonds, prac tically by direction of the Secretary of the Treasury and the board here. not a dolar of which it required in its busin, “Treasury Financial Adventure. It did that in a financial adventure upen the principle of the insane Golds- borough bill. which assumed that by infation of the currency the commodity prices of this country would be in- creased. It has today every dollar of | [ Harrion, Hayden Kendrick, King. Lewis, Lonergan, Long. McGill. Murphy, Neely, Overton, Pope, Reynolds. Robin- son of Arkansas. Russell. Sheppard. Smith, Thomas of Oklahoma. Trammell, Vun Nuys, Wagner, Walsh and Wheeler. | Total. 44. Republicans—Capper. Couzens, Fra- zier. Johnson, Norbeck. Norris, Nye Robinson of Indiana Farmer-Labor Grand total for Agalnst the cla Democrats—Ada Caraway, Cope- land, Costigan. George. Glass, Logan, McAduo, McCarran, Slephens and Tyd- .11 blicans—Austin, Barbour, Borah, Dickinson. Fess, | borough. Hastings. Hatfield, Hcberi, Kean, Keves, La Follette, Mc- Nary. Mctcalf, Patterson, Reed, Steiwer, Vandenberg, Walcott and ‘White. Total. 24. Grand total against, 35. ADMR. TAUSSIG GETS HIGH NAVY POST HERE Becemes Assistant Chief of Opera- tions, Secretary Swanson I Announces. Joseph K. Taussig. Admiral the vaoguard _of Rear | who commanded Am rican destroyers that went to Eu- ropc during the World War, has been | acsigned here for duty assistant chief . it was mace known anson. iz is now chief of - comm:nder in chief of the ctos feet, zbroard the U. S. S. nsvlvaria Sccrclary Swanson made known his cclection in announcing a supplemental list of changes in the high command of the Navy. These involve a large number of officers and are to take ef- fect at jous tmes during the Summer. Admiral Richard H. Leigh, com- mander in_chief of the United States teet. and Vice Admiral Frank H. Clark. commander of the scouting forc2, are to come here as members of the gen- eral board, Admiral Luke McNamee. | well known for his services here. will become the new president of the Naval War Colleze at Newport, R. I The Morris Plan Bank offers the INDIVIDUAL the facilities of & SAVINGS BANK with the added feature of offering a plan to make loans on a practical basis, which enables the borrower to , liquidate his ob- ligation by means of weekly, semi- monthly or monthlydeposits. It is not neces- sary to have had an account at this Bank in order to borrow. The Amt. of Note $120 $180 $240 $300 $1,200 $6,000 MORRIS PLAN BANK Under Supervision U. S. Treasury 1408 H Street N. W., Washington, D. C. will loan his money today on farm mort- INDIVIDUAL the ber banks to the Federal Re serve bonks with the idea that the Fed- crul Ricerve banks thereupon would re- leasy credits to business, which thiey did | not do and they are not doing, and there is nothing “in this bill that com- ) them to do it, and there is nothing in any law that can compel member anks 1o loan the deposits ¢f their de- tors to onybody for any purpose. Delends Greenbacks Feature., I think the first section of the bill is s. The authors and proponents of ht it was ineftective. They did not dare make it imperative because it would have begn confiscation snd un- constitutional. ~ ‘They made it pormis sive the distinguished Scuator from ldihio (Mr. Borah) thinks that that does not mean impairment. If he ! could know, s T kuow, the iniluences at work that have applied (hemselves to the activities of the Federal Reserve Board ¢nd banks, he would know that it means $3.000,000.000 more of United Sjates securities in the portfolios of the Federal Reserve banks and an almost ll(rml‘ wiping out of the facilities of s y colle:gue: r least objection; czture of the bill is the so-called greenback feature. It is the most_defensible feature of the bill. only feature of the Lill that will get any dled money ation above thit now i cireu- Lation 1t weans simply to transfer time ob ligations of the United States. bearing | mterest, into demand obligations of the United States: znd those who hold to the gold standard have said to you that it vould wipe out every doliar of the re- serve gold in the Unitid States Treasury over night—and it would. if peopie would demand redomption. But experi- ence over u long period of years has de- | termined that even less than 4 per cent is required to meet the redemption de- | mands i ordinary times. lest people should be unpitriotic enough to raid | their own Treasury; and this feature of | the bill provides u 4 per cent redemp- ton tund for the retirement of the ! greenbacks. While T do not advocate that section of the bill, I zgain say it is the most | defensible provision of the bill. I do not advocate it primarily beciuse the Federal Reserve System is now. with its gold reserve, prepared to expand to the extent of $1.000.000.000 more than the proposed $3.000.000.000 of greenbacks, und because business is not being trans- ucted they do not expund. and because confidence has not yet been restored they do not expsnd: und are we here doig anytlung o restore confidence? Mortgage Bond Market. Why. we have lLterally destroyed the mortgage bond market of this country. The deral land banl with all the millions of istance the government has given them. can not sell their tax- exempt bonds today—not to save their | lives. There is no mazket for them. We destroyed the mortgage bond market. _We are proceeding Wpon the assump- tion that nobody hereafter will desire credit; that farmers hereafter will not want credit or need it. because we are Gestroying credit, and largely have done so. No man outside of a luna.c asylum EISEMAN’S SEVENTH & F STS. Trousers To Match Odd Coats ¢ o3 Hundreds of Them in All Materials and Sizes Put those odd coats to work ...match them with a pair of Eiseman's special trousers. We are hecadquarters for trousers in_Washington. Hundreds of pairs.. many irom suits Come in...we can find a pair to fill out those coats angl vests, BANK for the Loans are pass- ed within a day or two after filing application— ith few excep- Monthly Deposit Yo 12 Months $10 $15 $20 $25 MORRIS PLAN notes are usually made for 1 year, though they may be given for any period of from 3 to 12 months. $100 $500 ®Character and Barning Power Are the Basis of Credie® All the conviction that it is immoral. and that 1. means not only a contravention of |since Christ. T T e T e T Azainst Platform Pledges. legalistic arguments which | cay cited. let us | been no need for that ! need for currency expansion, xpand, though the lawyers of the Senate. men of emi- | comprehend how much better off one | i nent ability and refinement, may make |is with $2 which will purchase no more here, or have made here. have not dis- | than the $1 which he had lodged from my mind the lrre\ocahk" The histor Bacon. of inflation has been re- the wisest philosopher the author of the induc- If there were I would I fail to As Senator Glass concluded, Senator Thomas P. Gore, Democrat, of Okla- | hom “Mr. President, T desire to ask unani mous consent at this point, if the Sen- ! ator from Virginia does not object, that | there be printed in the Record the s speech which he delivered during the campaign last Autumn.” yesterday. e oung:Nens Shop 1319-21 F Street . BOSTONIAN SHOES STETSON HATS We looked back 21 years but couldn’t find a price as low as $16.50 on as fine a quality as yow’ll find in these 560 St. Albans SUITS REDUCED FOR QUICK CLEARANCE $165 EXTRA TROUSERS, §$3.25 * We don’t know il LIL 2 S a) what your idea of an exceptional but here's ours! Later in the season this would be an exceptional event. Right now—with the new season in full swing—this sale is some- thing that 560 smart men will thagk their lucky stars for. 560 men who are used to expensive custom-tailored clothing and the finest woolens will walk out this store urday with the “best bargain inalifetime.” Come, see the new glenoquard plaids, the new shadow and chalk stripes and the sturdy blue serges. You'll need no urging to buy! . SIZESTOFIT MEN OF EVERY BUILD We can fit perfectly, without effort, shorts, slims, stouts, short stouts, long stouts and any other man who thinks he needs his clothes tailor made. No Charge for Alterations! | L I TSN All Fashion Park Suits and Topcoats —are in one or another of these three special groups—fresh from Fashion Park—America's finest clothing. Nobody attempts to dispute that. $35 and $40 grades 329.75 $45 and $50 grades 336.75 $55 and $60 grades Think of This, en! $25 and $30 Glenbrook Suits and Topcoats $17 95 Glenbrook is the Mode brand— and the best—next to Fashion Park. TOPCOATS in Harris tweed ef- fects, lamb’s fleeces, etc. Bal- macaan and other of the favored models. Smart worsted SUITS, in bi- swing and regular models — Glen plaids, pencil stripes, nail-head, hound’s tooth and staple patterns. Another Glenbrook Bargain $24.75 Handsome Worsted Suits, in new smart patterns—English drape and regular models. Tweed Topcoats, either Raglan or regular shoulders. Y Haberdashery —that is cut to a pittance of the actual value. Regular $35 grade Suits and Topcoats HOSiery_Flncy lisle hose; Spring weight and new Spring patterns. price, 50 impes e 20¢ Amho Undershirts—Flst o ribbed lip-on; of the famuos American Hosiery Co. make. Regular 49C Shorts—French back and pleated sides; white 49¢ price, 75¢ ...... nd colors. Kegular price, 75c. Sweaters—All-woel, lisle; chain-stitch pull-over Sweaters; slecveless. Regular S1.59 price, $2.50 e 1 S The Mode famous Broadcloth Shirts; fine count Shlfi 3 and pre-shrunk. Plain white, neck- nd style; fancy colors, collar-attached model . SR 95C 3 .__Genuine Soisette—in smart striped patterns Pa]amfl.s and color combinstions. Regular 51.59 The Mode—F at Eleventh