The Eureka sentinel. [volume] (Eureka, Nev.) 1902-current, 1921-01-22
P|17MAN TALKS
ON SILVER PRICE
Nevada Senator Confident That
Bill For Repeal of the
Act Will Fail

considerable interest In regard to the
next Congress attitude toward the
Pittman Act which has pegged the
price of domestic silver at 81 per
ounce until the metal sold to Great
Britain during the war has been re-
placed in the treasury. In fact, a
bill for the repeal of the Pittman Act
has already been introduced in Con-
gress by Representative McFadden,
chairman of the House Banking and
Currency Committee. Senator Pitt
man feels that the defeat of the Nc
Fadden bill is certain. In an inter-
view recently he made the following
statement:
Il am aware that the securities of
the silver mining companies have
been under pressure from the feeling
entertained that the silver purchase
act may be repealed and that there
is demand In certain newspaper quar-
ters that this be done. There has
been introduced in the House of Rep
resentatives a bill for the repeal of
the act and a subcommittee of the
House Banking and Currency Com
mittee is giving hearings on it.
Nevertheless there is not, in my
view, the slightest chance that Con-
gress will repeal the act. Even IL
such a bill did pass the House, the
western Senators are very much op-
posed to the repeal of the act, and
they are in position to prevent this
being done. Furthermore, there Is
no sentiment among eastern Senators
for the repeal of the act, and could
1t be conceived as existing they are
very much more interested in other
imperative legislation. so that three
day talk only against therepealwould
quickly cause the Senate to set the
bill indefinitely aside.
THE silver purchase act is a SOL
emn agreement between the Govern
ment and the silver producers. 1t
was unanimously passed by both
Houses of Congress. 1t was a war
measure to assist Great Britain in
meeting the India exchange situation.
Our silver producers had to be pro-
tected by the dumping of $275,000.-
900 in silver from the United States
treasury. and this was done by the
silver being sold for 81 an ounce.
with the agreement that the silver
should be replaced in the treasury by
the Government paying 81 an ounce
for il to the American silver produc-
ers.
"And that is what is being done.
Though foreign silver is selling for
less, the Government must be honest
with its silver producers, and will be.
In purchasing the silver the Govern
ment is not losing anything. II got
81 an ounce for the silver in its treas
ury and 1t is replacing the silver sold
by silver for which 1t is paying 81 an
ounce. This was fully understood
at the time, and agreed to, with no
one objecting. Then the money used
in the purchase is in effect British
money, the same we obtained In SELL
ing the silver"
Representative McFadden sets
forth his reasons for the repeal OF the
Pittman act as follows:
1.-The subcommittee of the House
Banking and Currency Committee has.
in fact, concluded its hearings on the
bill | have introduced for repeal of
the Pittman silver purchase act, but
no attempt win be made to push for
action on the bill at this session OF
Congress. However. / expect to be
active in urging its passage in the
Spring of the year. in the extra ses-
sion.
Il know that the senators rom tho
silver States are much opposed to the
repeal bill. but the Government In
buying back the silver Is paying to-
day much more than the market
price because of the present law. and
the Government should save wher-
ever 1t can. ! expect that fact will
make an impression upon Congress at
the proper time, ! know the argu-
ment OF the silver men, that the Gov
ernment is only paying what 1t re-
ceived for the silver 1t sold. but the
circumstance carries no weight with
me and maybe with Others"