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SEVENTY-THIRD CONGRESS, SPECIAL SESSION OF THE SENATE


and of the independence of the United states of America
the one hundred and fifty-seventh.
HERBERT HOOVER.
By the President:
[SUL] HENRY L. STIMSON,
Secretarll o/ State.
ADDRI'.SS BY VICE PRESIDEKT GAINER
The VICE PRESIDENT. 8enators, this 18 my first and
possibly it may be my last opportunity to address the 8enate.
I am particularly anx1oU8 to ingratiate myself into your
favorable consideration. Knowing .from some observation
the disposltion of the Senate not to discuss any matter tmless
it 18 lmportant and under partlcular consideration, I deem
it inappropriate to say more than that I come as your Pre-·
siding omcer to cooperate, to be helpful, to do the best I
can to help you conduct the proceedings of the 8enate.
In carrying out that idea which I have, I shall forego
saying more than that I am happy to be over here, I am
happy to meet you all, and glad of the opportunity to get
better acquainted with Senators..
CREDEl'TIALS
Mr. McKELLAR. Mr. President, I present the creden­
tials ot the Hon. NATlIAN L. BACHllAJl', appointed by the
Governor of Tennessee to succeed the Hon. Cordell Hull,
and ask that they may be read.
The VICE PRESIDENT. The <:redentials will be received
and read by the clerk.
The Chief Clerk read the credentials, as follows:
TRE STATI: 01' TENNEBSD,
ExKcUTIVJ: CHAKBJ:Il.
To aZZ who 8hall .ee the8e pre8enta, greettng:
Know re, that whereas, under cbapter 8, sectlon 3, ot the ftrst
extra ses&lon ot the legtalature ot 1918, the Governar Is author1zecl
to appotnt a Senator tn the Congrees ot the United Statee when
vacanc1es occur, and whereas a vacancy hall occurred caused by
the res1gnat1on of Senator Corc1eU Hull, of Carths«e, TeI1Jl.,
that he mlght acceptthe appo1ntment ot 6ecretary ot State ot
the United States tendered h1m by Pree1dent.elect Frankl.tn D.
Roosevelt: ami havlng oonfidence tn the abUlty and tntegrtty ot
Hon. NATHAN L. BACHIIUN, et Chattanooga, Tenn.:
Now, theretore, I, HIll I4cAllster, Governor ot the state ot Ten­
ne_,by virtue et the power and authòrtty In me vested, do
cOInInlss10n Hon. NATHAN L. BACHXAN to ftll sald olBce or Ben­
ator tn the Congress ot the Un1ted States untU hIs SucceMOr 18
elected and quallfted agreeably to the Const1tut10n and laws,
durlng the term, w1th a11 the powers, prlvUegee, and emolumenti!
thereunto, apperta1D1ng by law.
In testlmony whereot, I, BlU JoIcAllster, Governor as ato~ld.
OOln'mUNO flllli SnrAn: IX SPIlCIAL BUSION BY TH1Ii PllzsmDl'l' 01' bave hereunto &et my band and caURd the great seal ot the state
AKDICA
TH1Ii ·UJfITIiD STA'I'ZB O., te be a1I1xed at the department In NashvUle on thls ~th day of
A PIlOCL.UUTION I4arch A.D. 1933.
BILL M:cA1.IftI:K, GotJemor.
Whereas publlc interests require tliat the Senate of the [sEALI EaNJ:BT N. BAsTON,
United states be convened at 12 o'clock on the 4th day of Seeretarll o/ St4te.
March, 1933, to receive such communications as may be The VICE PRESIDENT. The credentials wi11 be p1aced
made by the Executive: on file.
Now, therefore, I, Herbert Hoover, President of the United Mr. GLASS. Mr. President, I send tQ the desk the certifi­
States of America, dei hereby proclaim and declare that an cate of the Governor of Virginia attesting the appointment
extraordinary occasion reQuires the Benate of the United of Hon. HARRY F. BYRD as a Benator from the state of Va­
states to convene at the Capitol, in the city of Washington, ginia, and ask that they may be read and that Mr. BYJtD
on the 4th day of March next, at 12 o'clock noon, of which may take the oath of omce.
alI persons who shall at that time be entitled to act as The VICE PRESIDENT. The certificate will be read.
Members of that body are hereby required to take notice. The Chief Clerk read the certificate, as follows:
In witness whereof I have hereunto &et my hand and COMMONWEALTH 01' VIllGIHIA,
caused theseal of the United States to be affixed. GOVERNOR'S OJTIC&.
Done at the city of Washington this 14th day of February; To the PRESIDENT 01' TRE SENATE 01' THE UNITED STATES:
Thlll ls te cert1ty that pursuant te the power vested 1n me by
m the yea.r of our Lord nineteen hundred and thirty-three, the Const1tutlon ot the Unlted States and the laws ot the Com­

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CONGRESSIONAL RECoRD-HOUSE 83
• printed and delivered more than $30,000,000, running both national debt. That would help balance the Budget; it
',daY and night. Similar SUInS are now being priilted and would take tax-exempt securities out of the way and cause
'delivered daily. more income taxes to be paid to the GOvernment and less
EXPANSION 01' CURRENCY NECESSARY taxdodging by the big rich.
,If the Republican Party had released itselt from the OPPOSITION' TO CONCENTRATION OF MONEY AND CREDIT CON­
clutches of Wall Street and expanded the currency imme­ TROL IN THE HANDS OF A FEW GREAT INTERNATIONAL BANKING
diately after the stock-market crash in 1929 or within a year CONCERNS
, after the crash, our people wou1d have been saved from this Mr. LUNDEEN. Mr. Speaker, today the Chief Executive
',swful money panico Our President will doubtless ask sent to this House of Representatives a banking bill for­
amendments to this new law when conditions are more nor­ immediate enactment. The author of this bili seems to be
, nialand whenit is better understood. Under the new law unknown. No one has told us who drafted the bill. - There
1 the money is issued to the banks in return for Government appears to be a printed copy at the Speaker's desk, but no .
, 'obligations, bills of exchange, drafts, notes, trade accept­ printed copies are available for the House Members. The
, ances, and banker'sacceptances. The money will be worth bill has been driven through the House with cyclonic speed
'100 cents on the dollar, because it is backed by the credit after 40 minutes' debate, 20 minutes for. the minority and
. of the Nation. It willrepresent a mortgage on alI the homes 20 minutes for the majority.
: arid other property of alI the people in the Nation. I have demanded a rolI calI, but have been unable. to get
NO GOLD COVEftAGE the attention of the Chair. Others have done the same,
~ The money so issued will not have one penny of gold notably Congressman SINCLAIR•. of North Dak-ota, and Con­
, cOverage behind it, because it is really not needed. We do gressmanBILL LE:MKE. of North Dakota, as well as some of .
'not need gold to back our internaI currency. We on1y need our other Farmer-Labor Members. Fifteen men were stand­
• gold to settle our balanées with foreign countries. Our ing, demanding a rolI calI, but that number is not suffi­
'People do notactualIy use gold as a medium of exchange; cient; we therefore have the spectacle ofthe great House
'paper money is just as good and is much easier to handle. of Representatives of the United states of America pas.sing,
• However, if gold is desiredas a backing for paper money, we after a 40-minute debate, a bill its Members never read and
:have a sumcient amount to permit the issuance of $5,000,­ never saw, a bill whose author is unknown. The great
000,000 more money and still have s- gold reserve of 40 ,per­ majority of the Members have.been unable to get a minute's
cento When Englandpaidus- approximately $100,000,000 in time to discuss this bill; we have been refused.a roll calI;
,gold last December the Treasury should have taken that gold and we have beenrefused recognition by the Chair. I do'
_and issùed $250,000,000 in paper money, using the gold as not -mean to say that the Speaker of the House of Repre­
,a sufficient coverage of 40 percent, and the money should sentatives intended to ignore US, but everything was in such '
have been put into circulation by paying it to Government a turmoil and there was so much excitement that we simply
'eIilployees or other governmental debts. Instead, the gold were not recognized:
:'was delivered to the private banks and the Government I want· to put myself on record against a procedure of
'g1ven credit for the amount. The banks used a part of it as this kind and against the use of such methods in passing
a base to issue considerable money, which they loaned to legislation affecting millions of lives and billions of dollars.
, tbeir customers, and the remainder, which was the most of It seeins to me that under this bill thousands of smalI banks
lt, was sold back to England by the bankers. will be crushed and wiped out of existence, and that money
DRIVE AGAINST GOLD HOARDERS and credit control will be still further concentrated in the
,The gold that is given up by the people in the present hands of those who now hold the power.
erisis should be delivered to the Government. It should be It is safe to say that in normal times, after careful study
'used to issue additional money upon which the people will of a printed copy and after careful debate and considera­
not bave to pay interest while it is in circulation. tion, this bill would never have passed this House or any
PRESENT SATISFACTION
other House. Its passage could be accomplished only by
rapid procedure, hurried and hectic debate, and a generaI
""": 'l'hose of us who have worked for 3 years trying to get rush for voting without l'olI calI•
.,U1e currency expanded have the consolation of knowing
. 't our pIan has been adopted. I do not believe that the I believe in the House of Representatives. I believe in the
~ansiOI\. is being made in a manmir that -will permit the power that was given us by the people. I believe that Con­
ost good. However, the same kind of money is being gress is the greatest and mostpowerful body in America,
" ued that we have advocated should be issued. It is sound and I believe:thatthe.people .bave vested in Congress their
.oney, although not as welI secured as the money we pro­ ultimate and flnal powerin 'evéry gl'eat, vital question, and
., ed to issue. the Constitution bears me out in that.
DISTRIBUTION OF NBW MONEY I am suspicious of this railroading of bills through our
)iince our leaders have endorsed the pIan to issue more House of Representatives, and I refuse to vote for a measure'
'fuoney, consideration should be given to plans for its dis­ unseen and unknown.
'tiibution that will best promote the generaI welfare. I want the RECORD to show that I was, and am, against
It cou1d be paid to FederaI employees. It couldbe used this bill and this method of procedure; and I believe no
,'retire a part of the national debt and save a considerable good will come out of it for America.We must not abdicate
~.~ in interest each year. At the present time out entii'e our power to exercise judgment. We must not alIow our:'
,~tional debt of $20,000,000,000 could be retired with new seIves to be swept off our feet by hysteria, and we must not
oheywithout placillg too much money in circulation and let the power of the Executive paralyze our legislative ac­
.:e Government saved more than $700,000,000 annually. tion. If we do, it would be better for us to resign andgo
home-and save the peoplethe salary they are' paying USo
SAVE $700,000,000 ANNUALLY
I look forward to that day when we shalI rèad the bili.
ç}nstead of the banks being permitted to loan $45,000,000,­ we ateconsidering, and see thé aùthor ofthe billstand
-with a reserve of from one to three billion dollars to before the House and explain it; and then, after calnl de­
J~ it up, they should be denied that privilege and a much liberation and sober judgment-aftet fulland free debate­
eater money reserve required of them. Then, instead of I hope to see sane and sensible legislation passed which will .
Il ):lanks having so little money to pay their depositors, lift America out of this panic and' disaster into which we
ey could have 40 or 50 cents in actual money to back up were plunged by the World War.
dollar in deposits. We would then have safe banking,
-•. , the Government would not owe a penny of national RULES OF. THE HOUSE
,bt, Further, our Government would be saved the $700,­ Mr. POU. Mr. Speaker, I offer a resolution and ask for
, O' thatis now being paid annually as interest on the its immediate consideration.,