Evening star., 1933-02-14
FREE SILVER BILLS
TABLED IN HOUSE
Committee Drafting Plan for
Auxiliary Use of Metal
in Reserve.
BY the Associated Press.

BY the Associated Press.
The House Coinage Committee today
tabled all bills before 1t for free coinage
Of silver on a 16-to-1 ratio, but named
a separate committee to draft a meas
ure for the auxiliary use of the metal
as monetary reserve.
The vote killing the free coinage
measures, including the one sponsored
by Senator Wheeler, Democrat, Mon
tana, was to 3.
Contrary to usual practices, the sub
committee which is to meet this after
noon and present its measures to the
full committee tomorrow, Is not domi-
mated by Democrats. There will be an
even division between members Of both
parties.
Chairman Somers said the principal
points to be worked out by the sub
committee will be some means of
regulating silver deposits with the
Treasury. and protecting the Treasury
against dumping.
Rainey Expects Passage.
The prediction that Congress In the
special session would pass a silver bill
along the lines of the Somers measure
was made today to newspapermen by
Representative Rainey of Illinois, the
Democratic floor leader.
Il would like to see an auxiliary
coinage of silver" he said 1T would
not be imitation. Many of the best
minds in the country have begun to
realize. we could use more silver and
that it would help our trade with the
Orient and Latin America"
Rainey expressed doubt that the pres
ent Congress would enact such legisla-
ton.
A plan for the payment of inter-
governmental debts in silver was ad-
vocated in the Senate yesterday by
Senator Key Pittman, Democrat, Of
Nevada, one Of the white metals
stanchest champions.
P1ttman-for years an advocate Of
the restoration of silver to a higher
place in the monetary scheme-offered
q bill to let Great Britain pay up to
10000, 900 of her war debt in silver,
to be valued at the market price
Stresses Triangular Deal.
He explained on the floor it was de-
signed primarily to take care Of STA
CSC, 900 interest which England owes
on June is, and added that as India
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wanted to pay in silver, three things
could be accomplished at one turn:
India could pay England, England could
pay the United States with the same
bullion, while silver would be helped by
being used.
Pittman's bill provided for coming
silver dollars with the $74,950,000 from
Great Britain, against which silver
certificates would be issued.
At the market price of around as
cents an ounce, he estimated the United
States would receive 299, 800 900 ounces
of silver, and that as each dollar would
take only small amount Of silver bull
lion, 241, $4,000 ounces would remain
in the treasury as additional security
for the certificates.
The bill sets As cents an ounce as
the maximum value that could be
placed on the silver even If the market
price should 60 higher.
It also requires as condition to
American acceptance Of silver for debts
that Great Britain and India agree not
to melt up silver coins for five years
Pittman contended this would cause
India to abandon melting and Dump
ing policy and would restore the price
Of silver by putting market conditions
on basis Of mine production and
demand.