Salt Lake Telegram | 1931-07-28 | Page 1 | Utah, Idaho Senators Seek World Meet to Fix Ratio for Silver

Utah Idaho Senators Seek eek World Meet to Fix Ratio for Silver Statement Cites Necessity of ol Action to Avert Collapse of Credit Structures BORAH MENTIONS PLANS Observers Regard Conclave as Nucleus of Silver Bloc Br By United Press Pren BOISE Idaho July 28 An 28 An International international international inter Inter- national conference at which thich an agreement could be formulated by slIver silver producing and consuming nations nations nations na na- na- na is Imperative if the critical silver sil all vcr ver problem is to be solved In substance this was wac the conclusion conclusion conclusion sion which had been reached today by three western United States senators senators senators sen sen- after a a. conference conference yesterday with leading mining authorities of the intermountain west Senators Reed Smoot Utah William William Wil Wil- liam E. E Borah Idaho and John Thomas Idaho Idaho all all Republicans Republicans- discussed the silver question in all an Its ramifications Their meeting was regarded as as the nucleus of a silver sU bloc at the next session of congress RATIO SOUGHT Objective of ot the International conference conference conference con con- ference would be to arrive at an agreement setting a reasonable ratio between gold and silver sliver the senators said In a statement Issued after the conference The world-wide world awakening to the Importance of the silver slIver problem the statement read has resulted In Inan inan inan an agreement among leading authorities authorities author author- that stabilization of silver as money should be made by the nations of the world Press dispatches from world II- II centers Indicate the imperative impera Impera- tive tire need for Immediate action to ro avoid the collapse of the great credit structure upon which international trade depends NECESSITY CITED To place the matter squarely be before before before be- be fore agriculture Industry labor and statesmen it is necessary that some specific plan be agreed upon by the many powerful groups which realize how destructive Is the Increasing discrepancy discrepancy discrepancy dis dis- dis- dis between the comparative Continued on Pare Page Two I I C UTAH m IDAHO HO SOlONS SEEK WO lU MEET Continued from Pate One price of commodities and human la labor labor la- la bor on the one hand and the Ina Inadequate made made- equate e- e quate and diminishing gold supply on the other To this end conferences are be beIng being being be- be ing held among the leading students I of this vital question Furthermore It Is deemed vital that the Qu question be kept out of partisan politics al although although although al- al though it Is 15 recognized that action by the president and the congress will be necessary under sympathetic and courageous leadership It is 15 the conviction of ot Senators Smoot Borah and Thomas Thom that a constructive program will be worked out which will meet the approval of ot financiers economists and stat statesmen statesmen states states- men and which will be a prime factor factor fac lao tor in restoring world stability and prosperity STUDY ESSENTIAL It was unanimously agreed that an International conference is 15 essential essential essen essen- to tho the rehabilitation of sliver silver Senator Borah felt that ultimate solution of the silver problem lay in International agreement Half Hal the thc world wants to use sil sU- sU ver vcr he declared and to establish a reasonable ratio of exchange for forthe forthe forthe the metal would would- not disturb in any way the single gold standard Borah mentioned a few plans which might ease the situation pending an international agreement They Included Issuance of ot 1 and 2 silver certificates by this country and the restoration by European countries coun corn tries of ot the prewar silver Ilver content in their coinage