Evening star., 1934-08-21

Newspaper observers are agreed that
the action of the President in nation
alizing silver will have little direct
effect on present monetary and busi-
ness conditions. Few regard the move
as infiationary in itself. but some fear
Is expressed over the Governments
future monetary program.
so far as the currency status quo,
as related to the gold reserve, Is con-
cerned, the new act has no effect"
asserts the Forth Worth Star-Tele-
gram. whether it will lead to fur
ther silver legislation, actually touch
ing the gold reserve, is another ques-
tion and one which obviously can not
be answered at this time" The Rich
mond News Leader described the situ-
alton as follows: THE silver purchase
act of 1884 authorizes and directs the
Treasury to buy silver until 1t consti-
tutes one fourth of the total monetary
stock of the United States, but the
same act stipulates that no domestic
silver shall be bought at more than
so cents per fine ounce. The law was
mandatory; the market price Of silver
was very close to the limit allowed by
law. Unless the administration acted,
a rise in the price Of silver to even
a fraction above SO cents would have
made it impossible for the Treasury
to carry out the expressed will OF
Congress" In addition to this fact,
the Hartford Times points out that
the Government "also wished to shut
on all further speculative interest and
activity In this metal"
What really signifies Is not the
billboard and prologue OF the Presi-
dents new play, but the first, second
and third acts on the program. II
any," thinks the Boston Transcript,
and the San Francisco Chronicle de-
clares that "it remains to be seen
whether, as Mr.. Roosevelt has shown
in some other instances, he believes
that the mere possession Of power and
indication that he stands ready to
use it makes its actual use unneces-
sary." The Cincinnati Times-Star
expresses the opinion that "the Pres
ident's order Matchmaking silver lends
some color to recent rumors Of none
tary imitation in the United States"
but sees nothing either new or sur
prising in the order ITSELF" and the
Asbury Park Evening Press agrees that
there Is nothing sensational IN the
action.
Indeed, the Santa Monica Evening
outlook thinks that mo apparent
reason for it existed and no special
benefits seem likely to follow it," while
the Manchester IN. H) Union finds
foy ir,oraodiofa fear nv
sound-money advocates, and no oc-
casion for jubilation by soft-money
men and the infiationary forces"
1t is the opinion of the st. Pau
Pioneer Press that "the excitement
over the naturalization OF silver Will
probably not last" and the Buffalo
Times contends that thus far there
Is nothing to indicate that the ad-
ministration intends to try, by politi-
cal alchemy, to transmute silver into
money of greater value than the
forces of world economics will per-
nit" The Jersey Observer declares
that "the best opinion appears to be
that 1t will not help business much;
that it will pacify the silver crowd, |
that fears Of imitation are groundless. |
and that 1t has little monetary sig |
nificance." The New York Sun agrees |
that "the immediate effect OF ma
tionalization will be slight"
The Columbus Evening Dispatch,
however, takes issue with this point |
of view, and declares that "the ad-
ministration intends not only to give
the white metal boost, but, with
the naturalization of silver, 1t looks
as though q clearly defined program
calling for outright bimetallism Is In
the near ofing," but the San Jose
Mercury Herald insists that mo IN |