Evening star., 1937-12-05
Silver States Pass Hat
To Perpetuate Subsidy
Dirge of Economic Threat Is Played for
Treasury, Up to Its Ears in
Idle Metal Stock.

metals group alone the bureau as
signs it an importance of only 45-100
Of per cent. This ranks silver with
wire rails, fire clay brick, packers
prime tallow and anhydrous ammonia
in economic value, based Upon 1885
data covering 784 commodities.
After two years of silver subsidy
the w. P. A. reported that "the
Mountain States stand out as those
with the highest intensity of relief"
OF the seven leading beneficiaries Of
Federal relief and agricultural pay
ments per capita, five were silver
States
Threats Rise Again.
Although the silver program has
been thoroughly discredited. the ad-
ministration is once again being
asked-on the threat of grave eco
nomic crisis-not to disturb even the
least excusable portion of the pro-
gram. This is the payment to do
mestic producers of double-dip SUBJ
sldy II per cent higher than the arti-
ncial subsidy price it is paying abroe|
for a metal so unnecessary to our
monetary system that the Treasury
has impounded over S414O0O. 900
worth of it, cost value, in a sterilized
| silver fund.
The Treasury has been Handsomely
dillgent and active in carving out
the silver wishes of Congress. But
due to the heavy gold inflow of re-
cent years. the goal of the Silver Pur-
chase Act Of 1884 has remained a
mirage. The law says that one-fourth
OF our stock of gold and silver must
be silver, before the buying ends.
Revealing the treadmill character
OF the silver-purchase program under
the act OF 1884 are the official data
Issued at irregular intervals by the
Treasury The latest such data an
ply to September 80, 1897. On that
date the Treasury had acquired a
total OF 172,672,000 ounces of newly
mined domestic silver under the nroc-
lamatlon OF December, 1893, and over
l,Zzo,I4O,0OO ounces under the Silver
Furchase Act, or total of 1,399,4l3.-
900 ounces.
amount Exceeds Production,
ms total was equivalent to over
eight times the entire worlds mine
production in the year Treasury ac-
qulsltlons commenced. 1t was equiv.
alent to over so times the United
states mine production Of silver dur
ing the same year. Yet, despite the
Vastness of the purchase. the amount
OF silver still required, by the terms Of
the Silver Purchase Act, to be DUR
chased on September 80, 1897. was
l,70l 100000 ounces. or considerably
more than the 1880, 1000 ounces
WHICH on June 80 1884, had 10 be
bought to fulfill the terms of the
then newly approved act
In Senator Pitmans Nevada. the
silver industry is less important than
the divorce industry. According To
the latest Government published data
namely, for 1888. Nevadas service
amusement and hotel receipts were
s3'l48,oo0. Receipts from silver the
same year were only $360,949. Ma
turally. Nevada would hate to lose
the silver subsidy. When the admin
istration raised the price for domes-
tic silver to 7712 cents. as compared
with the depression low of less than
Is cents, Nevada's production wa.
stepped up from 1.o31 900 ounces in
1888 to nearly 100000 ounces in
1886.
But If We are going to subsidize sill
yer mining, we should subsidize more
important American industries like