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Show Tobey Charges Spiking Of Money Inquiry Senator Accuses Administration of Smothering Investigation of U. S. Fiscal Policies WASHINGTON, March 19 (UP) Senator Charle W.. Tobey (R., N. H.) Tuesday charged that the administration is attempting to "mother" a $25,000 senate investigation of monetary and fiscal poli- cies voted last year. Tobey made his charge following a meeting of th senat banking and currency committee which heard Secretary of Treasury Henry Hen-ry Morgenthau Jr. oppose abandonment aban-donment of the foreign silver purchase pur-chase policy. Tobey stalked out of th session after an argument with Chairman Robert T. Wagner D, N. X. eve-4 anoaetary inquiry. Morgenthau had suggested that senat action on foreign silver purchase pur-chase be postponed until after th fiscal investigation. Tobey objected ob-jected strenuously to th suggestion. sugges-tion. Pawing th Buck "It Is a gam of battledore and shuttlecock," Tobey told reporters. He said that the fiscal Investigation Investiga-tion had been put off through va-lous va-lous excuses, "and now they are trying to put th silver jnvestiga-tlon jnvestiga-tlon off through the excuse of th fiscal Investigation. It is Just passing pass-ing the buck." The committee agreed to vote at 1 :30 p. m. Wednesday on the resolution reso-lution by Senator John G. Town-send Town-send R, Del.) to end th silver purchases. "The whole purpose of this administration ad-ministration is to keep this investigation inves-tigation from being started," Tobey To-bey asserted. "It is a figment of the imagination." The only excuse offered thus fsr for the delay in the monetary investigation, in-vestigation, . Tobey continued, is thst a program must be arranged and that - preliminary arrangements arrange-ments ere complicated. He quoted Wagner to the effect that various departments had been asked to cooperate. co-operate. Insist Tim Needed Wagner contended th inquiry was a "complicated matter" which Opposes Silver Probe Delay i i . ... y could not be disposed of In a short time. He said that th committee was "laying th groundwork" and that operations should be started soon. Senator Key Pittman (D, Nev.) Issued a statement in defense of the silver policy which h credited with moving huge atom of surplus American products to foreign markets. mar-kets. "There Is nowhere In the world today that you can go that you can't buy food, clothing and shelter shel-ter with a chunk of silver," he stated. "There are many place in the world where you could not buy these necessaries of life with a federal reserve note. m "All monetary experts, including Chairman Marriner Eccles (of the federal reserve board), have testified testi-fied before our special committee investigating the administration of the sliver purchase act, that our government should at all time have a minimum of $5,000,000,000 in national circulation as money. "How can you have a minimum of $3,000,000,000 in circulating currency cur-rency unless you have $5,000,000,-000 $5,000,000,-000 In nonretirable currency, because be-cause $4,667,000,000 of our circulating circulat-ing currency consists of federal reserve re-serve notes, which are retlrsble at the will of the banks. The only nonretirable currency la circulation circula-tion today is silver currency, amounting to $1,568,000,000. "Th government could today issue its U. S. seigniorage silver in the form of sliver currency, and thus add to the nonretirable currency cur-rency of th United State $1,223.-000.000. $1,223.-000.000. Th total, then, of th nonretirable diver currency In circulation cir-culation in the United State would be $3311,900,000." I "GAME OF BATTLEDORE AND SHUTTLECOCK'' Senator Charles W. Tobey of New Hampshire |