Salt Lake Telegram | 1942-04-21 | Page 2 | Foes of Silver Will Get Floor

FOES OF SILVER WILL GET FLOOR WASHINGTON WASHINGTON- April Apil 21 UP UP- UP The senate special silver committee commit commit- tee when It meets May 5 to discuss discuss discuss dis dis- cuss W P B pr priority orty orders on mining mining mining min min- ing equipment w will l give opponents of the silver purchase act unlimited unlimited ted opportunity to testify Chairman Chair Chair- man nan man Thomas CD D. D Okla said Tuesday The hearing originally scheduled for Tuesday was postponed be- be because be because cause of the absence from the capital of of Senator McCarran D. D Nev McCarran has requested I that the committee study results of a recent war production board order removing from blanket priority priority orders m mines es producing more than 30 per cent of their dollar value in gold or silver Thomas' Thomas reference to opponents of the silver purchase act followed followed fol fol- lowed receipt by members of congress congress congress con con- gress today of a petition from the Economists' Economists National Committee on Monetary Policy New York City that congress repeal the silver silver silver sil sil- ver purchase act of 19 1934 and the domestic purchase law of July 6 1939 The 1934 act the petition stated stated stated stat stat- ed has never been een sound in principle principle prin prin- c ciple or practice and has ha had d harmful results to both the United Unite d States and certain foreign coun coup tries The domestic purchase ac act t was described as an indefensible e subsidy to o the domestic producers ers of silver that had forced th the e treasury to pay approximately approximate y ey twice the world market price e fo for r this domestic silver with the consequence consequence consequence con con- sequence that the treasury has ha s greatly overvalued the silver which h it holds Thomas commented that the thear arguments ar ar arguments were the dame as ha had d been beep advanced previously by opponents op op- of silver purchase Its hard to find any group he observed not receiving g a subsidy of some some sort sort Senator Johnson D D. Colo member of the sp special committee e said congress was not going t tc to o repeal the silver purchase act Purchases of silver slIver under th the e law he said have not cost the treasury a thin dime because they all were made with silver cates