Evening star., 1933-12-22

Proclamation Rafyng Federal MINIS Coinage
Standard Silver Dollars Metal Produced in the United
States Its Possessions.

, this 21st day of December, in the
year OF our Lord nineteen hundred
and thirty-three, and Of the lnde-
| pendence Of the United States OF
America the one hundred and fifty
eighth.
BY the President:
William Phillips.
Acting Secretary U State.
Text Of Statement Explaining
Proclamation.
By the Associated Press.
The text Of the statement. which ac-
companied President Roosevelt's silver
proclamation follows:
Under the clear authority granted
to me by the last session Of the Con-
gress, have today. by proclamation,
proceeded to ratify the London agree
ment with regard to silver, which has
already been put into effect by the gov
ernment OF India, and which under
stand other nations concerned are about
to act.
with the act of Congress, opens our
mints to the coinage Of standard silver
dollars from silver hereafter produced
in the United States or its possessions,
subject to the depositors OF such silver
surrendering to the Government one
half of it as Seigniorage and to cover
all usual charges and expenses. The
dollars coined from half of such newly
mined silver will be returned to the de-
positor. The half surrendered to the
Government will be retained in the
Treasury.
Debasing Is Outlawed.
"It will be remembered that at the
London Conference sc governments
unanimously adopted the silver resolu-
ton proposed by our Government, pro-
viding in substance that these govern
ments would refrain from the policy
and practice of melting up and debasing
silver coins; that they would replace
low-valued paper money with silver
coins, and that they would not enact
legislation that would depreciate the
value of silver in the world market.
This resolution, however. was contin-
gent upon an agreement between the
governments Of those countries produc-
ing large quantities Of silver and the
governments Of those countries holding
or using large quantities, looking to the
elimination OF an unnatural oversupply
of silver on the markets of the world.
This agreement. of course, was for the
purpose of allowing demand and supply
to govern the price Of silver by the
limitation and naturalization of this
oversupply derived from the melting up
of silver coins.
Threat PeriIs Value.
india had the power to dispose Of,
on the markets of the world. at any
time. and at any price. hundreds of
millions of ounces of silver. In fact,
India had the power and capacity to
dump silver derived from the melting
| up of Indian silver coins in an amount
| equal to the worlds production from
the mines-for the period Of two years
This power and the uncertainty a.
tending its execution was destructive
| of the value and stability of silver
| throughout the world
China agreed, during the period of
l0ur years commencing January ], 1884,
and ending January l. 1893, not to per-
init the sale of any silver derived from
| the debasfng melting up of silver
coins. India agreed to limit the sales
Of such silver to maximum Of 35,000,-
600 ounces annually during such period
and Spain agreed not to sell in excess
of 100000 ounces of such silver an
nually during such period. After such
sales. these governments are to be
| bound by the general resolution adopted
at the London conference to which I
have heretofore referred.
Minimum Fixed.
"As a condition Of the agreement by
China, India, and Spain, however, it
was required that Australia. Canada
Mexico, Peru, and the United States
should take silver from the production
of their respective mines to the gross
amount of $4,000, 900 ounces annually
for such period of four years. The
United States by reason of its large
population and its large silver produc-
tion. agreed to take from its mines an
nuaily at least 24,42l,4 ,4l0 ounces of
silver during such period.
The production of the United States
Tor 1892 was approximately 100000
ounces of silver"