Show PITTMAN FORESEES FORESEES' SILVER ACTION j Says Congress 4 Will Speed SpeedUp Up 4 X Legislative Steps to Be Taken in New Session Ses Ses- sion Senator Tells Capacity C C. of C. C Gathering Within the first 30 days of the next session of congress opening pening January 1 1934 the United States government win will take the pr proper per steps to silver slIver leading the way for the nations of at the world to take similar action t to give silver its proper place in the mon monetary tary system of the world This prediction was was' made Monday noon by Senator Key Pittman of Nevada Novada Nevada Ne No- vada chairman of the senate foreign relations committee and member of the American delegation to the world economic conference before one of the largest crowds to ever attend a luncheon meeting at the Salt Lake chamber of commerce Senator Pittman the American delegate who pushed the silver resolution res adopted by the tives of 66 nations at the world econ economic eco ceo n conference reported that re- re action by the United States Js Is now possible as a result of the world conference STUDIES LEGALITY The Nevada senator also told the overflow crowd at atthe the chamber luncheon luncheon luncheon lunch lunch- eon eon that he now w was s investigating the legality of his proposal whereby the president either under present emergency powers or r unused statutes statutes stat stat- utes would be authorized to accept during the emergency newly mined I silver at the United States mints for tor coinage In the event the president t Is not vested with the power to include include in in- clude elude silver In his emergency powers powers powers pow pow- ers for increasing commodity pr prices Ce Senator Pittman Pitman declared he will Introduce In Introduce Introduce legislation at the January session to make such a i program ef ef- effective In describing adoption of the silver agreement resolution by b- th the world economic conference as s the greatest forward step toward the future re re- of silver on ona a parity ratio with gold since 1873 Senator Pittman declared ratification of the agreement will remove and prevent the dumpIng dumpIng dumping dump- dump Ing of ot the unnatural supply of silver sUver resulting from debasement and melting meltIng melt- melt Ing lag up of silver coins and restore siler silver sil sll ver er to the natural law of supply and demand for normal mine production I HI have no fear tear whatever that the silver agreement resolution will not be carried into effect by ratification of the agreement ement by home governments into a formal treaty Senator said I think that every country except except ex ex- the United States at the world conference was authorized in advance to make snake the agreement SUMMARIZES SUl RESULTS Senator Pittman summarized the results results re re- re- re suits of ot the world conference silver agreement as follows l I 1 A A. declaration by 66 countries that silver is money recognition that thai t over one-half one the people of the world use silver as money and recognition that enhancement of the value and stabilization sta of the price of silver are necessary necessary nee essary to the economic well being of the world I 2 Agreement by the governments of ot the world to forever abandon the policy of debasing silver I 3 Agreement by the governments to prevent any future legislation that thai could possibly depreciate the value of silver silver and and those words are the exact words of the resolution unanimously passed the governments 4 Agreement by to substitute silver coins for low value paper money Reco Recognition of these principles bythe bythe by bythe the nations of the world should re remove remove Ire re- move the obstacles should obstacles should remove the fear tear of world dumping which has hu prevented the United States from taking the i initiative for I Continued on P Page pue te Two PITTMAN SEES SILVER ACTION Continued from Pace Face One tion of ot silver Senator Pittman pointed point poin ed out In declaring that step by ste step advance of the silver is eliminating the prejudice against silver WANT U. U S. S TO LEAD After the adoption of ot the resolution tion by the world economic conference conference confer conier- ence it was the general impression o othe of the representatives of at 66 nations o of the world that the United States should now take the initiative for th the of silver Senator Pittman added Senator Pittman praised the wor work of the American Silver Producers' Producers association as as- organized in Salt Lake as one of ot the thc major steps taken to redeem redeem re reo re- re deem silver from the slough of contempt contempt con con- tempt in which the white metal was wa washed held hed for tor years The Nevada senator was introduced introduce by Downie D. D Muir Jr president o othe of the chamber of commerce as th the theman theman man best informed on the silver question question question ques ques- tion in the United States Senator Pittman's address In par part follows There isn't any doubt whatever that the whole world now realizes that over one half of or the people p of the world use silver as money and i ithe In Inthe inthe the stabilization of world exchange silver must be dealt with as well a as gold This is proven by the fact fac that th the representatives of ot 66 governments adopted unanimously the silver agreement agreement agree agree- ment I proposed at the world economic economic eco eco- conference The silver agreement of the ord economic conference does doe not become becom effective until ratified by the home horn governments government The agreement when rat ratified becomes become effective elective for four fou years starting January I 1 1934 At Atthe th end of ot the four years India and Sp Spain Spam I will come under the general agreement agree agree- ment to stop debasement of ot silver siver I agee-I This Thi basis of ot world action acton is essential essen essen- Hal tal to individual programs programs pro pro- grams gam by governments government probably raising the price prie of ot silver siver abo above e th the world market The world action acton is the assurance aurance against world dumping and it I removes the world dumping obstacle against silver siver Lion tion ton raising the price of silver sl cr above the world market by the congress o othe of the United States Having in mind the tremendous amount of ot emergency legislation ou our congress congre has ha adopted I have been working for some time on legislation to be submitted at the next session o of congress in Januar January This legislation look looks to the raising of the com commodity commod commod- mod i ity price of newly mined metals metal under the general policy of of- the tion ton which so far lar has raised the te price prie of farm rm products In considering this thi legislation I 1 have had to consider what congress would do My y idea is to evolve such legislation as s will authorize the wi president president pres pres- ident during the emergency to accept mined silver at mints deducting deducting deducting de de- de- de newly mine siver our ou mint ducting from such bullion bulon so much of ot it i as a the te president deems deem proper to pay for lor the services of the United States in minting the bullion bulon into coins coin and then turn over the balance of ot the minted coins ci to the producer of the he newly mined silver I This partakes of the nature of fr free coinage of silver lver but there are area a number of differences In the te first place this ti legislation would cover the emergency and would not be permanent It I would be within with with- with In n the power of the president to say when he would accept bullion bulon The Te president would the power to o determine the parity party ratio rato of gold and Md silver siver by the amount he would be beable beable beable able to deduct deduc to pay for lor the minting of the government SEES COINAGE TEST This legislative program will wl enable enable en- en able ble us to test the question Queston as to whether there is any danger in free coinage of siver silver at present parity rates ates rats I am convinced that free coinage coin- coin age ge of ot silver will be of ot great advantage to our economic system and that the example of ot the United States will wf be followed by other silver sUver producing countries If I the price prie of silver si er Is en en- as as of course it i would be the be-the bethe the action acton would be ot of great benefit benefi to the producers of lead copper and zinc in that hat these ores contain contin substantial amounts of silver siver as a byproduct Enactment of ot this program would be e a D. progressive step toward permanent permanent permanent perma perma- nent establishment of at a ratio rato between gold and silver siver throughout the world I do not know what the view o of President Roosevelt Is ison on this proposed legislation I do know kow that he ap approved approved approved ap- ap proved the the silver siver agreement resolution adopted at the world economic confer confer- ence I 1 also know President Roosevelt Roose Roose- veil velt vel favors the enhancement enhancement and sta stabilization st st. sta- sta of oC the price of sliver silver I am convinced this this' legislative program is I in in accord with his hi fixed policy to raise commodity prices for tor the purpose of ot increasing purchasing power po Although I have thought out this ts program as new legislation it i is i possible possible pos pos- sible ible that the power to tomake tomke make its pro pro provi- i. i ions effective are already vested ested inthe in n the he president president The president certainly has ha the power now to inaugurate such uch sucha ucha a program In so far tr as the coinage of subsidiary silver coins is i concerned The legal lega question queston of ot whether or not the he president now has the power for this his program Is i receiving the careful consideration of a number of able law law- t If I I am convinced after a thorough study tudy of ot the legal questions queston that the resident president president has the power to make this program effective under existing emergency emergency emer emer- gency laws or old statutes I will vill wi urge expeditious action acton However the resident president will wl naturally rely on the counsel of ot his his' wn legal advisers it |