Evening star., 1933-02-03
EARLY IMITATION
ACTION DOUBTED
Chance for Congressional
! Action at This Session
I Grows More Remote.
Nv the Associated Press,


Belief that the rest of the world can
not be put back on a gold standard un-
less the United States let's go much of
its stock of gold, was expressed to the
House Coinage Committee TODAY by
Senator Wheeler, Democrat of Mon
tana. Consequently, he said, silver
Should be remonetized.
Meanwhile, currency imitation by this
Congress became even more remote
possibility as sponsors of immediate
cash payment OF the bonus let it be
known they would postpone further &C
ton until the special session in the
Spring.
Nevertheless. bonus advocates, silver
infationists and various ether groups
which seek cheaper money worked to
prepare the way for SCme expansion
plan in the new Congress.
To put the rest of the world on tne
gold standard" Wheeler testified. this
country and France would have to give
up part of their gold end 1t Is sheer
nonsense to say otherwise.
Sees No Comparison.
Recommendation of silver is no new
or rntried experiment Going of tnc
oc,d standard, which scmo recommend
e 9, m1Ic1 more radical that there Is
no comparison. =, .r
"The single standard-gold-is new
eyperimant which first came Hl1o 'iie
western Hemisphere in 1868
Discussing the imitation aspects OF ms
16-to-l free silver coinage plan Whlcn
thn Senate rejected when offered as an
amendment to the Glass bill, Wheeler
said: ., .ofect
and sanest way in the world 10 get NJ
flaticn. You can help the DEBTOR class
bv a simple imitation OF the currency
and a reduction of the legal content OF
tha gold dollar. but you cannot help
world commodity prices, ana 'ila' -
where our trouble lies
GERMANY and France tried these
methods. he continued. but "dlon1 az
feet world commodity prices TO the
slightest degree.
Says Prices Would Advance.
demonstration of silver" Wheeisr
asserted. will raise world commonly
prices, because so per cent OF the peo-
Die Of the world use silver as practically
their only yardstick.
There is not one other piece of legS-
lation pending before this Congress that
would increase the cost OF production ~
Other countries, and I defy anybody to
cite me one.
when this country remonetlzeS
silver at a ratio of 16 to /, the price
Of silver the world over will go to 81 ~
That naturally will increase the cost
of production abroad and benefit the
American manufacturer, taking from
these other countries the advantages
OF the deprecated currercies they now
enjoy. ,,,,..5
States and undersell domestic producers
because CT that lower cost, tut her
silver is worth 50 little in the terms OF
cur gold dollar that she cannot buy
anything.
"Remoneti2e silver and raise its
price and you change that. Our pro-
ducers can compete with China IN our
own markets, and China can afford
to buy things from US"
Gets Economists View.
Wheeler said that in a recent con-
versaticn with lcadirg economist, Il
told him: The next Congress is going
to give you ether one of two thlr gG-
a tremendous paper initiation or BIZ
metallism Which would you prefer?'
Because he was connected with cre
OF our biggest banks he was naturally
against any kird Of imitation, but he
sai5: Give me bi-me.allism.'
This ecoEcm.st-banker,W Wheeler said.
preferred bi-metalNsm because that
isn't an experiment., and agreed that
bi-metallism could te maintained on
any ratio the law should specify"