The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1937-08-12
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until the voters wake up to the ne
cessity for repeal of the silver act.
It probably will not be long before
there is 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 sill
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 it's 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 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.
1t 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, 900, 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, 900, 900 in silver. At the pres
ent time Treasury records show we
have silver reserves amounting to
around $4,000, 100000. These figures
show, or ought to show, how much
imitation 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
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 $650,00 at the
end of the 1886 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, law that pro-
hibits corporations from making
contributions to political parties or
political candidates. But, the reso-
luton was printed and nothing more
was heard of it officially.
Mr.. Smell remained determined,
and sought to harass 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 1886 cam
paign, together with a 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..
Smell may as well have butted his
head against a stone wall since he
got no further than Representa-
tive Rayburn, the house Democratic
leader, would have gotten, if Mr..
Smell had been majority, instead of
leader.
There is a maxim in equity that
causes courts to look to the sub
stance, not to the form, of a legal
instrument or an act. believe that
the spirit of the law was violated
even if the letter of the law were
complied with. Some of the men
who, by virtue of party position,
must be regarded as being respon-
sible for the committee action, were
among those who aided in exposing
the bribery of cabinet officers in
the Harding administration. So it
seems to me that there ought to be
another houSecleaninp Surely this