Show SILVER POLICY CALLED FAILURE NEW YORK Feb IT 17 The UP The UP-The The liver purchase act of 1934 is ia u a n blatant failure and the forthcoming ing Pan-American Pan conference may J lead ad to a change in our monetary I policy William S S. Murphy official of Hecksher Murphy Co silver bullion dealers told the United Press toda today 4 There are two elements element in the present silver sUver situation which hold extraordinary interest for the student atud student stu- stu d dent nt of monetary phen phenomena mena he said aid The e first is ls possibly that the impending Pan-American Pan conference confer confer- ence ostensibly ence-ostensibly ostensibly called to discuss the e practical application of the mark good neighbor policy may policy may the beginning of American n monetary mone mone- tar tary realism Calls Call allI pon Policy y Failure There is reason to believe the silver liver question may may be explored Mu Murphy phy believes because of ot President President Pres Ident I- I dent Roosevelt's s statement in May 1934 in which he said S T II have begun to confer with iome some ome of ot our neighbors in regard to tl the e use of or b both th silver and d gold preferably on a co coordinated basis ai as a s standard of monetary value At that time Murphy said American Am monetary nationalism was was was' running riot and the new deal Was as confident of its powers power of ot economic legerdemain Today however howver how how- aver ever ver the administration m is in do a somewhat hat chastened mood Its Ita t monetary witchcraft no longer possesses pos- pos esses the same iame wizardry It its silver purchase e act of ot 1934 is It a blatant failure I Outlook Uncertain n Art An r investigation investigations of the silver sliver question m under er such conditions may postulate te that the the e production lon of ot 80 percent p per r cent of ot the worlds world's annual silver o output by this this' hemisphere ere hu has some lome bearing on world prices es m It-m y lead to a 0 body of t principles of special concern to this hemisphere It may produce some Bom good for the Chinese who have been crucified on n the altar of ot American monetary unreality |