| Show CONGRESS STARTS ACTION i ON SILVER NATIONALIZATION M Monetary Stock Ratio of 25 to 75 Gold Is Proposed President Seeks Authority to Buy Ounces of Metal C 60 CENT 50 NT PRICE LIMIT SET Would Tax Profits of Speculators Speculators i tors 50 Per Cent W WASHINGTON May l 22 UP I Senator Key Pittman D. D Nevada Ne v vada da late today offered an amendment to strike out the 50 per cent tax which would be Imposed imposed im Im- Im- Im posed on nn profits d derived from silver to the government o By Associated Press WASHINGTON May 22 22 Legisla Legislation tion ion was introduced in congress today today today to to- day at the request of Pres President Roose Roosevelt velt elt to provide for Cor increasing the amount of in the nations nation's monetary none mone tary stocks la lD sp ial messa message e the president recommended that congress declare American policy to be to enlarge the use of silver with the ultimate objective objective ob ob- ob- ob of having one fourth fourth of oC the monetary stocks tocks in silver and three- three fourths in gold This his proposal al which would be mandatory represented the compromise com corn promise worked out during durin prolonged negotiations between n members o of the senate silver bloc and the adminis adminis- Another clause would authorize the pr president ident to take over the nations nation's monetary silver stock stock just just as was done in gold This nationalization provision however is permissive I Price Per Ounce Set J The bill introduced by Senator Pittman D. D Nev Ne' authorizes an appropriation of to carry carry out the purchase and nationalization program pro proS gram and such additional sums annually annually an an- as are needed The secretary of ot the treasury treasur would be authorized and directed to purchase silver at home and abroad at such rates times and terms as he hema ma may d deem m r reasonable and most adVantageous advantageous advantageous ad ad- to Id the public interest Purchases in the domestic market Continued on Page Three NATIONALIZED rii ASKED I f Roosevelt R Asks Congress' Congress Permission to Buy White Metal from tram Pace One ant would be limited to 50 cents an ounce on stocks held on May 1 Whenever the market price exceeded exceed ed the monetary value of the metal or when the monetary stocks were greater than the 25 per cent ratio the se secretary could sell ell silver He wo would ld be further authorized and directed to issue silver certificates cates in a face amount not less lese than the cost of all air silver ilver purchased Penalty Penally Is Fixed There would be maintained In the treasury as security for the silver I certificates outstanding an amount of silver bullion bumon and standard silver sil dollars of a monetary value equal to the thc face am amount of the certificates All AU silver certificates would be beegal legal egal tender and redeemable on demand demand de de- mand in standard silver dollars and the secretary would be authorized F to coin silver dollars for such re re- f He would be further authorized r with lith the approval of the president to investigate regulate and prohibit pro pro- hibit by license or otherwise the acquisition ac at- ac- ac importation exportation or transportation of silver r A violator of the re regulations would l be subject to a fine line of or 10 t years' years imprisonment Fine for tor Violation Under the nationalization clause c the president when in his judgment action was deemed necessary to ta regulate regulate reg reg- the value of mone money may by executive e order requIre the delivery eli to United States mints of any or orall orall orall all silver by whomever owned or pos pos- 6 Such silver would be coined or o otherwise oth otla- h. h added to the monetary stocks and paid for in standard si silver sier er dollars dol dol- lars Jars or other coin roin or currency at the tte monetary value of the silver sil l les s deductions for lor bra g coinage or other mint Th The price could not b ba less than the fair fall value at nt th the time acquired value to be determined by the market mar mar- ket price over a re reasonable period prior r to acquisition Any silver withheld in violation of the executive order shall be forfeit forfeit- it ed cd and arid the violator subjected to a fine equal to twice the mone monetary ary value of the silver withheld 50 so Per Cent Tax on Profits On all transfers of any interest In silver ilver bullion whether by purchase or otherwise if the price exceeded the total cost and allowed expenses a tax of 50 per cent of the amount of such auch excess would be levied Violators of this provision would be subject to a fine of 1000 or six abc months in prison The s secretary of the treasury with I the approval of the president would be authorized to issue whatever regulations regulations regu regu- lations he saw fit to carr carry out the purposes of the proposed act The presidents president's message was the thc outgrowth of weeks of agitation which reached its ils e climax max when Senator Sena tor Thomas D D. D. D Okla Oku offered mandatory mandatory man man- silver sil legislation as an amendment amendment amend amend- ment to the Glass industrial loan bill White House conferences followed and last Wednesday an agreement I was announced on a bill which would make mandatory a n building up of a a 25 per pel cent silver monetary reserve but leave to the presidents president's discretion tion lion the manner and time for acquiring ing trig this silver Left In Presidents President's Hands Likewise nationalization was Jellin left Jell leftin in the hands of Mr Roosevelt Treasury Treasur experts have said nation nation- would be resorted to probably probably probably ably not unless there should be bo a large silver movement out of the United States The present floating supply in this country is estimated at ounces mostly in bullion form Probably the most important development development devel devel- since this agreement was reached was President Roosevelt's ROO-evelt's reference in his message to international international discussions I l have begun to corner cooler with some of our neighbors in regard to the u. u use of both silver and gold preferably on a coordinate basis as a standard of monetary value the pr president said Some experts interpreted the presidents president's presidents president's presidents president's dents dent's language to hold ism as the ultimate objective for a world monetary standard though they conceded the language was not absolutely clear on this point would create a com corn combination gold old and silver unit as the standard of value The present standard standard standard stand stand- ard unit of value in the United States is the gold dollar doUar of 15 5 21 grains tenths nine fine At present the United States Stales i be-i beIng be- be ing on a gold bullion standard settles I international balances in gold If were to become an actuality actuality ac such balances would be settled set set- I tied with willi both gold and silver I King Says Bill Great Step Forward W WASHINGTON May 22 P The P The presidents president's message to congress today for Cor the inclusion of silver as a part of the nations nation's monetary base was greeted greet greet- reet ed with enthusiasm by western chamPIOns champions cham cham- of the white metal r While it do doesn't nt go as far as I would like it is a long along step in the right direction said Senator Wheeler ID tD D. D Mont veteran fighter lighter for the cause of silver Senator King D. D Utah chairman of oC the special senate silver sil committee said raid the new program was a great step forward It 11 will aid silver true King said but the chief objective and the most important is the benefits benefit which will willbe willbe be derived by all the people through an improvement in their monetary system I am interested in raising commodity commod commod- I ity prices and md in recapturing markets which have been lost to us us said King The inclusion of silver in the monetary monetary mone mane tary base will go far toward this goal Presidents President's Action Pleases The presidents president's message is an important im step forward in the direction of an American silver program Gus P P. P Backman general secretary of oC the chamber of commerce said Tuesday Permanent silver action is Js valuable ble to as anything done doue Corthe for Cor forthe forthe the metal directly benefits the state rime Time will tell teU how valuable the action will be When 4 recommendation of the president is Js enacted it will be the most roost advanced ad step toward lion tion of silver as a basic money in the present generation W. W Mont Ferry erry managing of oC the Silver King Coat Coalition tion Mines company said Details of oC the b bill will govern effectiveness ef cf to some extent but hut more than ever ever the attitude of the executive tive will be the determining factor If H administration is aggressive and sympathetic very favorable results should eventuate in a short time If he Is it may be some ome months before full Cull beneficial effects will be felt The action Is a n declaration the United Slat States s is ot off the he gold standard so far as gold is the theole sole ole base of currency and credit The message indicates the president dent proposes to follow tollow the plan of or internatIonal exchange e but that he reserves the right to act alone It isa is isa isa a very constructive step |
