Show Peru Keeps Native Silver for Money The Tte weekly silver letter of or H. H Stint Heintz Co New York brokers says say'S The e revised figure on world pro- pro Iu tion of silver for 1931 1031 now issued by Dy the American bureau of or metal Is based on information sup- sup by the director of the mint The figures are still not final as tho prod pro- pro I d figures for several countries ire estimates The total for 1931 1031 was 1 ounces as against l 1112 in 1930 or a net decline of app ap- ap p ounces for the yell jew The production for 1931 for the countries was as follows United States ounces Canala Can- Can ids ala ounces Mexico 86 ounces Oceana Peru ounces and Germany ounces The Th finance minister of Peru has fro a bill to reduce the gold goldha ha backing kin of ot the Peruvian currency tron Iron 18 8 8 to 50 per cent and subsUMe substitute tile tute such weh gold cold with silver and commercial com corn mercial ucal paper In this manner the of ot Peru hopes to increase U it t e national currency from soles to At least the total o of 1 Peruvian production of silver of coom ounces is expected to be as reserve for currency in Peru i and taken of off the world mar- mar kits his it U It is reported that the prospects for tie the use of oC silver as reserve to the extent client of 5 per cent by British banks m favorable and that a recommendation dation to that effect at the Ottawa Coherence in July is very probable Senator King of Utah has intro- intro da dated e-d e a bill in the senate proposing that tbt during any period that the federal fed- fed wl ual reserve banks arc are authorized pcr to an nn act of congress to tolie UM lie direct obligations of the United States Stales as collateral security for their federal reserve notes each federal r reserve er e bank is hereby authorized and directed to use silver bullion the product of mines situated m in the United Unit Unit- ed Cd States so o far as practicable ble fine lust a as collateral security for 3 per of the reserve notes issued by It during such period and for that Purpose to purchase such bullion in the we open market This bill Is likely hav the least opposition being Ine in toe e with the Lia happenings in the va- va ious KHU countries and is therefore most likely to toi meet with a measure of ot suc- suc M cess cesi vU U f this bill biu is fc Passed it will take las the production of the United out of the market and will have i 1 influence on prices I |