Evening star., 1934-04-22
S|LVERBL0CFA|LS
TO WIN NPRES|DENT
Roosevelt Stands Firm in
Opposition to Bi-MetaIIic
Measures.
Continued From First Page.)

Idaho, Republican, and Shipstead of
Minnesota, Farmer-Labor
Secretary Hears Discussion.
Secretary of the Treasury Morgen-
thau, Eugene r. Black, governor of
the Federal Reserve Board and
Herman Oliphant. general counsel to
the Secretary, also were present. al
though they were listeners rather
than participants. The President did
a good bit of the talking after
Senator King and others of the silver
group laid before him their requests
that something be done about silver.
The President, it is said, is looking
toward an international agreement on
silver as the real solution of the
monetary problem. with gold and
silver finally stabilized in value.
thereby permitting stabilization of
international exchange to a degree
which has not before been possible.
He does not appear to be willing at
present to undertake any further
steps urged upon him by the silver
bloc members. He points out that by
proclamation last Winter he fixed the
price of silver received from American
mines at 645 cents an ounce. in the
hope that this would aid in the ad-
vance of the world price of silver.
Silver has advanced very little in
price since this proclamation.
The President is understood to have
told the silver Senators he had entered
into the gold program with practically
all the facts relating to the gold sup
ply at hand-how much gold there
was and where it was. Yet this gold
purchase program and the steps taken
by the administration have not
worked out entirely as it was expected.
So far as silver is concerned, the facts
are not at hand.
1t is not known just how much
silver there is in the world, nor where
it is. Under these circumstances, the
President would not desire to have
mandatory legislation relating to
program were launched and it did not
work out due to silver cropping up in
unexpected places, he would be power
less to halt it.
Powers Held Sufficient.
As a matter of fact, the President
was represented as believing he had
all the powers to do whatever might
be needed as far as silver is con-
cerned.
However. this is disputed by some
Of the silver Senators, who contend
he has no power to "nationalize"
silver as has been done with gold;
that silver still remains a commodity.
whereas gold bullion is regarded as
money and has the same value as gold
coin. They deny, too, that he has
full powers to go into the world mar
ket and purchase silver.
During the progress of the con-
ference at the White House, it was
pointed out that under the agreement
on silver reached at the London Eco
nomic Conference, the signatory ma
tions OF which the United States was
one. agreed that their reserves behind
their currency might be 25 per cent
silver and IS per cent gold with a
proviSo that the silver ratio might
be increased to 80 per cent in emer-
gency.
Senator Thomas Of Oklahoma is one
OF those who believes that if this plan
should be carried out, it would go far
to solve the silver question He con-
tended such action would take care
of all the silver bullion and silver
coins in the world: that. undoubtedly
the value of silver would go to l29
an ounce or higher.
Silver Estimates Used.
Senator Thomas used estimates Of
silver in the world made by the Fed
eral Reserve to prove this point
The Oklahoma Senator expressed
the opinion that the meeting at the
White House yesterday was most
helpful to the cause of monetary ad-
justment."
"All the officials were most SYM
pathetic" he said. What to do is
the question We are all trying to
come to some conclusion or plan that
we can get behind to help us out of
the depression"
A meeting of the silver bloc. some
so Senators, is to be held in the Sem
ate Agriculture Committee room to-
morrow morning, and a dinner will
be held tomorrow night. At the din
ner members of the House and others
outside of Congress interested in the
monetary problem will be present. ac-
cOrQlQP to Senator Thomas