Evening star., 1934-04-29
|PLANS TO FORCE
ACTION ON SILVER
Congressional Bloc Unim-
pressed by White House
Compromise. ss1,
By the Associated Press.

By the Associated Press.
Unimpressed by White House
compromise offer, the congressional
silver bloc yesterday expressed deter
mination to continue with plans for
forcing the administration to give the
metal big and firm position in the
Nations monetary system.
Virtually all members of the group
predicted enactment Of legislation at
this session making remonetization OF
silver mandatory.
President Roosevelt's suggestion was
that an international agreement be
negotiated whereby the nations would
increase their silver holdings until
their monetary reserves consisted of
10 per cent gold and 80 per cent
silver.
Pending the conclusion of such a
pact, he asked that no silver legisla-
tion be enacted. He holds that the
laws already give him all the author
ity necessary to make the silver pur-
chases such a plan would entail.
Silver hackers got word or two into
Senate debate on their subject today,
deploring the publication of long
list of names of those who have been
dealing in silver, compiled by the
Treasury and submitted at the request
Of the Senate.
Protests Use Of Names.
Chairman Smith of the Agricultural
Committee asked whether any moral
turpitude" was involved in buying sill
yer and what right have they to pill
lory these people in the press?-itS
only commodity isn't it?"
Senator cess. Republican, of Ohio,
said he saw nothing wrong with deal
ing in the metal unless those so oper-
ating were using official position or
influence to increase its price.
We who are legislating to raise
commodity prices" said Smith, ARE
Just as reprchensible as those legislat-
ing TO raise the price OF silver. We are
all trying to raise commodity prices.
protest against rsing the names of
these silver holders"
Later, Senator Long, Democrat. of
Louisiana, said the silver lists were
compiled in an effort to show the
silver bloc was engaged in some mys-
terious market rigging" adding:
IL would be just as ridiculous to-
Gay for the Secretary of the Treasury
70 publish a list of those who bought
cotton in anticipation of the cotton
legislation as to publish those who
bought silver"
Suggests Senate Inquiry.
Meanwhile, talk Of a Senate inyesti-
CATION of silver holders continued. In
sending the list to the Senate. Morgen-
thau said 1t was far from complete
many difficulties were encountered in
getting the information and suggested
the Senate conduct its own tnde-
pendent inquiry.
The Banking Committee will meet
on Monday to discuss the proposition,
1t has some support, but many doubted
tnat 1t had enough to gain approval
OF the investigation. Senator Byrnes.
Democrat, Of South Carolina. an ad-
ministration man, is one of those for
the proposal.
ANY action to remonetize silver and
increase its price as a commodity
would receive the approval of the
silver bloc. They heartily indorse the
idea behind the President compromise
offer, but said they believed it too
tenuous and unnecessarily far in the
future. -i
Would Have To Buy Abroad.
Moreover, they said they believed
they could muster enough votes to
pass mandatory legislation at this ses-
sion. They are planning a meeting
Tor early next week, and another visit
to the White House soon after that.
Senator Thomas, Democrat, of Okla
homa, persistent champion of imitation
by silver or otherwise, estimated today
that on the basis of the Treasurys
present gold holdings, it would have
to buy $l,386.00000O worth of silver
to increase its silver stocks to the 80
per cent figure.
This would mean, he explained, that
a portion of that amount would have
to be bought in world markets, since
the domestic supply of the metal is
not estimated to exceed $500, 900 900.
There are only 9,40O ,OOO,OOO ounces of
silver in the entire world. he said, of
which only about 100000 ounces
are in the United States.