The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-22
SILVER COMING
ORDERS GIVEN
BY ROOSEVELT
President Gives Approval to
Limited Minting of
Domestic Metal.
INITIATION WAR HALTED
Free Coinage Men Are Not
Content; 1t Should Go
Farther, They Say.

BIZ United Press
WASHINGTON, Dec. 22.-The
congressional currency initiation
dispute appeared today to have been
postponed and perhaps avoided al
together, by an order of President
Roosevelt for the limited coinage of
domestic silver.
The currency phalanx is broken.
If commodity prices rise and agri-
cultural discomfort subsidies the in
flation battle is over for this ses-
sion. Before Mr. Roosevelt touched
his pen last night to his silver proc
lamation, the sentiment for infla-
ton was spreading at a rate alarm
ing to the administration.
In a month or six weeks it will be
evident whether the new deal for
silver has achieved its detectives.
In the meantime, the adminiStra-
ton has gained at the expense of
the currency expansion bloc the
votes of Senator Key Pittman
Dem, New and many others from
the silver producing areas of the
west.
Senator Pittman sponsored at the
London conference the silver agree
ment put into effect yesterday by
President Roosevelt. The accep-
lance for coinage of a minim
of 24000,000 ounces annually of
United States silver was agreed to
at London and is among the diScre-
tionary powers conferred upon the
President by the Thomas initiation
amendment which was attached
last April to the farm relief bill.
Silver Bill Considered
But the free coinage men of the
west we're not content with the linn
tied coinage authorized in Mr. Roos-
evelt's proclamation. Senator Bur-
ton K. Wheeler, dem, Mont.),
leader of the 16-to-1 free silverites,
told the United Press he welcomed
Mr.. Roosevelt'S action but he COM
planned it did not go far enough.
Senator Wheeler said he was con-
ferring with other northwestern SEN
atorS and representatives and would
offer his silver bill on schedule.
THE trouble with the Presidents
proclamation, - Senator Wheeler told
The United Press, lis that the adj
mlnistration still is treating silver
as a favored commodity. It is a
step forward. of course. and for
the time being it will retard the &C
ton of congress in voting for UNI
qualified reconciliation of silver.
But in my judgment the people
Will see the good flowing from the
limited coinage authorized bv the
President and they will want to 90
forward to reconciliation so that
we can issue currency against silver
Just as we do against gold.
RECOMMENDATION would stabilize
silver. That would develop new
markets in the far east. in Latin
America and in the silver producing
areas Of our own country. 1t would
put China in a position to buv from
US. And it would help our textile
manufacturers in their fight for
markets against Japan"
May Aid U. S. Banks
Senator Pittman also is thinking
OF reconciliation although tempo
rarily he is content.
The action of the London con-
ference opens the door to further
legislation looking to remonetiza-
ton of silver" he told the United
Press. This proclamation itself
will raise the exchange value of
silver currency countries in rela-
ton to our money. Those silver
users are more than half the peo-
pie in the world.
The policy adopted by the adj
ministration will increase the pur-
chasing power of those millions in
Asia and Latin America by more
than so per cent. In my opinion.
it will greatly increase our export
trade, raise the prices of our COM
modities and probably release de-
posts and bank cedit so that there
will be less call for an expansion Of
the currency"