Evening star., 1934-06-14
SILVER PURCHASE
BILL IS APPROVED
Measure Now Only Lacks
President Roosevelt's Sig
nature to Make 1t Law.
By the Associated Press.

| By the Associated Press.
The silver purchase bill needed only
President Roosevelts signature today
to make 1t law.
The signing, most observers believed,
probably will take place within few
days. At the Administrators discre-
| ton, the Treasury then will acquire
enough silver to make it eventually
one-fourth of the metal stocks back
ing the currency.
New currency Is to be issued on all
the silver acquired
Final congressional action came
swiftly when the House accepted with
out a record vote amendments in
serted by the Senate In the admins
tration-approved, Dies-Pittman bill.
The legislation, not entirely salts
factory to bi-metallists and infiation-
lists, was q compromise offered by the
administration and accepted by the
silver blocs In both Houses. They urged
greater use of silver as money as a
means Of increasing commodity prices
and property values.
Must Buy 1,3o0, ,oo0, 900 Ounces.
Since the bill declares 1t to be the
policy of the Government that the
proportion Of silver to gold should be
increased to one fourth Of the total
monetary stocks, the Government
would have to purchase approximately
1900, 900 900 ounces Of the metal
When the measure was brought up
In the House yesterday by Chairnnan
Doughton OF the Ways and Means
Committee he was asked by Repre-
sentative McFadden, Republican. Of
Pennsylvania whether Secretary Hull's
note Of Monday night to Great
Britain, indicating a willingness to ac-
cept payment "in kind" referred to
silver.
I'm kind means British goods, 1t
means silver" McFadden said. Does
the administration contemplate ac-
cepting silver for payment Of the var
debts?"
Doughton said he did not know the
course contemplated by the admin
| istration in that regard.
Debate Is Brief.
Debate on the Senate amendments
was brief. After an explanation Of
them by Representative Samuel B.
Hill, Democrat, of Washington, Rep
| resentative Treadway, Republican,
of Massachusetts,, said the Treasury
Department had shown no knowledge
of silver" and added:
I'VE might as well swallow the
amendments as we did the bill. No
one knows anything about it."
Principal provisions Of the bill:
Authorizes the Secretary of the
Treasury to purchase silver here and
abroad at prices advantageous to pub
lie interest, with q 50-cent-an-ounce
limit on free silver in this country.
Authority also is granted for the sale
OF silver abroad.
Directs issuance Of silver certifi-
Gates, the value Of which is not to be
less than the cost of all silver bought
unde- the act, and makes such certifi-
Gates legal tender and redeemable in
standard silver dollars.
Gives the Secretary authority, with
presidential approval, to investigate
or prohibit the purchase, importation,
expectation or transportation Of the
metal and to require reports on such.
The President is empowered to take
title to and require delivery of the
silver in this country to the mints
as was done in the case Of gold. Sill
yer withheld when an executive order
Is issued ordering it in may be for
feited to the Government. Persons
/ Withholding it may be penalized twice
the monetary value Of the amount
withheld.
A so per cent profit tax is imposed
on all silver speculative transactions
made after May Is, but under Sen
ate amendment silver bought for in
dustrial, scientific and similar pur-
poses is exempt.