Milford chronicle., 1939-02-03
SENATE JOINT RESOLUTION No. /

| Many resolutions, many bills and
many petitions have been dropped
into the Congressional hopper since
January 4, though most Of them are
not as important as the first one
The title Of s. ]. Res No. / reveals
that 1t Is for the purpose Of pro
viding for the appointment of a spe-
cial Joint committee to investigate
the silver program, and for other
purposes" The resolution is now
before the Committee on Banking
and Currency In the Senate. Its au-
thor, Senator John G. Townsend, Jr.,
included in the preamble an indict-
ment OF the silver program on more
than so separate counts.
When George Washington was
President the silver dollar became
the legal unit of American currency
and 1t likely was worth a dollar.
In recent years very few persons
know what silver Is worth. s. ]. Res.
/ says that the effects of the silver
program are very inadequately I'M
derstood by the American public and
Members of Congress" and also that
very widely regarded as an economic |
and political hOdgepodge which does
not serve the best interest of the |
American people and Is Inconsistent |
with currency management as Il Is
sought to be practiced by the Feder- |
al Reserve System and the Treas /
ury."
The Northwest Mining Association /
meeting at Spokane, Washington,
last month. advocated the immediate
discOntinuance of the present pro-
gram of purchasing large quantities
of foreign silver. A month before
the Chamber of Commerce of the
State of New York urged the termi-
nation of all buying of silver bullion
by the Government. Members of
Congress from Americas silver
states have also protested against
buying foreign silver.
The No. resolution faty declares
that mo economist of standing here
or abroad has endorsed the silver
purchase act as being in the interest
of the United States" 1t also states
that over one billion dollars of Am
erican national wealth has been dis =
sipated, and that most of the unde-
sirable and indefensibIe waste has
resulted to this country through the
purchase of foreign silver.
The United States knows that il
was stung with war debts" Never
fheless 1t has been casting its wealth :
10 the winds in trying to buy pros
Derity for Mexico and China. Just
ihink of the statement in the reso- :
luton that more than so per CEN
.um of the silver acquired since
1888, not including silver national
zed in 1884. has been purchased
rom abroad and not at home"
1t is important to observe in con- =
lectiOn with these statements that ,
n the present era there is a decided ,
endency for everyone in the Amer :
can Government to lean over back l
wards" for fear that some Pan-Am- I
.rican Government may be offended =
~ the truth, the whole truth" That 5
nay explain why S. J. Res. No. {
kips the details and merely men
ions the fact that: G
The Treasury continues to buy 1
Iexican silver despite the treatment
accorded by Mexico to American in 3
erests.'. .s''e,'I "" "'4
But maybe the author of the reso-
ution realized that Members of 4
'Ongress already have been inform 1
d by the U. S. Treasury that follow
1g the seizure of American owned .
IL properties last March that by !
une there was jump of more than
90 per cert in the silver output of L
leXicO. And the United States kept D
light on buying their silver-even
5 Mexico stabbed us in the back. S. m
Res. No. may furnish the spark II
} set off the fireworks. =