The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-22

Hhi 'IfC't Af'''T w w
proposed ratio.
In submitting his silver
plan. designed to calm the
congressional silver storm,
Mr.. Roosevelt revealed that:
!. Foreign silver has been pur-
chased with some proceeds Of the
a.. 600 900 non stabilizsu ton fund ere
ated from part Of The treasury :
profit through naturalization Of
gold
2. Conferences had begun with
some of our neighbors regarding CO.
ordinated bi-metallSm.
The President proposed:
/. LEGISLATION declaring It TO be
the policy of this government to
increase silver in monetary stocks
until the ratio is D per cent sill
yer to IS per cent gold.
Tax Profits Suggested
.. That he be authorized and di-
rected by congress to make silver
purchases necessary to attain TINS
ultimate objective.
3. Limitation of 50 cents per
ounce on the price which may be
paid for accumulated domestic sill
yer.
4. Authority be given him to ma
nonalize nonindustrlal silver on
payment of just compensation.
:. Provision for 80 per cent tax
on profits from silver speculation
In proposing this plan. Mr. Roose-
welt explained the United States
was organizing a currency system
designed 10 he both sound and
adequate. But he emphasized that
this country can not achieve accept
ance Of gold and silver as per-
maneut measure Of value.
Concerted Action Needed
Concerted action Of all nations
or at least q large group Is essen
haL ne said. TO create a world gold
silver standard.
To arrive at that point the
message continued. we must seek
every possibility for world agree
ment, although il may turn out
that this nation will ultimately have
to take such independent action on
this phase of the matter as its in
tereStS require
Mr.. Roosevelt believes that at no
time since the United States first
championed silver in 1878 have con-
dltions been more favorable for in
ternational agreement
Accordingly" he continued. I
have begun TO confer with some of
our neighborS in regard to the use
OF both gold and silver preferably on
a cor-ordinated basis. as a standard
Of monetary value
Such an agreement would con-
StitUte an important step forward
toward a monetary unit of value
more equitable and stable in its
purchasing and debt paving power.
Sterilization Fund Used
Mr. Roosevelt pointed out that
his proclamation Of Dec. q. 1888.
initiated treasury purchase Of newly
mined domestic silver in conformity
with the London conference silver
agreement. designed to absorb sur
pluses and prevent further debasing
Of that metal
We since have acquired other
silver IN the interest Of sterilization
Of foreign exchange and the develop
ment Of 4 broader metallic base for
our currency. Mr.. Roosevelt added.
revealing for the first time that
some Of the $1,000 600. 900 tBN sta
bilizstion fund created last winter
has been used to purchase silver in
world markets.
II has been variouSly rumored
that the treasury has purchased 65.-
100000 ounces through the Stabili-
cation fund.
II was estimated today that ap-
proXimately 1900 600 900 ounces of
silver would need to be acquired to
bring the silver monetary stocks 10
a 25-75 per cent ratio with the ex-
lSting gold Stock-S7.75 900 900.
Elaborate safeguards are expected
10 be adopted by the administration
to prevent SPECTATORS from obtain
ine any benefit from the likely price
rise IN the metal should the gov
eminent inaugurate its ambitious
silver buying program.