Imperial Valley press., 1933-12-30
WILL BLOCK
ALL SILVER
LEG|S[A ION
Administration To Curb Action
Pending Outcome Of London
Agreement On Price.
PRESIDENT NOT WORRIED
Inability OF Group To Agree
Upon Coinage Ratio Aid To
Roos .velt's Plans.
By LYLE c. WILSON
United Press Staff Correspondent
DOWNRIGHT 1Oo2 nv Trpitod procc

OhVCu TTCSS StdlI SOTTcSpOHucnS
Copyright, 1888, BY United Press
WASHINGTON, Dec. 80. - Ad-
ministration congressional leaders
were said on good authority today
to be under orders to block all
silver legislation this winter pend
ing outcome of the London agree
ment effort to increase the price
of that metal.
Informed exposition of admins
tration policy shows that Presi-
dent Roosevelt is determined to
deal with silver within the scope
of international agreement itself
He may eventually go beyond the
London agreement itself. But, if SO,
the next move likewise would be
the outcome of international dis
CuSSion.
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.. Roosevelts gold policy. On
gold the United States just now
is doing it alone.
Organization CT free silver coin
age bloc of 26 senator's under aus
pices of Senator Wheeler, DEM,
Mont, has not moved the admin
istration from its international
program. The first move last week
was an order for coinage of a
minimum of 240O0,OOO ounces of
silver annually at seigniorage
fee of SO per cent. That auto
matically lifted the price Of new
ly mined, domestic silver to 64k
cents an ounce.
Comparing that price with the
$34.06 an ounce at which the Re-
construction Finance corporation
will purchase gold the coinage ratio
between the two metals Is more
than so to l. Wheeler and many OF
his silver colleagues want free
coinage at 16 to l.
It is not likely that gap can be
closed at this session of congress
regardless of the obvious power
with which the silver men enter the
fight.
The meeting of the silver bloc,
did not upset the President.
In the first place the silverites
could not agree on ratio for
reconciliation. Knowing that would
be impossible they did not even
attempt it. Secondly, Wheeler him.
self 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 Australia-are expected
to carry out their share Of the
London bargain to coin domestic
silver
The Indian legislative council
already has approved that clause OF
the agreement which limits Indian
sales of silver. 1t was against the
flood of demonetized Indian silver
that the conferences sought a bar
rier in London.
AS the silver producing states
join the United States and the ef-
feet of the London agreement be-
comes apparent, the administration
is convinced silver men will be-
come more content and less an
xious to vote go it alone policy.
If that optimistic expectation is
not realized, Mr.. Roosevelt still
has his power of veto. Wheeler
comedies it unlikely that he could
necessary to legislate against a
veto.