The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-01-15

Element Of international balances O.
- may be required by q future agree.
ment among the nations Of the worls
TOR . redistribution Of the world stool
Of monetary gold.
Must Determine Value
with the establishment Of thi,
permanent policy. placing all none.
tary gold Ia the ownership Of tn,
government 6 q bullion base Tor II.
currency, the time has come for /
more certain determination Of til,
gold value Of the American dollar. Be.
cause Of world uncertainties, do no,
believe 1t desirable Ia the public in.
terest that an exact value be nov
fixed. The president Is authorized BY
present legislation to fix the lowe,
limit Of permissible revaluation at *
per cent. Careful study leads me t.
believe that any revaluation at more
than 80 per cent Of the present statu-
tory value would not be IN the pub.
lie interest. !. therefore, recommend
to the congress that It fix the upper
limit Of permissible revaluation at &C
per cent.
THAT We may be further prepared
to bring some greater degree of sta.
bility to foreign exchange rates In the
interests Of our people. there should
be added to the present power Of the
secretary Of the treasury to buy and
sell gold at home and abroad, express
power to deal in foreign exchange as
such. As q part Of this power, sug.
gest that, out Of the profits Of any
devaluation, there should be set up 9
fund Of two billion dollars for suct,
purchases and sales Of gold, foreign
exchange and government securities
as the regulation Of the currency, the
maintenance Of the credit Of the
government and the general welfare
OF the United States may require.
Would Amend Legislation
Certain amendments of existing
legislation relating to the purchase
and sale Of gold and to other none
tary matters would add to the con-
venience Of handling current prob.
lens in this field. The secretary of
the treasury is prepared to submit in
formation concerning such changes tc
the appropriate committees Of the
congress.
1.-THE foregoing recommendations
relate chiefly to gold. The other prin-
ctpal precious metal-silver-also has
bee nused from time immemorial as
9 metallic base for currencies as well
as Tor actual currency itself. It Is
used as such by probably half the pop
ulation Of the world. It constitutes q
very important part Of our own none
tary structure. It Is such q crucial
factor in much Of the worlds inter-
national trade that It cannot be ne
elected.
On December 81. 1888, I issued q
proclamation providing for the COIN
age OF our newly mined silver and for
increasing our reserves Of silver bull
lion, thereby putting US among the
first nations to carry out the silver
agreement entered into by 66 govern
ments at the London conference. This
agreement IS distinctly . step in the
right direction and we are proceeding
to perform our part Of It.
66 Nations Agreed
All Of the sixty-six nations agreed
to refrain from melting or debasing
their silver coins, to. replace paper
currency Of small denominations with
silver coins and to refrain from leg
islation that would depreciate the
value Of silver In the world markets.
Those nations producing large guam
titles Of silver agreed to take speci-
fled amounts from their domestic
production and those holding and us
Ing large quantities agreed to district
the amount they would sell during
the four years covered by the agree
ment.
III all these undertakings are car
ried out by the governments concern
ed, there viii be = marked increase
In the use and value Of silver.
Governments can well, as they
have In the past, employ silver as q
basis for currency, and ! look for q
greatly increased use. I am, how
ever. withholding any recommends
tion to the congress looking to furth-
er extension Of the monetary use Of
silver because believe that we should
gain more knowledge Of the results
Of the London agreement and Of our
other monetary measures.
Stresses Two Principles
permit me once more to stress two
Our national currency
must be maintained as . sound cur
rency which, insofar Is possible. viii
have q fairly constant standard Of
purchasing power, and be adequate
for the purposes Of daily use and the
establishment Of credit.
1.-THE other principle is the inher-
ent right Of government to issue cur
rency and to be the sole custodian
and owner Of the base Of reserve Of
precious metals underlying that cur
rency. With this goes the preroga-
tive Of government to determine from
time to time the extent and nature
Of the metallic reserve. am conf
dent that the nation will well realize
the definite purpose Of the govern
meut to maintain the credit Of than
government and. at the same time, to
provide sound medium Of exchange
which viii serve the needs Of our peo-
ple.
Franklin D. Roosevelt,
The White House, January -. 1894.
Winning Birds Bring
Approximately $500
Exhibitors IN the annual exhibition
Of the Slope Poultry association here
last week Melted approximately 400
n addition n nrixe money through