Evening star., 1934-05-22
ROOSEVELT ASKS
SILVER BILL D. K.
Message Urges Power to
Buy Metal to Back
Currency.
Continued From First Page.)

the Orient is considered of much i'm
portance. 1t has been argued here
by members of the silver bloc that
an increase in the value of silver
would mean that China and other
users of silver would be able to pur-
chase more and more American goods
in the event silver was given new
and more valuable status.
II the so-called coinage value OF
silver-fixed at $l.29 cents an ounce
is used. as Treasury experts believe
it will be used, in arriving at 25 per
cent ratio of silver to gold stocks,
proximately 2OO2 900 900 ounces of
silver to measure against the current
gold stock now held, valued at $7,757,-
100000.
The Treasury now has about 697,-
900 900 ounces of silver, not including
any which may be held by the stabil
ization fund, which would leave
l 300, 100000 ounces to be acquired.
The President would have the
authority, If he chose, to include in
the silver stocks the silver now in
the stabilization fund. which would
reduce further the amount to be
acquired. Should the actual price of
the silver be considered in reaching
holdings, then the amount of silver
required would be larger unless the
price should jump very much higher
very quickly.
The silver bill introduced today is
to be called the silver purchase act
of 1884"
The policy set forth in the bill is as
follows:
1t is hereby declared to be the policy
of the United States that the proper
tion of silver to gold in the monetary
stocks OF the United States should be
increased. with the ultimate objective
of having and maintaining one
fourth OF the monetary value of such
stocks in silver"
Gives Secretary Power.
The next section of the bill gives
specific authority and direction to
the Secretary of the Treasury-who
acts for the PreSident-to purchase
silver at home or abroad. for present
or future delivery. to bring the silver
stocks of the Treasury up to the re-
quired 25 per cent.
The Secretary Of the Treasury,
however. is empowered 10 determine
the rates that shall be paid. the time
and the conditions under which the
hon ha do IN ho
lie interest
1t is further provided: That no
purchases of silver shall be made
hereunder ta) at price in excess
OF the monetary value thereof or (b)
whenever and so long as the monetary
value of the stocks of silver is equal
to or greater than 25 per centum
Of the monetary value Of the stocks
Of gold and silver.
And provided further: That no
purchases Of silver situated in the
continental United States on May /,
1884, shall be made hereunder at
price in excess of so cents a fine
ounce"
Section of the new silver bill deals
with the issuance of silver certificates
against the purchased silver and also
makes all silver certificates legal
tender. 1t reads:
The Secretary Of the Treasury is
authorized and directed to issue sill
yer certificates in such denominations
as he may from time to time prescribe
in a face amount not less than the
cost of all silver purchased under the
authority of Section 3. There shall be
maintained in the Treasury as secur-
ity for all silver certificates heretofore
or hereafter issued and at the time
outstanding an amount Of silver in
bullion and standard silver dollars Of
of monetary value equal to the face
amount of such silver certificates. All
silver certificates heretofore or here
after issued shall be legal tender for
all debts public and private; public
charges, taxes. duties and dues. and
shall be redeemable on demand at the
Treasury of the United States in
standard silver dollars; and the Sec
retary of the Treasury is authorized
to coin standard silver dollars for such
redemption.
NatI0nallZatlOn AUTHORIZED.
Section 7 of the bill authorizes the
President to "nationaliZe" all silver
stocks in the country, whenever in
his judgment such action is neces-
sary to regulate the value OF the
money of the United States" The
silver obtained in pursuance of such
an executive order of the President
is to be coined into standard silver
dollars or added to the monetary
stocks of the United States as the
President may determine. Payment
to the owners of the silver shall be
made in standard silver dollars or
other currency of the United States
and shall represent the monetary
value of the silver less deductions for
Seigniorage, mint charges, etc. 1t is
provided that in no case shall the
value of the amount returned to the
owners Of the silver be less than the
fair value of the silver at the time
of the executive order.
Section of the bill amends the
revenue laws SO as to levy so per
cent tax on the profits Of those deal
ing in silver. 1t has been estimated
that if the Government takes over all
the present silver stocks in the country
at so cents an ounce. it would mean
a gain of $4,000, 900 to $4,000, 900
to traders in silver.
Another section of the bill gives
the Secretary of the Treasury the
right to control, by means of license
or otherwise, the importation, acqui-
sition, expectation and transporta-
ton of silver, with the approval of
the President.