The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-12-30
LEGISLATION ON
SILVER ISSUE is
TO Be BLOCKED
Congress Leaders Ordered
to Wait Outcome of
London Pact.
BY LYLE {. WILSON
United Press stan Correspondent
Copyright. 1893. by United Press

tL0pTrlSlt, 1893. BY united FreEs1
WASHINGTON, Dec. 80. - Ad-
ministration cong1 essional leaders
we're said on good authority today
TO be under orders 10 block all silver
legislation this winter pending out
come of the London agreement ef-
fort to increase the price of that
metal.
Informed exposition Of admins
tration policy shows that President
Roosevelt is determined to deal with
silver within the scope Of interna-
tional agreement. He eventually
may go beyond the London agree
ment itself But, if so. the next
move Likewise would be the outcome
Of international discussion.
On that issue the President will
meet and fight the congressional
reconciliation group this winter
The effort to deal with silver by
international action is the reverse Of
Mr.. Roosevelt's gold policy. On gold
the United States Just now is going
it alone.
Free Coinage Bloc Organized
Organization of free silver
coinage bloc of tWenty-six senators
yesterday. under auspices of Sen
ator Burton K. Wheeler Dem,
Mont), has not moved the admin
istration from its international pro-
gram. The first move last week was
an order for coinage of minimum
Of 24000000 ounces Of silver an
nually at a seigniorage fee Of so per
cent. That automatically lifted the
price of newly mined, domestic sill
yer to 64l2 cents an ounce.
Comparing that price with the
S3406 an ounce at which the Re
construction Finance Corporation
will purchase gold the coming ratio
between the two metals is more
than fifty to one. Senator Wheeler
and many of his silver colleagues
want free coinage at sixteen to one.
So far Mr.. Roosevelt has given them
limited coinage only and at upwards
Of fifty to one.
1t is not likely that gap can be
closed at this session of congress re-
CARELESS of the obvious power with
which the silver men enter the
fight.
President Not Disturbed
The meeting of the silver bloc. in
fact, did not upset the President at
all. Not many hours after the
silverites dispersed administration
leaders on capitol hill he'd the inside
story of what had taken place. Il
was not a tale to alarm leaders who
have the power Of the White House
o resort to if rebellion must be
quelled.
In the first place the silverites
could not agree on a ratio for re-
monetization. Knowing that would
be impossible they did not even at
tempt it. Secondly, Senator Wheeler
himself was careful to point out to
questioners that his conference was
not to fight administration money
plans, but to supplement them.
Pursuant to the London agree
ment. Mr.. Roosevelt authorized
limited coinage last week. Other
silver producers-Canada. Mexico.
Peru and Austraila-are expected to
carry out their share of the London
bargain to coin domestic silver.
Indian Sales Limited
The Indian legislative council al
ready has approved that clause of
the agreement which limits Indian
sales of silver It was against the
flood of demonetized Indian silver
that the conferees sought a barrier
in London.
AS the silver producing states join