Evening star., 1933-12-22
Congress Move
Seen Blocked
by Policy.
METAL TO STAY
AS COMMODITY
Senators of PrOduc-
ing States Hail Pol
icy as Helpful.
BY G. GOULD LINCOLN.

President Roosevelt's proclama-
ton ratifying the London Con-
ference agreement regarding sill
yer and fixing the net price Of
silver purchased by the Govern
ment from the mines of America
at 64.5 cents an ounce, is likely
to put "chock" under the wheels
of free silver and bi-metalic leg
islation, which has threatened to
bob up in Congress as soon as
that body COnveneS next month'
That, indeed, is the privately
expressed view of leading sup
porters of the renonetization of
silver and the establishment of a
bi-metalic monetary system.
The fact the President withheld his
proclamation regarding silver until the
very eve of the reassembling OF Con-
sresS was interpreted in some quarters
as shrewd move to forestan further
action by Congress.
"A QlIIGT6UJ view, IlONCNC4s Woo Oo,ASAA
by Senator Thomas, Democrat, OF Ok
lahoma. imitation leader. He told news
paper men today, according to the AS
sociated Press, that the Presidents new
silver coinage policy would be OF little
help and would "only intensity the fight
in Congress for cheaper dollar.
The President has opened the door
to all the various forms of monetary
expansion Thomas asserted. The
Senator, who described himself as an
advocate of Cheaper dollar, but not
cheap money" said he approved Of the
silver plan, but thought it was too
limited"
Whether the Chief Executive has had
in mind checking the demand for fur
ther imitation by the free-silver route,
or whether he has merely been wait
ing until he could have assurances
from many of the other important ma
tions that they, too, would ratify this
London Conference agreement regard
ing silver before making his proclama-
ton, makes little real difference on
the effect The effect will be to call
halt, at least temporarily, on further
silver legislation.
Will Block Speedy Action.
This does not mean that Senator
Wheeler of Montana and others who
are intent upon the re-establishment
of the bi-metallic monetary system in
this country will not press for action
on their bills for such purpose. 1t
does mean they are not likely to get
such action quickly. if at all.
Senators from silver producing States,
including Pittman of Nevada, whose
name is so intimately connected with
the London Conference agreement on
silver, in the negotiation of which he
took a leading part: Wheeler and
Hayden of Arizona. all said the Presi-
dents action was very helpful.
The Presidents action is step in
the right direction" said Senator
Wheeler. He expressed doubt however,
that the purchase of newly mined
something over 24,000000 ounces an
nually for the next four years, would
do as much good as it has been claimed.
ut still leaves silver as a commodity"
said Senator Wheeler, land it attempts
to stabilize the price of silver as a
commodity. What I have been asking
is that silver be stabilized as money
with the power of issuing two and half
times as much currency against it and
creating credit. What is needed is the
knowledge that silver is to be stabilized
as money, as gold is so stabilized.
Such knowledge would really create de-
mand for new development Of silver
mining. bring about new production
and new markets"
Favors Free Coinage.
The Montana Senator is strongly ad-
vocating the free coinage of silver as
money. course which the anti-infla-
tionists insist would lead to great in
f1ation.
1t seems, however. that further silver
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