Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1937-08-12
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a silver certificate occupies exactly
the same place in our currency
structure as does a bill that is
backed by gold or one that is is
sued by the Federal Reserve banks.
Therefore, it seems to me to be
fair statement to say that the whole
currency structure is tainted by this
deluge of silver certificates now and
heretofore coming from the Treas
ury. And it is equally a fact
that prices Of every kind are going
to increase exactly in accordance
or in ratio with the new money that
is put out from the Treasury.
do not know how long it will be
until the voters wake up to the ne
cessity for repeal of the silver act.
It probably will not be long before
there is a wave of public indigna-
ton against the policy if the aver
age person realizes that the pro-
gram is actually a tax upon the
American public. Surely, if the sil-
yer policy were labeled, "tax to sup
port the silver program" the atti-
tude of the country would change
overnight. That really should be
the name of the Silver Act of 1884
because that is its effect. The tax
results from the fact that the Treas
ury is paying foreign producers as
well as American producers prices
for silver that are higher than the
value Of the silver warrants. This
means that any article of silver that
you buy in a store costs you more
than it would if silver producers
abroad and in the United States
were not being subsidized. The adj
ditional cost is tax on every buyer
just as much as though you had
paid the tax directly into the Treas
ury.
It may be interesting to know that
the Treasury has issued nearly
eight-hundred million in silver GER
tificates. In addition something like
seven million silver dollars have
been coined, and these still re-
main in the package in which they
were wrapped at the minis. Be
sides all these, there is silver bull
lion that cost $375, ZOO, 900 piled up
in the Treasury. Silver certificates
can be issued against this.
The silver act of 1884 provided
that the Treasury could buy one
dollars worth of silver to three dol
lars worth of gold for what is called
reserve purposes. On the basis of
the gold now held, the Treasury
can buy under that law total of
81, 125, 000,0 900 in silver. At the pres
ent time Treasury records show we
have silver reserves amounting to
around 81, 900, 900, 900. These figures
show, or ought to show, how much
initiation lies ahead-how much
higher prices may go-unless some
thing is done to restore a sound
currency policy in the United
States.
Some Democrats who are not too
friendly with Postmaster General
Jim Farley, along
JUST Go0d, with the Republi-
Clean Fun cans in congress,
are having fun
these days with the Democratic Ma
tional committee. They are also
succeeding, it appears, in making
President Roosevelt's political seat
uncomfortably warm. Nothing will
come of it except that the subject
will fill many newspaper columns of
attack and defense as the politicians
shoot back and forth.
To review the situation, it should
be recalled that the Democratic Ma
tional committee found itself in debt
to the tune of about $3.50, 900 at the
end of the 1885 campaign. Some
bright mind in the Democratic Ma
tional committee conceived the idea
of selling Democratic campaign
handbooks to corporations at $3.50
per book, or more, as a means of
raising money.
To make the book attractive, a
single sheet bearing the autograph
of Franklin Delano Roosevelt was
inserted. Hundreds of corporations
were solicited, and hundreds bought
the books-theoretically, because of
the autograph of the President. Mr..
Roosevelt stated he did not know
he was autographing the blank
sheets for the purpose for which
they were used.
Republican Leader Smell, of New
York, introduced a resolution in the
house of representatives, propos-
ing an investigation of the sale of
these books to corporations. He con-
tended that it was violation of the
corrupt practices act.
Mr.. Smell remained determined,
however, and sought to harrass the
New Deal further by asking Attor-
ney General Cummings for an Off
cial opinion. At the same time, he
read on the floor of the house long
list of corporations who had bought
the souvenirs" of the 1885 cam
paign, together with list of prices
they had paid.
These facts cut deeply into the
Democrats who are seeking to pro-
tect Chairman Farley and the DEM
ocratic National committee wiggled
and squirmed. Nevertheless, Mr..