Federal Cooperation in Unemployment Relief u. S. Cong uss. HEARING BEFORE A SUBCOMMITTEE OF THE Senate COMMITTEE ON MANUFACTURES. UNITED STATES SENATE SEVENTY-SECOND CONGRESS FIRST SESSION ON S. 4592 A BILL TO PROVIDE FOR COOPERATION BY THE FEDERAL SHIP CAUSED BY UNEMPLOYMENT 120937 MAY 9, 1932 Printed for the use of the Committee on Manufactures UNITED STATES WASHINGTON: 1932 FEDERAL COOPERATION IN UNEMPLOYMENT RELIEF MONDAY, MAY 9, 1932 UNITED STATES SENATE, SUBCOMMITTEE OF THE COMMITTEE ON MANUFACTURES, Washington, D. C. The subcommittee met, pursuant to call, at 10 o'clock a. m., in the committee room, 224 Senate Office Building, Senator Robert M. La Follette, jr., chairman, presiding. Present: Senators La Follette (chairman), Cutting, Wheeler, and Costigan. Also Senators Sheppard and Wagner and Congressman Lewis. Senator LA FOLLETTE. The committee will be in order. This subcommittee has under consideration S. 4592, introduced by Senator Costigan, which will be incorporated in the hearings at this point. (The bill is as follows:) [S. 4592, Seventy-second Congress, first session] A BILL To provide for cooperation by the Federal Government with the several States in assisting persons, including veterans of the World War, who are suffering hardship caused by unemployment, and for other purposes Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That (a) for the purpose of cooperating with the several States in providing temporary emergency relief from the hardship resulting from unemployment, there is hereby created a special fund in the Treasury to be known as the emergency relief fund and to be administered by the Federal Emergency Relief Board created by section 2. For the purpose of providing funds to carry out the provisions of this act the Secretary of the Treasury is authorized and directed to borrow from time to time on the credit of the United States, not to exceed $500,000,000, and to issue bonds therefor, to be known as emergency relief bonds, in such form as he may prescribe. Such bonds shall be in denominations of not less than $50, shall mature ten years from the date of their issue, and shall bear interest at such rate as may be fixed by the Secretary of the Treasury, but not to exceed 4 per cent per annum. The prin cipal and interest of such bonds shall be payable in United States gold coin of the present standard of value, and such bonds shall be exempt, both as to principal and interest, from all taxation (except estate, gift, and inheritance taxes, and surtaxes) now or hereafter imposed by the United States, by any Territory, dependency, or possession thereof, or by any State, county, municipality, or local taxing authority. (b) Such bonds shall be first offered at not less than par, as a popular loan, under such regulations to be prescribed by the Secretary of the Treasury as will give all citizens of the United States an equal opportunity to participate therein. Any portion of the bonds so offered and not subscribed for may be otherwise disposed of by the Secretary of the Treasury at not less than par. No commissions shall be allowed or paid in connection with the sale or other disposition of any such bonds. All amounts derived from the sale of such bonds shall be paid into the Emergency Relief Fund. (c) All moneys in such fund are hereby authorized to be appropriated for allocation to the several States by the Federal Emergency Relief Board, and for other expenditures as provided in section 3 (b). 1 |