The 20 hours between the adjournment of Congress and his departure for a New England vacation last week were some of the busiest President Roosevelt had put in since taking office. Congress overstayed its popular welcome by four days. Happy and gratified was the President that a last-minute Senate revolt against the bill carrying $360,000,000 savings in Veterans' pensions had been put down. On recalcitrant Democratic Senators strong pressure had been exerted in the cloakrooms by Leader Robinson, around the Capitol by Budget Director Douglas and. most of all, by Postmaster General Farley (see p. 10). The President himself had made some strategic telephone calls.
Week before President Roosevelt and the House had reached a compromise on pensions (TIME, June 19). Pension cuts were to be limited to 25%. "Presumptive" disability cases, in which a veteran claimed his post-War injuries were due to military service, were to be reviewed by the President. In the Senate long windy efforts to upset this compromise were finally voted down 45-to-36. President Roosevelt was master of Congress until the end.
To the adjourning special session he sent his heartiest thanks for "making possible a more sincere and wholehearted co-operation between the legislative and executive branches of the Government than has been witnessed in many a long year."
¶Finest fruit of that co-operation now lay before the President, the vast Industrial Recovery Act. The President signed with a vim (see p. 12).
¶"This bill has more lives than a cat," said a grinning President to Carter Glass as he squiggled his name on the Glass-Steagall banking act (see p. 45). "It has been declared dead almost 14 times in the last few months and finally came through."
¶On the same day the President made a prime appointment: Joseph Bartlett Eastman, squash-playing bachelor who believes in Government-ownership of railroads, to tie Coordinator under the Railroad Emergency Act. Retiring from the Interstate Commerce Commission, Coordinator Eastman will try to help the roads reduce wasteful duplications of service.
¶Third important signature was affixed to the Home Owners Loan Act, under which tne Government will guarantee 4% interest on $2,000,000,000 worth of bonds to refinance home mortgages. The President: "I feel we have taken another important step towards the ending of deflation."
¶Last week occurred another momentous polit co-economic event. The U. S. collected 8% on its June 15 War Debt payments. Britain paid as a "token'' $10,000,000 in silver (at 50¢ per oz.) which the President declared was no default. That France was in default, no one could deny. Like six other debtors, she paid nothing (see p. 15).