Show BLOC FIGHT Print Trint Money for Bonus I House Group Demands in in Opposing Any New Taxes Patman Blanton Hit Bankers During Parley By Associated Press WASHINGTON Feb 1 The house inflationary bloc adopted a resolution tion today for for payment of the soldiers' soldiers bonus in new currency The res resolution l tion opposed any new taxes as entirely un Un- necessary It was adopted as word of a tax bill to meet bonus and farm relief costs was pass passed d in high administration administration administration ad ad- ministration quarters There was wan no dissenting vote yote aa u Representative Patman CD D. D Df Texas le leader leider der of ot th the gr group up put the t the q tion to approximately t representatives rep rep- r present Patman Hits R T The understanding is of ot course that we are going to be faced with taxes soon Patman told the group The question is 13 are we going to sit Idly by and J let t the bankers get another on the debt to the veterans 7 Representative Blanton D. D Dt Texas asserted that the only reason reason rea rca son financiers prefer the issuance of bonds to pay the bonus rather than c currency expansion la Is because be he cause ca they get 3 per cent interest on the bonds and a bonus out of of manipulation of bonds The resolution adopted was WM proposed proposed proposed pro pro- posed by Representative Greenwood D. D Ind Irid who vho said Many rany of us us-In us In fact tact all Jl II of us usda us- us do da not believe in wild inflation that would see sec government credit and purchasing power imperiled But we could issue notes on the metallic base that lies in the treasury and belongs belong to the government S Similar Smilar Measure After consulting Patman before the meeting opened Senator Thomas D. D Okla OkIa announced a similar movement would be Initiated Initiated in the senate We are ire going to start a a. movement movement move move- ment in the senate he said to uto block all tax legislation and nd the is issuance issuance issuance is- is of any more Inter interest t bear bear- bearIng bearing Ing bonds until the treasury has issued against the idle gold and silver er The Greenwood Greenwoo resolution placed the inflation bloc on record as 85 Viewing continued issuance of In Inter Interest In- In ter terest st bearing bonds with alarm F Favoring sound and adequate currency controlled at t all hazards Reaffirming that notes should be issued against the governments government's gold and silver so that no tribute would be paid large Jarge banking cor- cor corI I Deplore New v Taxes Deploring new taxes as as' as entirely Un unnecessary n Instructing Chairman Patman to appoint a steering committee to to carry through the tho program Democratic leaders leader continued to toco co scoff at the inflation drive log ng it had no chance But Patman also scheduled for tor or consideration the question of at forming an alliance be- be on Paje Two Column Five ASK NEW MONEY Continued from Page Pace One tween th those these sc who would pay the 2 V bonus In new money and farm farrA The Tho he latter have been seeking peeking tc to force torce a house vote on the Frazier Frazier- Lemke bill blU which would refinance farm mortgages on easier terms b by printing up to of new money There also was talk in in in ranks ranka of ot financing in similar fashion the tho new farm program pro gram estimated to cost cast more than a year Point to Stand Administration leaders leader In in scoutIng scout scout- Ing inflation talk pointed to Pr President l- l dent Roosevelt's stand taken last year that printing press money has always br brought disastrous consequences con con- seq sequences n S to nations that have tried it As ki against their view that no In Inflation inflation was possible a comm committee tte of the chamber of commerce of oC the United cd States forecast that if present present pres pres- ent fiscal policies continue uncontrolled uncontrolled un controlled Inflation may result Written by Fred H. H Clausen Horicon Horicon Hori Horl- con WIs and made public b by the chambers chamber's directors the report said saida a federal debt of oC by June Jun 30 1937 was indicated Excessive borrowing it said ald is clearly inflationary Though this method of oC Inflation differs from th the issuing of oC paper currency it said the ultimate result of ot its continuance may not differ Year Seven Deficit At the conclusion of the the next fiscal year I it said th there re will have hava been according Jo to present outlook k seven seven consecutive years year of ot heavy budgetary deficits It must not be overlooked that every nation which has permitted deficits In any way comparable for such periods of time Ume has found the greatest difficulty If It not the Impossibility impossibility impossibility of oC escaping the devastating consequences of ol uncontrolled tion I It called upon business men to toMS MS assist t toward vard an intelligent public understanding of the menace inherent inherent inherent ent In unbalanced budgets and excessive excessive ex ex- taxation The view that in taxes would be needed to finance the new farm program was was was' expressed b- b by President Roosevelt yesterday He emphasized that it could not be considered considered considered con con- additional taxation since Ince it would replace A A A taxes invalidated invalidated invalidated dated by the supreme court Million l Dollars A disclosure that a proposal to torae raise rae another annually to amortize the bonus through 1945 is under consideration was made in other administration circles Thus Thus the tax program to be sought at t this session might total Nothing definite h has been announced announced announced an an- about bout sources of at revenue to be bo tapped but several m members of ot the house powe ways wa and ana means committe committee com corn mitte s say yi th that t a al manufacturers manufacturers' excise tax probably sh should uld be the substitute for lor A A As A's processing taxes Appropriations for the bonus and soil conservation subsidy farm plan will vilI be tacked to the deficiency and independent offices appropriations i bill it was indicated These bills totaling w were re reported to the senate floor II by the senate senat appropriation committee committee com corn yesterday The committee added to the deficiency bill to cover administrative costs cost of ot paying the bonus The Tho bill also carried to pay t farmers for carrying out outcrop outcrop outcrop crop control contracts signed before A A As A's Adeath death |