The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-04-27
SILVER plan
MAY REDUCE
EUROPE DEBT
80 Per Cent Cut Possible
Under Initiation Bill as
Now Written.
BY LYLE c. WILSON
United Press Staff'Correspondent

u
WASHINGTON, April 27-Revi-
sion of the currency imitation bill
to make it the medium of a possible
maximum 80 per cent reduction in
1888 war debt payments awaited
White House approval today.
The bill was nearing passage,
with debate limited and a vote
probable by night.
Senate Democratic leaders sub
mitted to the administration an
amendment which would invite
foreign debtors to pay all of this
years annuities in silver. The sum
involved is approximately 1899 ,00O,-
900.
A senator constantly associated
with the administration told the
United Press that unless some con-
cession were granted there appeared
to be much likelihood the United
States would receive little or moth
ing from her debtors in this year of
worldwide depression.
There already has been written
into the imitation bill authority for
Mr.. Roosevelt to accept $100,000,000
in silver from war debtors at price
not in excess of so cents an ounce.
Free Coinage Written in Bill
Bar silver sold this week for SO
cents an ounce. If debtors were
permitted to pay it into the United
States treasury at so cents an ounce
silver for which they paid So cents
or had accumulated at still lower
prices, the reduction in their debt
would be immediate and obvious.
The silver section of the bill pro-
vides now that ST silver certificates
be issued against any bullion thus
and that they be accepted
in discharge Of any obligations.
Pernissive free coinage of silver
was written abruptly into the bill
late Wednesday afternoon by vote
of Al to 26. The issue upon which
William Jennings Bryan stumped
the country with a million flaming
words in 1896 was damned into the
bill without a word of discussion.
Gold Value Fight to Come
But there is little cause for
Bryanites to celebrate belated vic
tory, for the free silver men in the
senate have not won victory at
all.
1t is the general understanding
on Capitol hill that Mr. Roose-
welt agreed to accept the free silver
coinage amendment only to rush the
rising clamor of Senator Burton <.
Wheeler Dem, Mont0, who was in
a mood to bolt the administration
altogether when he was left outside
the private conferences in which
the Thomas imitation amendment
was drafted. The concensus is that
the free coinage authority will not
be utilized by Mr.. Roosevelt.
The silver amendment would per-
nit, but not require the President
to revalue the dollar and authorize
unlimited coinage Il gold and silver
at ratio to be fixed by him.
The gold revaluation fight still is
to come Reference to gold in the
silver amendment was incidental.
Debate Is Limited
Senator David A. Reed (Rep., Pa
has pending an amendment to
strike gold from the bill and on
that issue the administration will
come closest to defeat.
Senator Carter Glass Dem., VaD j.,
has revealed his determination to
bolt the administration both on in
flation and farm relief. A house
movement to attach immediate cash
payment of the bonus to imitation
as a rider is causing considerable
concern. Senator Arthur Robinson
rep, Ind, has offered a bonus
amendment in the senate but it is
scheduled for defeat
BY unanimous consent the senate
agreed to limit debate after 2 o. m.
to Is minutes for each senator on
each amendment, and to fifteen
minutes on the bill itself. The
agreement appears TO assure vote
today or tonight.