Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-05-26
Silver Agitation Produces
Sharp Variations in Opinion

Interest In the position of silver In
world markets Is revived as q result of
advocacy OF an international confer
ence on the problem. There has been
widespread discussion in the Nations
press since the recent meeting in Wash
lngton OF the International Chamber of
Commerce. 1t is held by some that
silver must be regarded as a commodity
rather than as q monetary measure Ct
value. 1t Is recognized that serious
changes have been produced in India
and China, and that possibly world
conditions have been affected, chiefly
through the reduced buying power OF
AStatic countries.
More and more silver tends to be-
come q mere commodity. less and less
monetary unit" advises the New York
Sun. pointing out that consumption OF
silver Is different from consumption of
wheat; that when wheat is con-
sumed. 1t vanishes; when silver Is con-
sumed. It merely goes into q vast
reservoir. from which much of it may
be recovered as need may arise" The
Sun explains as to Official attitudes on
the subject: Governments in the past
have not gone to the single gold stand
ard for the fun OF the thing: they have
gone TO 1t because it has proved work.
able and sound. As wealth and pros
perity have c-me, nation after nation
has adopted 1t. The world today Is
contemplating q possible shortage of
monetary gold in the future; it thinks
Of meeting this by more economical
uses of the gold 1t knows it has rather
than by obtaining mere abundant sup
plies Of new metal. Therefore the
natural and historic tendency to mono
metallic standards Is stronger than
ever"
Against this statement il the declara-
ton by the Springfield MASS Repub-
lican that there seems to be q grow
ing body of opinion that when silver
was displaced as the monetary standard
in India, q grave economic error was
committed; that the fall in silver's
price from "a cents to ~ cents an
ounce, following the change, must have
had serious effects on the foreign trade
Of the Orient" The Oakland Tribune
Ia convinced that 1t Ia "a subject Of
international concern to bring the price
Of silver up, II trade is to be enjoyed
with nations which have 1t as a
standard"
an the opinion Of foreign trade ex-
perts,' says the Seattle Daily Times, 1T
will require considerable time before the
earning power Of the consuming masses
can adjust itself to the lower price of
silver. However. sterilization of the
price Of the metal will remove one of
the great handicaps to commerce. For
eign traders would not hesitate to deal
in the usual commodities because OF
huctus ting prices and speculation in
exchange. A better price for silver
would be immediately reflected in In
creased trade. in which Seattle would
share largely"
The growing demand for some help
full rehabilitation of silver" states the
Atlanta Constitution. lis not as Scna-
tor Borsh explains, any revival OF the
free silver 16-to-1 ratio agitation of IS
years ago. II is for an Internal ional
agreement that will restore on an
equitable basis the us. of silver as
= medium of world exchange in trade.
Necessity must eventually compel such
an agreement. for the money gold of
ths world. mainly owned by the United
States and France, furnishes too narrow
a base en- which to establish a general
and healthy world commerce..
NO greater blow was ever struck at
world prosperity than was struck by
Britain in changing the currency basis
for India" in the opinion Of the
Houston Chronicle, while the Portland
oregon Journal. referring to a meet
Commerce OF Washington, Oregon,
Idaho, British Columbia and Cali
fornia. at which Congress was asked
to investigate the subject and to sup
port an international conference, points
out: Practically one billion people in
silFer-using countries are nearly bank
rupt because Of the extraordinarily low
value OF silver. As bsnkrupts they
cannot buy American goods"