(2 of 2)
Mr. Glass then proceeded to call the attention of the Senate to some Supreme Court dicta "which the Attorney General, I suppose, inadvertently omitted." Quoting from the decision in the case of Monongahela Navigation Co. v. U. S. (which Mr. Cummings had referred to), Mr. Glass pointed out that, while the Court had said that Congress might direct the seizure of any property, the question of what shall be paid for that property cannot be determined by Congress but rests with the courts.
Meanwhile the Treasury, having virtually completed its last round up of gold, was eager to get on with the last round up of Congress. It urged passage of the bill within three or four days. Return of capital from abroad had already begun to drive up the exchange value of the dollar in spite of the fact that in four days the Treasury had bought nearly $9,000,000 worth of gold in England. Foreseeing still greater purchases as a possible necessity, the Treasury wanted to get its hands on the $2,000,000,000 exchange "equalization fund" to hold the dollar down.
So after two House committees had quarreled over the honor of reporting on the Administration's bill, that bill, intact except for minor amendments, was brought out on the floor. Debate was limited to three hours. No other amendments were added, and it was passed by a vote of 360 to 40. Only two Democrats and 38 Republicans dared to vote "Nay," although the only argument advanced for it was: "The President wants it passed as it is."