Evening star., 1934-01-02

President Roosevelt's order directing
the purchase of silver at an increased
price. following a silver agreement at
the London Economic Conference, Is
generally believed to offer ieneflts 10
the silver producing States ofthls coun-
trv. Many observers say it will serve
to hold in check those membe'S of Con-
gress who are in favor of udlcal in
flation.
There is some dispute as t. whether
the action will improve trade between
the United States and countries, par
ticularly in the Orient, which are on
silver basis.
Whatever imitation is Produced
comments the Santa Monica Evening
Outlook. sis kept closely in hand by
the definite official statement hat the
President reserves the right te change
the price paid for silver by tie Gov
ernment and to sell as well as buy
silver bullion" With this safeguard,
the Outlook sees little reason fo' think
ing that whatever initiation ensleS will
get out of control" That paper finds
some doubt whether the President has
gone far enough to satisfy the silver
mining States" but points ou that
confidence of the public in President
Roosevelt is an element of strength in
the business situation whose Importance
IS very great"
"a strong new impulse will result
from the opportunity to reopen silver
mining at a profit" thinks the Rock
ford Register Republic, adding tht I'VE
are extending a friendly hand u the
Far East and issuing trade challenge
to the bankrupt and defaulting nations
of Europe" 1t concludes: There is
logic in the course Whether there
also is economic stability remains to
be demonstrated. Our gift to the Far
East by increasing the purchasing
power of their silver will run into bill
lions. That we'll might prove the neces-
sary stimulant for our entire industrial
establishment"
"A great American industry, that of
the American silver miners" says the
Fort Worth Star-Telegram, will ,oin
the ranks of those showing benefits
from the Presidents plans" 1t adds
that "the silver countries are customers
of ours" and asks, why not treat them
to some money they understand and
appreciated" The Star-Telegram sees
mo sensible sounding objection" and
suggests that more than likely the
strongest argument that will be thrown
against the plan is that a person car
rying 5000 or $500 in his pockets might
not be able to swim out were he To
fall into creek"
what the President has DONE" states
the Charlotte Observer, lis formally tc
ratify the London agreement for use
by the United States of 24,00000C
ounces Of silver a year, half of which
is to be converted into coinage. One
important result of this action will bt
the side-tracking of the imitation move
ment, the general monetary situation
to be bolstered without resort to infla.
ton. No fixed ratio is involved anc
in that it differs from the famous plar
advocated by Mr.. Bryan" The OBJ
server predicts that "after we have es-
tablished a double standard for the en-
| tire world, economic conferences viii
! quickly remove tariff barriers, and with
our incompatible economic strength w
will assume the position we ought II
have in world trade" 1t concludes
1.-The danger Of an oversupply of silvel
is avoided because of the agreement be-
tween eight governments. Sixty-siX gov
ernments are now guaranteed the us'
and protection of silver as money ON
immediate effect of this agreement will
be the jingling once more of silve
money in the pockets of the people ant
a general rehabilitation Of the financiA
situation, so far as the common peopl
are concerned"
1T is likely to prove a safeguar'
against any wild imitation" in the opin
ion of the Miami Daily News, while tn
Danbury News-Times holds that lit
designed to affect in great way th
use of silver for money throughout tn
world" and the Lowell Evening Leade
| is convinced that "the President is il
a better position to block extreme meas