Show j West Jubilant Over Rise Reopening of Mines Seen SAN FRANCISCO April 11 AP The AP-The The Hie silver west was jubilant today over President Roosevelt's increase of the price for newly mined silver I to 71 cents an ounce His announcement ement brought renewal of predictions silver would again reach an all ounce and considerable discussion of whether it would tend to increase employment and production Mining circles here thought the new price would have relatively the same effect on silver mining in the west as the ounce an price hacon had hac hadon hadon on gold lau l Many Mines to Reopen Utah mining men men generally believed believed believed be be- the price of other metals in silver ore ore lead lead zinc copper copper- would have to increase before production production production pro pro- would materially increase In the rich Coeur dAlene district of northern Idaho leading silver sliver state of the nation with an annual output ranging between and ounces it was predicted predicted predicted pre pre- pre pre- the order probably would lead to reopening closed silver lead-silver mines The significant thing said W W. Mont Ferry Salt Lake City silver silverman silverman man is that the proclamation is isa isa a B definite step stop toward recognition of ot silver as a monetary metal DENVER April 11 CUP Coo UP Colo Colorado rado one of ot the largest silver producing producing producing pro pro- states in the nation was jubilant today as a result of ot the federal governments government's action in boosting the price of newly mined silver slIver to 71 cents per ounce Her Heralded as Boon I The rho price increase W was wa hailed as asa asa asa a boon to Colorado and the sliver silver mining states of ot the thu west Properties which for many years have lave been closed appeared certain to be reopened mines operating on ona ona ona a light basis were expected to show increased activity and and anda a general revIval re re- vIval of f business was predicted S TONOPAH AH April 11 UP Many UP-Many Many Manya a Tonopah resident awoke with a headache today but it was a happy awakening for or all of th that t with with- sUver silver silver sil sU- sil- sil ver at 71 cents an ounce The no presidential announcement produced the wildest celebration this famed tamed mining center has seen in eight ight years People Dance SIn Sing Men women and children danced and sang Bang and barrooms were were filled to overflowing as au the news got around that the had taken another step toward d dollar s silv silver lver r The lat latest st price increase will p permIt per per permit r mit the operation of at marginal mines i spreading employment and nd continuing tI the boom which I began bed r I I when the presidents president's nl's monetary policies pol- pol ides originally raised the price of the white metal last year The higher price also will lead more prospectors to seek seck th the thO met metal l land and may eventually result in the tho discovery of largo large bodies of th the valued ore Such is the opinion of ot Richard Ritchie mining editor of the Reno Rena State Journal and experts OMAHA April 11 UP UP dent Roosevelt's Roosevell's boost in the tho price e of of silver is only slightly inflationary Irving Fisher noted economist econ econ- told the United Press today The higher price will increase the circulating medium he said laid Any purchase of gold or silver has hasa a somewhat inflationary tendency because tho the paper money Iss issued d in return for tor them is newly cr created mon money y Raising the price o paid f for foe silver will naturally tend to l morons the amount of silver offered which means a double increase in the number of dollars put in lii ir Ja tion There will be more moro ounces ounce ounces of t silver for which new money is paid and there will be more snore money paid ai per ounce 5 Besides such direct Inflation which will be very slight th there re i ito is isto to be bo mentioned the fact that the new m money ney thus put in circulation will probably gravitate into th r banks s and nd from there ther into the i fea-i eral eral res reserve e. e i |