The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1934-01-05

senator its possessions, up to
truman 100000 ounces a
year, at a price of 641s cents an
ounce. This is to be in force for four
years.
The government split the present
legal price of $1.29 an ounce for sill
yer In half in reaching purchase
figure which is 10 cents an ounce
over the present open market.
''This proclamation" the President
wrote, Sin accordance with the act
of congress, opens our minis to the
coinage of standard silver dollars
from silver hereafter produced in the
United States, or it's possessions, sub
ject to the depositors of such silver
surrendering to the government one
half of it as seigniorage and to cover
all usual charges and expenses. The
dollar coined from half of such newly
mined silver will be returned to the
depositor. The half surrendered to
the government will be retained by
the treasury"
Mr.. Roosevelt, In ratifying the
agreement, pointed out that such ac-
ton already has been taken by the
government Of India and that other
nations concerned were ready also to
act.
Most jubilant of all public men
over the Presidents action was Sena-
tor Key Pittman Of Nevada, who, as
a delegate to the London conference,
took leading part in drawing up
the silver agreement. He foresees
greatly increased export business as
q result Of the move because the buy
ing power Of the silver-using coun-
tries of the Far East, especially
China and India, is lifted by about 80
per cent.
Senator Pittman said the effect OF
the new order would be to take into
the treasury about 24,0O0,OO0 ounces
OF silver, to coin one-half Of 1t and
deliver it to the owner or depositor
Of the silver. The other so per cent
will be retained as bullion in the
treasury. 1t is his expectation that
the new order Of the White House
will give great encouragement to the
silver mining regions of the West.
Wall street was considerably jolted
by the Presidents proclamation. Bank
ers, dealers, and economists expressed
uncertainty over both the immediate
and remote consequences Of the ac-
ton. Silver producers were jubilant
and traders hopeful. The imitation con-
tingent hailed the news as of more far
reaching significance than even the
gold buying plan, announced on Octo-
Der %.
DOTH the federal Surplus Relief
- corporation and the agricultural
adjustment administration have been
purchasing commodities for the relief
of the idle, and thereby economy and
efficiency have suffered Such pur-
chasing operations have now been con-
solidated in the Surplus Relief corpora
tiOn.
The administration also was COM
plotting plans for utilizing the Surplus
RELIEF corporation as device for re-
firing millions Of acres Of submarginal
lands from cultivation. The work is
being directed by Rexford G. Tug
well, assistant secretary of agricul-
ture, and it is planned to use funds
Of the public works administration to
purchase the economically unproduc-
tive areas.
4 MOTHER development Of the new
\ deal In relation to farmers may
be expected soon. Experts of the Agri-
culture department are working on the
details Of a huge federal corporation
to finance renovation of farm homes
on liberal credit terms. The civil
works administration has undertaken
/ census of farm homes to find out
/ what Is needed. Loans are contem-
| plated for the addition of rooms, and
for the repair, replacement or install
lation of electric refrigeration, electric
lights; and for new plumbing and
landscaping. The government would
buy the necessary materials and con-
tract with private concerns for the
work.
IOFF1cIALs Of p railroad unions
~ met in Chicago and adopted pro-
gram of desired legislation that In
cludes a six-hour working day for the
million or more railway workers in the
country as q means of Increasing en-
ployment.
A. F. Whitney, president Of the
Brotherhood of Railway Trainmen,
who acted as chairman at the meet
/ ing, estimated that a six-hour day
would cost the railroads of the coun-
try s30O,OO0OOO annually. The rail-
/ roads themselves have estimated the
probable cost at twice that amount,
he admitted.
The same weekly and monthly basic
pay schedules are to be retained for
the railway men under the program.
A FTER receiving report from an
1 \ investigating committee headed
by Robert S. Lynd. the consumers adj
visory board of the NRA recommend
ed the establishment Of consumers
standards board that would be charged
with the development Of means Of en-
/ forcing accurate labelling. Among the
articles named as needing quality grad