Salt Lake Telegram | 1941-01-07 | Page 16 | Finace Sees Doom of Silver Buying

Finance Sees Doom of Silver Buying 4 By S. BURTON HEATH and GABRIEL VOGLIOTTI NEW YORK Topping the latest federal reserve report which would - end the treasury' power to Issue . "greenback" currency money gainst silver purchased abroad is further plan to end foreign silver buying altogether. New York banking critic of the government's ailver policies (there Isn't white-metal white-metal man on the length of Wall , atreeti are confidently forecasting early repeal of the authorization vhich permit Secretary Morgen-thau Morgen-thau to pay more than the world price for the offerings of China, Mexico and our own western states. The sensational federal reserve ' report which challenges most of .'the president's pet monetary theories theo-ries and objectives, does not go so far as to urge a silver buying repeal. It shuns the topic presum-'r presum-'r ably because our outside purchases . In recent years have been less a question of domestic economics than one of the president's Instrument Instru-ment of foreign policy, therefore subject to diplomatic rather than fiscal classification. The attack on the buying proviso, according to ..F. R. insiders, will come from the administration itself, on the douole count that it is now possible to override the protests of the west's ". silver bloc, and that there are better bet-ter way of helping foreign countries coun-tries than by subsidizing their silver. Those grand old venerahles of the west s senate guard, William ' Borah and Key Piltman, have passed on; Ashurst was an election casualty, while Senators Johnson and Wheeler, who now head the ailver bloc, hold low estate in White .House eyes because of their isola- tionist heresies. Bankers doubt whether the silver slates can make another successful stand as a result re-sult of the changed senate picture, -and are being told the parallel losses which will be sustained by China and Mexico will he compensated compen-sated by export-import direct loa.is.