The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-03-15
SILVER GETS ASSISTANCE FROM
CONGRESS.

representatives for the purpose of in
vestigating gold and silver produc-
ton. costs and conditions affecting
the price; also to confer with other
similar representatives of European
countries with the view to bringing
about wider use of silver as a mon
ey metal and stabilizing the price
failed to pass the senate However
the senate did pass a resolution au-
thorlzing the appointment Of a silver
commission consisting of five sena-
tors who are authorized TO make an
plated as outlined above. Senator
Nicholson. Of Colorado, is chairman
OF this commission and the other
members are Senators Gooding. of
Idaho; Oddie and Pittman, of Nevada,
and Walsh, of Montana This COM
mission will soon meet and it is hop
ed that during the long recess they
will be able to compile facts sufficient |
to make a showing to the next con-
gress which will convince that body
that the silver question is not merely
a matter of fixing the price at fig
ure at which the producer will be as
sured of a fair profit; that it is rather
a matter of utilizing silver for the
restoration of sound currency
throughout the world, and also to re-
ieve the producers of silver. most of 4
whom are American citizens and so {
,er cent of the world production s
'omes from the mines of North AM 6
rca, from the arbitrary price fixing I
" London brokers. 1t was unfortun- O
tie that the Nicholson resolution did /
lot pass. as it carried with it provi- i
ions for extended Investigations and b
iould have made more exhaustive D
tudy than the senate commission will
e able to do. So certain was the &"
ceiling that the resolution would pass
nat the committee on mines and min
~ of the house had already submit
ID a report recommending its pass Il
se The Importance of the measure C,
nd the scope of the proposed investi- !,
alton are indicated by the statement Fl
omitted by Representative Rhodes, m
Missouri. chairman of the house Fl
ines and mining committee in which &C
said: m
There are so many complex ques- di
ms relating to the cost of produc- a,
IN. reduction, refining, transporta- :,
IN, marketing and uses of gold and
yer that your committee is of the 81
anlmous opinion fact-finding Gil
mmission should be created and re- lal
TT back to congress the result of it's ~,
luiry as soon as practicable. This
islation has no bearing upon the NJ
estions of monometalism bimetal- IN
q, or fiat money, nor does it propose thi
subsidy for either gold or silver. IN,
Yet with the governmental obliga- ,,.,
ms of the world having increased
m $4,000. 100000 TO $500. 600. 600, 900 Oh
ce the beginning of the world war, the
IS apparent that the present metal cal
reserves for monetary purposes %,
st be increased in order to relieve =,
strain upon world credit This IL
st be done or the metallic money the
4 A
notary system established Eng I'm
has recently reduced the amount
silver in her coinage from s25 fine 9'
500 fine. and many other countries sha
doing likewise We believe an his
'nsive study of the bearing this day
nge is having upon the world. with ba
- - - .s, 80 - .''''o'-'' viii
viii prove helpful to the gold and
err industries OF the United t'
tes" fl
ONE of the outstanding facts 81
Oh he urged in support of favor d
action on the resolution follows: M
l. The annual production of gold
silver in the United States and in 81
world mas Deen decreasing.
. Many of the silver mines will to
to close down and cease m
alton upon the expiration of the ~
man act unless something is done 10
the condition of the indus tn
70
over so per cent OF the silver
he world is produced in North Am C
A and the major portion of it is
rolled by American citizens, yet
price of our silver is arbitrarily tt
by four London brokers. con- beca
ed by the Bank of England the
Great Britain's control over the liable
2 and distribution of silver gives agri,
an advantage in commerce in that
"a and India, where the largest be C
gn silver market is found. factc
Our export trade is adversely mott