Salt Lake Telegram | 1935-04-16 | Page 10 | Double Motivation Seen in Increasing Silver Price

Double uble Motivation Seen In Increasing Silver Price By JAMES lc l McMULLIN Copyright 19 5 for The Telegram NEW YORK YORK- April 16 New eV New Y ik insiders interpret the presidents president's presidents president's presidents president's dents dent's action in raising the price of mined silver to 71 cents an art ounce as another psychological move The amount of in inflation inflation in- in nation involved is negligible ar and ad d the move wont won't appreciably hasten attainment of or the to 3 ratio of silver ilver to gold which is the bi- bi objective they say I Keen observers however er see seo a double motivation One was to forestall forestall fore fore- stall a a terrible yell from trem the politically po potent silver sliver states If the dom domestic price had been allowed to drop below world quotations The Theother Theother Theother other was WiS to gratify the silver bloc In iti congress and thus divorce them of ot inflation inflation- front from the other breeds who arc are planning a drive In I May thereby May thereby forestalling press pressure I on the administration which might have proved embarrassingly heavy I Success is predicted on both counts It Is recalled our policy of raisIng raising rais rals in ing silver prices was supposed to benefit silver sliver standard countries and promote trade with the Orient It has worked in reverse The latest step socks China harder than ever but cynics remark that we had already driven her into Japans Japan's arms arm s and anyway the Chinese have no vote so vote so who cares also used to claim that nationalizing the metal and paying a uniform price to American mines would stop speculation It has has in in inthe I the United Stales States But foreign speculators speculators speculators spec spec- have been ladling in as M rich richand richand richand and safe a gravy as they've ever found round By taking all domestic production production production pro pro- the treasury shut off oft one of the chief sources of world supply Moreover every ounce we bought abroad was taken out of af the market for Cor keeps ke ps So prices couldn't go anywhere anywhere any any- where but up and up-and and Europe's easy easy- money boys beys have played around with perfect assurance that they couldn't be hit from behind Now that the stampede has really started watch it accelerate New NewYork NewYork NewYork York experts predict that within two weeks weel weeks maybe s mabe maybe less the less the government government govern govern- I ment will have to jack the domestic price to 76 cents to keep ahead of the foreign boom Senator Key Pittman of ot Nevada helped things along with his statement statement state state- ment that now we wouldn't stop till we reached the goal of Many I Europeans will take this as official and bid the more eagerly for tor the metal Financial sources dryly observe observe ob oh- serve servo that the senator Is undoubtedly undoubtedly edly a good goed prophet