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Show RESERVE SYSTEM IS ASSAILED rsenator Smoot And Smith Engage 'In Lively DIccucslon Washington Declaring thnt he had 'been Informed by the treasury that tho federal reserve system hail n sur-lllus sur-lllus of about one billion dollars "In excess of nit requirements," Senator Snllth, Democrat, or South Cirol'im. declared Friday In the sennte thnt There Uintild be nn Investigation or the rediscount rates maintained by the reserve board. "Why should we have rediscount rates of 0 nnd 7 per cent when we have one. billion dollars of unused EolnT'Mio asked. Charging thnt the federal reserve bflnlts wero calling lonns and forcing farmers and business men Into bankruptcy, bank-ruptcy, rtlthough there wns ample funds tor commerce, the South Carolina Caro-lina senator declared this was "the most monstrous showing ever made In the mld-t of the agricultural and business busi-ness distress." Senator Smoot of Utah snld there were "two sides to this question." "This Is n -world condition." he declared. de-clared. "The -trouble Is thnt forelwi coun-ies cat-not buy our agricultural and other products." "There Is danger In tho piling up" of gold In Anwrtcn;" he asserted, odd-tnjr odd-tnjr that there wa-too much gold hero. |