The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-01-15
Reconciliation
Move Challenge
To England, Said
Great Britain Domination
OF Money Held Ostruc-
ton u. S. Recovery
By CARROLL kENWORTHY
United Press Staff Correspondent

co SNoAA
WASHINGTON, Jan. 10 CUP
Challenge to the century-old
British domination of world
money policies, which it is charg-
ed still obStruct the L. 5. Recov-
ery Program, lies behind the
agitation in congress for remon-
citation of silver.
Advocates of greater silver
coinage, who are the most vocal
and active of any group at the
opening of the new congress-
claim that British maneuvers be-
ginning in the last century to
make gold the dominant basis OF
money have shaken the financial
solidarity of the many silver US
ing nations and reduced the pur..
chasing power of more than hall
the worlds people.
GOLD INTEREST BLAMED
Great Britain is lnterentaliy
accused of adopting a strict gold
policy because of its great inter.
est in the gold production OF
South Africa.
The time has come, the silver
leaders cry, for the United States
to restore white metal as part
of the worlds money system.
With it's new riches and great
power the United States can con-
solidate the silver using nations
of South and Central America
and the Orient, lead the way TO
higher silver prices, revive m
ter-national trade among the Sill
yer users and force the European
gold countries, now alleged to be
under domination of the British
to follow United States back TO
silver use.
The immediate appeal of the
congressional bloc advocating
more silver use is that 1t VIII
raise prices domestically and IN
crease employment, but most OF
the advocates connect their cause
with the Oriental trade situation
and British allegiance to gold.
Speaker Henry I. Rainey, head
of the House of Representatives,,
has pointed to British lnstlgatlon
of a world movement last CEN
tury TO demonetize silver ana
cited charges of British corrup-
ton of congress for that pur-
pose.
SENATOR WHEELER'S
VIEWPOINT
Senator Burton X. Wheeler
leader of the movement for com
age of silver at ratio OF 10 TO
/ with gold has said:
"Bv reason of the low price OF
silver the Japanese and the Brit
ish manufacturers in the orient
are driving our textile manutac-
turers out of the world market
and they are not only able 70
compete with US IN the "OrIu
markets but because OF the low
price of silver are able to cap
ture the domestic American mar
kets as we'll.
HIS CONTENTION
Wheeler said the restoration
of silver to its historic position
as the primary MONEY OF the
world is "the greatest need OF
the hour"
He contends that enactment Of
his bimetalic bill will:
One-Immediately nearly dou-
BILE the volume of wor DIS primary
money with the in crease OF ~
times the conservative credit:
Two-Treble within one year
the world prices of wheat, cot
ton and all agricultural products
Three-Quadruple the purchas-
ing power of more than 5O per
cent of the worlds population
which uses silver as the basis OF
exchange and trade:
Four-Quadruple the farm land
values within two years thereby
thawing frozen assets of country
banks and
Five-Rapidly solve the unem
ployment problem.
The committee for the nation
which has been prominent IN re
covery money problems complains
of British obstruction of the
price raising program, in an at
tack parallel to that of some
congressman: 1--WE have allow
ed the British treasury in team
work with London bankers tt
defeat our purpose and exercise
controlling influence over tn.
purchasing power of our dollar,
they say.