Show MORE Sit SILVER YER USE AGREED TO A AT T W W. E. E C. C Subcommittee Ok hs Part of Pittman Program for White Metal U. U S S. S SENATOR SATISFIED Pact Will Halt Debasement of Coin U Associated 4 Press Frets LONDON Jul July 19 The 19 The increased use of silver in subsidiary coinage was agreed upon by the world economic economic economic eco eco- conference subcommittee on silver today in adopting a p part rt o of Senator Ke Key Pittman's resolution Other important features of the American silver program were held over pending future action A proposal proposal proposal pro pro- to regulate the world output of the metal will await decisions by a conference of producers and export export- ers era A third important feature of at the Pittman plan regarding the use use of silver as a part of at central banks' banks metal coinage also failed to produce definite del i nite results as the subcommittee recommended recommended recommended rec rec- that action be he delayed pending further discussions This limited action on Senator Pittman's Pittman's Pitt Pitt- mans man's resolution to something far short of its original expectations when the Nevadan introduced it several weeks ago Senator Pittman told the Associated ed Press he was quite satisfied with the result EXPLAINS RESULT What it means he said is this All governments agree to cease the debasement or melting of silver coins ex except ept India and Spain and they t to limit the agree agree- amount the they they will sell We will get back to where silver was before the World warWe warWe warWe war We hope that by restoring normal conditions exchange values in India China and Latin America will be sta It certainly means something substantial sub sub- when we find all unanimously unanimous unanimous- II ly y agreeing to a thing think like this enabling enabling en en- abling people to do business with us us The resolution of ot the silver sub sub- commission follows First that an agreement be sought between the chief silver producing countries and those countries which are arc the largest holders or us users rs of silver with a view to mitigating fluctuations fluctuations in the price of silver and that other nations not parties to such agreements should refrain from measures measures meas meas- ures which would appreciably a affect cl the silver market markel Second that the governments shall refrain from new legislative measures which would involve further debasement debasement debase debase- ment of their silver coinage below a fineness of lof USE SILVER COINS Third that they shall substitute silver coins for value low-value paper currency currency cur cur- rency in so far as the budgetary and local ocal conditions of each country will permit Fourth that all provisions of this resolution are subject to the following exceptions and limitations The requirements requirements re rc- re- re of such provisions shall lapse apse April 1 I 1934 if It the agreement recommended in paragraph one does docs not lot come into force orce by that date and andIn andin andin in no case shall extend beyond January January Janu Janu- ary 1 I 1938 Governments may take any action relative to their silver coinage coinage coinage coin coin- age they may deem necessary to prevent prevent prevent pre pre- vent the flight or destruction of their silver coinage by reason of a rl rSs rise risen in n the bullion price of the silver content con con- tent lent of their coin above nominal or parity value of such silver coin |