Show ROOSEVELT WANTS DOLLAR REVALUED AT 60 50 CENTS Treasury Boosts Buying Prica Pric of New Yellow Metal to i I CHEERS GREET MESSA Executive Orders Issued Issued- on or Foreign Exchange Rules 1 By BT United Pres Preas WASHINGTON Jan 15 15 President Roosevelt asked congress congress con gress today to limit ultimate revaluation of the dollar between n 30 O and 60 cents and the treasury almost Immediately fixed a new price foi for gold establishing the dollar at the latter figure The treasury ann announced the new gold price effective tomorrow wo would be 45 34 an increase se of 39 cents from Iron 34 06 The he new treasury gold figure does not represent stabilization at 60 cents It was emphasized at the White House Hous that the request to congress was for foi permissive authority for revaluation of the dollar between 50 and 60 cents The present law permits at any point between 50 cents and 1 Cheers Greet Message l Cheers greeted the presidents president's message message message mes mes- sage i in the house The sena senate listened with close attention Mr Roosevelt Roosevel asked also for specific legislation it to vest in the gover government ent title to al all American owned mo monetary gold Th The privately owned federal reserve banks now hold approximately 3 The president proposed 1 i equalization fund I If the dollar were revalued at th min minimum Dum 50 cent basis now author authorized authorized by l law w the profit to the treasur by seizure of federal reserve stock stoc would be Issues Three Orders Announcement in the change of th thE gold price was accompanied by thre by-thre threE thre executive orders which in genera were One Widen the scope of the March 10 order to make it apply to all aU individuals dealing in foreign foreign for for- eign exchange instead of being limited to licensed banks Two Provide licenses for all persons dealing in foreign exchange ex ex- ex- ex change Three Authorize mints and assay offices to receive gold which which- has not been held in disobedience to previous orders Senator McNary minority leader immediately summoned senate R Rp Re Republicans publicans to meet at 10 1030 1020 0 a. a m. m tc to tomorrow morrow to adopt a policy toward th thE Roosevelt money policy Plans PIans Secret Meeting l Chairman Fletcher of the senat enatE banking and currency committee sail he planned a secret meeting to consider consider con sider Mr Roosevelt's legislative pro Democratic comment was uniform uniformly ly Iy favorable to the startling Roosevel plan Republicans challenged him Hailings Hast Hail Hastings Its robbery said Senator ings R. R Del of the gold seizure Senator Glass CD D D. D Va was a dissenter dis senter also Humanitarians fini finc some excuse for the man mm who steal when ho he has to but what excuse i t there for a man to steal when hi doesn't have to he asked Senator Gore CD D. D Okla was cau cautiously cautiously cautiously critical saying I 1 think w m should avoid any any semblance of coal conf is cation Seek Price Level The president said this action wa needed in conformity with the progress pros ress we arc are making in restoring restoring- fairer price level Jevel and with our pui pur purpose pose of arriving eventually at a les variable purchasing power for th dollar I The president said experience ha hac shown that free circulation of golt golc coins was unnecessary and that istead in instead st stead ad all gold should be held in th form torm of bullion Circulation of coins he said lead Continued on Pace Two PRESIDENT ASKS Wants Ultimate Revaluation Fixed at Between 50 and 60 Cents Continued from Pate Page One to hoarding and tends to a possible weakening of national fin financial structures tur tures ures in times Umes of emergency The liThe practice of transferring gold front from rom one individual to another or from the government to an Individual within a nation is not only unnecessary ary sary sary but is in every way undesirable undesirable able ble the pr president continued The transfer of ot gold in bulk is essential es es- only for forthe the payment of international international international inter inter- national trade balances Sliver Silver As a Due Bae Therefore it is it a prudent step to vest est in the government of ot a nation the he title to and possession of all monetary monetary mone mone- tary tory gold ld w within its boundaries and ando to o keep that gold in the form of bulIon bullion bul bul- ul lion Ion rather than in coin The president expressed hope that thai events event are leading to some future form orm of general agreement among I the tie nations on monetary policy At Athe Atthe Atthe the he time however there Is Ls still much confusion and mu much h divergence diverge ence nee of view views a- a ax u ato to whether gold alone silver or dr r both should b be used as the basis of currency Mr I Roosevelt said lad he already had authority to take title to the gold held eld by the reserve banks but this is isa isa a step of such importance tha that I l' l Ipe p pre pre- e. e fer cr to ask the congress by specific enactment to vest vestin in th the United States government title to all supplies of American owned monetary gold with provision revision for the payment in n gold fold certificates Th This would make clear the government governments government's govern meats ment's right to the profit on all gold goldIn In n event of devaluation a profit prom which would amount to 00 if the pr present ent legal leial gold content of f the dollar were reduced 50 per percent cent Turning to sliver silver the president said he looked for greatly increased use we of ot silver as s a monetary base He added add add- ed however that he was withholding recommendations to congress along this his line because I believe that we should gain more knowledge of the results of the London agreement am and of our other monetary measures He pointed out that in December in hi n accordance with the silver agreement agreement agreement agree agree- ment reached at the London conference conference confer confer- ence he had provided for coinage o ohis of this his country's newly mined silver ant for increasing reserves reserve of monetary silver Mr Roosevelt said the London agreement was wu distinctly a a step Inthe Inthe in inthe the right direction In closing the president stressed two principles 1 1 Our national currency must b be maintained as a Ii sound currency which in so far as u p possible will hava have hav havea a fairly constant standard of purchasIng Ing Int power and be adequate for th the purpose of daily dally use we and the of credit 2 The inherent right of government govern ment to issue currency and to be th the sole Jole custodian and owner of the basor banor base bas or r reserve erve of previous metals underlying under unde underlying lying that currency With this go gothe goethe goes goe the prerogative of government to d dc dc- termine from time to time the extent and nd nature of the metallic reserve to 4 1 |