Show OKEH BILL Bitt T TO EXPAND MUNEY Senate Passes The Limited Control Control Con Con- Measure l B By A Vote Of 53 To 18 Expect Hoover To Approve Ap- Ap Approve Approve Ap Ap- prove The Tho Bill Controlled expansion of the currency currency currency cur cur- rency as an aid to economic re recovery recovery re- re recovery covery was approved last Monday by the senate by an overwhelming overwhelm overwhelm- ing vote overWhelm overWhelm-j With little debate it adopted 53 to 18 the Glass bill to add nearly a billion in money to the country's circulating medium asan as asan asan an amendment to the home loan banking bill Final action on the entire measure still remains to be taken Just before the Glass bill was adopted an attempt by Senator Blaine Elaine R. R Wise to substitute for it the house-approved house Goldsborough Goldsborough Goldsborough Golds- Golds borough bill to stabilize the dol dollar dollar dol- dol ollar ol- ol lar was shouted down The Glass bill would woul permit the issuance of currency against of United States bonds now held by national banks The Goldsborough bill would authorize the federal reserve board to fix the value o of the dollar dollar dollar dol dol- dol- dol lar at the average for the period between 1921 and 1929 Senator Borah R. R Idaho championed championed championed cham cham- the Glass bill as an amendment amendment amendment amend amend- ment to the home loan measure contending that inflation of the currency was necessary to increase increase in increase in- in crease commodity price levels and thus help economic rehabilitation Only four Democrats and 14 14 Republicans disagreed with him himin himin him himin in the final vote while 29 Democrats Democrats Democrats Demo Demo- 23 Republicans and Ship- Ship stead F L. F.-L. L. L Min voted for the amendment The senate amended amend amend- ed the Glass bill to confine the circulation circulation cir cir cir- rate of 3 8 3 per cent or orless orless orless less and limiting the period in which the bill will operate to three instead of five years The only debate Monday was a n brief speech by Senator F L. F.-L. L. Minn urging currency ex ex- Sponsors of the legislation believe believe believe be be- lieve the house ouse will accept the Glass amendment or something similar because of its previous approval of the Goldsborough bill President Hoover has not indicated indicated indicated indi indi- his attitude towards legislation legislation legislation legisla legisla- tion of this type but sponsors have expressed the belief he will ap- ap ap ap- prove it In order to get the home loan discount bill to which it Is attached enacted The vote on the Glass bill was the first time this session the senate senate senate sen sen- ate has shown a n disposition to in indorse indorse indorse in- in dorse currency expansion It previously previously previously pre pre- had rejected the bonus bill blU providing for inflation by 2 2 Its banking committee commit commit- tee rejected the Goldsborough bill Sponsors of the Glass measure pointed out however that is was expansion of a limited nature in contrast to the other legislation |