The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-12-22
ORDERS
FURTHER EXPANSION
OF IMITATION PLAN
Proclamation Lifts Price Of
White Metal From 43 to
641z Cents an Ounce
RATlFIEs WORLD AGREEMENT
Western Scion Pleased Al Ac>
ton; May Bolster Ameri.
can Trade With Orient

washington. Dec. 22.-(F-silver
coinage Friday was commanded b
President Roosevelt in . sudden ex<
pansion Of his monetary plans for
lifting commodity prices.
BY proclamation. he opened fed
eral minis to newly mined silver In
program estimated to push the
metals price from around 43 to 64h
cents an ounce. add millions to thu
nations mining wealth and spur ex-
ports to silver-using countries.
Silver produced domesticauy from
Friday until Dec. 81. 1897. will be ac4
cepted by the mints. HALF viii b
coined and returned In dollars to
the producer. half surrendered u
the government and held In reserve.
Roosevelt's proclamation formally
ratified the London silver agreement
by which 1t was understood the
United States would absorb annually
at least 24.42l 40 ounces Of its silver
production. approximately the 1882
output.
simultaneously with PRONUNCIATION
Of silver coinage. the administration
evidenced anew its intention to con-
tinue gold buying. The RIG increased
funds set aside for such purchases
from $75.000,000 to 100000 900 and
disclosed that 507.485 ounces had
been acquired domestically for u.s.
986y 900. Thus the weight Of both
gold and silver will 60 on tho Roooe-
welt lever under commodity prioeG
Hints q Other Moves
A hint Of other moves to como n
the governments march toward q
commodity dollar WAS contained n
this paragraph Of the presidential
proclamation:
THE present ratio In weight and
fineness Of the silver dollar 70 the
gold dollar shall. for the purpose oe
this proclamation, be maintained I'M.
til changed by further order o. proc.
lamation."
The presidents order, intended TO
boost silvers market worth to half
the legal value Of 4l.20 IN ounce, was
issued by authority Of tho imitation.
airy powers congress voted him In the
agricultural adjustment act. It Inn
mediately was hailed by Senator
Pittman Dem., New author Of the
silver agreement written 1t the Lon
don economic conference.
This understanding between o6
countries against further silver de-
basemtnt and depreciation was con-
tingent upon an agreement between
major silver-producing countries.
Australia, Canada, Mexico, Peru
and the United States agreed to alb
sorb 100000 ounces OF silver an
nually for four years. China agreed
to prohibit sales Of silver derived
from melting up or debasing coins,
India to limit such sales to 100000
ounces annually and Spain to $780,
600.
India Already Has Acted
The president said India already
has put the agreement into effect ana
Il understand other nations con-
cerned are about to act"
Roosevelt said he took the Joint
step Of ratification and coinage,
finding It proper to cooperate With
other governments and necessary to
assist in increasing and stabilizin9
domestic prices, to augment the pur-
chasing power Of peoples In silver
using countries, to protect our for
eign commerce against the adverse
effect Of deprecated foreign curren-
cies and to carry out the understand.
ing between the 66 governments that
adopted the resolution hereinbefore
referred to-"
President Roosevelt ordered that
the treasury's so per cent Of the silver
turned In to minis be held q bullion
and not be disposed Of prior to Dec.
81, 1887. except for coming into
United States coins"
In proclaiming that he found Il
necessary that the price Of silver 'be
enhanced and stabilized" Roosevelt
emphasized international cooperation
in tina effort