Evening star., 1934-04-16
SILVER BILLS OUT,
PRESIDENT FACES
REVOLT IN SENATE
King Committee Warns Ac.
tion on Dies Bill Will
Be Pushed.
GOLD SPECULATION
INQUIRY IS SOUGHT
Rainey Says White House Prefers
to Leave London Metal
Agreement Unchanged.
By the Associated Press.

By the Associated Press.
A struggle for mastery between
President Roosevelt and adamant sill
yer forces in Congress shaped up to-
day coincident with a demand for in
vestigation of gold speculations.
Despite an announcement by
Speaker Rainey that silver is not on
the administration program for this
session, immediate passage of silver
legislation was demanded today by the
special Senate Silver Committee
Senator King, Democrat, of Utah,
chairman of the group, said it was
'the unanimous view that silver must
be lifted from its status as a COM
modify and made primary money"
The Senator said he planned to ar
range an immediate conference with
the President on the question. as it
was believed wise to get the EXecu-
tive'S viewpoint.
Wants Early Action.
"In view of the fact a measure is
already on the Senate calendar which
deals with the silver question, the
committee believed an effort should be
made for its early consideration, said
King.
He referred to the modified Dies
silver-farm relief bill, which was IA
vorably reported by the Senate Agri-
cultural Committee and which carries
the Thomas plan for naturalization
of silver and the Wheeler Government
purchase program.
During the day, Representative
White, Democrat, of Idaho introduced
the resolution for a House inveStiga-
ton of all gold transactions since
January l.
He said spectators in gold had
made more than 1925, 200, 900 since the
presidential proclamation was issued
increasing the price of the metal.
Free Coinage Urged.
Several members of the Senate
Silver Committee said they believed
a bill calling for the free and un-
limited coinage of silver at a fixed
ratio with gold would be more desir-
able than the bill reported by the
committee.
They held, however, that since sill
yer bill was before them with a privi-
legged status every effort should be
made to secure early consideration.
The committee is desirous of early
action with view to obtaining legis-
lation which will increase the pri-
mary money of the country by a
broader use Of silver for all monetary
purposes" King said.
He added it was possible the silver
question might be brought to an issue
before the week is out.
You can say the President is just
as much for silver as I am" Speaker
Rainey told reporters today, "but he
questions the advisability of going
ahead with any legislation now.
He prefers to continue the present
purchasing powers under the London
conference agreement"
Buying Product.
The Speaker said he understood the
Treasury was buying all newly-mined
United States silver and that all sill
reproducing countries, Can a a,
Mexico, Peru and Spain were doing
likewise.
There are so nations that are not
silver producers" he said Efforts
are to be made to have them use more
silver and eliminate their brass and
copper coins"
Rainey said he thought under the
international silver agreement the use
Of silver was increasing.
London Agreement.
The London silver resolution
AHnntpN hu EE &c Ial
that these countries would refrain
from policy of melting and de-
basing silver coins, that they would
replace low valued paper money with
silver coins and would not legislate
in way to depreciate the value of
silver on the world market.
This resolution was contingent on
an agreement between major pro-
ducing countries which was to the
effect that for a four-year period
beginning January l last, China
would not permit the sale of silver
obtained from melting up coins, India
would limit such silver sales to
maximum of 35,0oO,0O0 ounces an
nually and Spain to 5,o00,oO ounces
q year.
U. S. Share.
AS further condition, Australia
Canada, Mexico, Peru and the United
States agreed to absorb 35000,000
ounces of their annual production
The United States share was a.
421 ,410 ounces a year.
Under President Roosevelt's proc
lamation of December 81 the Gov
ernment said it would purchase at
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