Salt Lake Telegram | 1935-05-21 | Page 9 | Silver Coinage Influx Banned

S. S SILVER S COINAGE J 0 K I 1 W J HI It 21 After Ater After f a cesi designed i to o prevent a d drainage ali ige OC silver i ins ins' from other I D Hono Hon o the it S tes the treas P ury ur foda o o floN n. n the lid ot or 0 secrecy crecy on on the next mo move moire e- e ein in its silver p program program- am spirit o of cooperation on the treasury treasury treasury treas treas- ury ury aid aid prompted it to issue its embargo embargo em em- bargo barga or order r last night prohibiting the importation of oC foreign slIver silver coins coins' except ex pt under unde license The he treasury policy of oC silver bu buying ing Which has led Jed to ta to a a rise is In world worldS S prices has ca caused caused- sed difficulties in sev several several eral countr countries es Coins of ot some of oC them 1 va vs QS bullion bullian than i aj money leading to lo w Ide de movements mo to to melt them down dawn and md sell them l Among the nations that have ex experienced I p silver trouble arc are Italy r which declared an In export embargo S 'S China which has an export tax and Mexico which called in silver coins Under the embargo order which was wac issued by Secretary with th the approval of oC President Roosevelt Roose Roose- veil velt silver coins of oC a monetary value l equal at the time of oC entry to iio per percent cent of the market value of their silI silver sil sil- sil- sil I ver r content may tay be imported without license As i A the price of silver has risen the treasury said aid the silver content of the coin coinage ge of some countries has become more valuable as bullion than thanS S in the thO form of f coins tending to la cause its destruction and sale as bullion S A lA usual l method of dealing with this problem has been to call in silver coins cams and change the Silver content An embargo on the export of the old coins is usually a necessary z supplemental m measure ure Those participating p patin in t the c importation into the I United States of oC silver coins caver covered d embargoes are aiding the violation vio yb- lation of oX the laws lw ws pt pf the country in inq question q c t