Show RESERVE SYSTEM IS ASSAILED senator smoot and smith engage in lively Dis discussion cusson wash washington ing ton dec declaring aring that lie find liace been informed by the treasury that tile federal reserve system had a surplus of about one on dollars a in ill excess of till nil requirements senator smith of south carolann Caroll nn I 1 a declared friday in tile senate that flint there should i bo be on in investigation of P the dio rediscount rates maintained by ilia reserve board why should we vio have rediscount vates cates of nt 0 find and 7 per cent when wo have hae one millon billion dollars of unused gold lie asked charging that tho the federal reserve blinks banks vero cio calling loans find forcing far tamers and business wen ell into badik rupley although there was ample funds for commerce tho the south carolina caralina senator deel declared fired tills this was the most monstrous showing ever made in tile 1 11 of ilia agricultural and ill business 1 si nes ill stress smoot of butoli said raid there were two sides to tills question tills if Is it n world condition lie ho declared the trouble Is that forel sli countries cannot buy our agricultural and other products there Is danger in the piling up of kold gold in america lie averted add ing chilt there was too cuili uell gold liere here |