Evening star. [volume] (Washington, D.C.) 1854-1972, 1933-11-22
P|TTMhN PREDICTS
SILVER MOVE SOON
Reports President Will Act
on London Pact Before
Congress Meets.
BY G. GOULD LINCOLN.

President Roosevelt has under con-
sideration action, before Congress
meets, putting into operation America s
participation in the international silver
agreement entered into at the London
Economic Conference. Senator Key Pitt
man, chairman of the Senate Foreign
Relations Committee, today cabled Sir
George Shuster, chairman of the FL
nance Committee of the India cabinet.
Should the President take such &C
ton, it would remove from the market
"a 900 900 ounces of newly mined Amer
lean silver each year for four years, be-
ginning January /. Senator Pittman said
the President could open the United
States mint to the coinage of this silver
or could purchase the silver and use it
either as reserve or for minting coins
Recognizes Indian Action.
Senator Pittmans cablegram to Sir
George Shuster was in recognition of
the action just taken by the Indian
government ratifying the silver agree
ment entered into at London. The
Nevada Senator was a member OF the
American delegation sent to that con-
ference by President Roosevelt and was
instrumental in bringing about the
adoption of the silver plan by the con-
ference. His cablegram, sent to New
Delhi, India, follows
I'VE deeply appreciate midas action
relative to silver agreement. The Pres
ident has under consideration action
before Congress meets. Congress will
undoubtedly carry out agreement. Con-
ordinations"
BY this international silver agree
ment, Canada agrees to take 3000,0 900
ounces Of silver off the market annu-
ally for four years; Mexico. 100000
ounces: Australia. 100000 ounces,
and Peru, 100000 ounces. At the
same time, India undertakes not to sell
more than 100000 ounces year for
the four-year period. and then to
cease entirely the sale of silver.
Congress Falls in Line.
There is strong bloc in both houses
of Congress ready to support the re-
monetiZation of silver. The interna-
tional agreement entered into at Lon
don and subject to ratification by the
various governments, is in line with
such reconciliation. Senator Pittman
has been a leader in the demand in
this country for the reconciliation of
silver, making IL 1ull legal tenoeT, ana
for its greater use for currency pro-
posals and for its use as reserves
against which paper currency may be
issued
1t was vote in the Senate on the
reconciliation of silver and its free
coinage which forced the adoption of
the so-called Thomas imitation amend
ment to the farm relief act passed by
the Congress at the last special ses-
sion. Senator Wheeler of Montana
forced vote on his silver amendment
to that bill, and it failed to carry by
only couple of votes. The admins
tration and the Democratic leaders in
Congress, sensing the increasing de-
mand for some kind Of monetary leg
islation, agreed finally to the Thomas
amendment, which placed wide discre-
tionary powers in the hands of the
President This was considered at the
time far preferable to having Congress
put through a mandatory inf1ationary
act. which it was in the mood to do
The supporters of the demonstration
of silver are prepared when Congress
meets to seek much more drastic &C
ton than has been contemplated in
the silver agreement entered into in
London.