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Show BEAVER PRESS Scenes and Persons in the Current News n ' Vr i 'S- jxTJ. yv .ww w.ww wyjy 0 ' wwl w "fwVf 11 n mil . 7 - , This Busing QAKLAND.CAlJl Washington. The government's silver policy again is attracting attention. Several Silver Question have things caused it. First among these things is the matter of rising prices for foods and other necessaries of life, but attention seems to have centered on the silver question again as a result of the Treasury's newly arranged agreement to trade some of its gold for some of the Chinese silver. Probably the silver question is not as widely discussed as it might be because it is a complex subject and there are not too many people who understand it and its implications. I cannot refrain at this time, how ever, from recalling that when the silver act of 1934 was passed, I wrote in these columns a prediction that the country sooner or later would regret that legislation. I repeat the statement now and I do not believe it will be long until the average citizen will recognize what the silver policy Is doing to most of us. I mean by that, it will not be long until Mr. John Q. Public will understand that the silver policy has a lot to do with the high prices he is paying for his pound of bacon, his slice of beefsteak or a thousand and one items that he buys at the grocery store. He will feel it, too, when he seeks to buy a new suit of clothes or a new pair of shoes. There can be no argument about it: The affect of inflation brought about by a perfectly ridiculous silver policy is upon us. Early in July, the Chinese minister of finance visited Washington and called personally at the Treasury to express the appreciation of the Chinese government for the satisfactory conclusion of negotiations that enable the Chinese to give the American Treasury silver for gold. It was the usual diplomatic courtesy. At the same time, however, the visit of the Chinese minister served to awaken America to the fact that the Treasury has been going along, buying silver from foreign countries in order to maintain an arbitrary price which the Washcontended ington administration should be the world price for silver. This price is forty-fiv- e cents an ounce, and it is a most profitable price for silver producers in Mexico and Canada and some other foreign countries. It is not as profitable, however, as the price the Treasury pays to American producers which f is seventy-seveand cents an ounce. But, one may ask, what has this thing to do with the cost of beefsteak, ham and eggs or shoes? I hope I may be able to explain 4t as I have watched the picture unfold and to explain it in a manner that those unacquainted with high finance may see the thing in its true light. n First one-hal- the policy of the that has brought of all, ministration adbil-lio- of gold into the Trea sury to be stored as so much dead weight has resulted in many thousands of shares of stock in American corporations or their bonds being bought by foreigners who gave gold in payment. President Roosevelt early in his administration insisted that gold should not be in circulation as money. Consequently, the Treasury has so much gold that it has had to build separate storehouses to protect it. Now, we are sending some of that gold to China in trade for China's silver. 1 think most everyone will agree that the silver is Just as useless because we have no need for it in our currency structure. People do not want to carry silver dollars around in their pockets. Assuming that the exchange was simply an even trade of two objects, neither of which was usable to us, one probably could dismiss the matter with a wave of the hand. Regrettably, such is not the case. The additional silver frankly is adding to our troubles because of the Silver Act of 1934 which permits the Treasury to issue currency silver r bills against it So, instead of being sterilized and stored away in vaults, the silver accession results in a prompt increase in the amount of currency in circulation. That action tends to increase the excess reserve unused money of the banking system. As this money becomes available for circulation, its value necessarily and obviously is cheapened. Or, to say it another way. the things you buy with money become of greater value because it takes more of these pieces (f currency to buy the same quantity of food or clothes or shoes. How It Works one-dolla- Authorities will disagree with the above statement to the extent that all kinds of Will rincy have not expanded Disagree (which means inflated) by the issuing of silver certificates. That is true. But we ,1111181 be realistic and recognize that cur-Som- e been writing certificate occupies exactly the same place in our currency structure as does a bill that is backed by gold or one that is issued by the Federal Reserve banks. Therefore, it seems to me to be a fair statement to say that the whole currency structure is tainted by this deluge of silver certificates now and a silver heretofore coming from the Treasury. And it is equally a fact that prices of every kind are going to increase exactly in accordance or in ratio with the new money that is put out from the Treasury. I do not know how long it will be until the voters wake up to the necessity for repeal of the silver act. It probably will not be long before there is a wave of public indignation against the policy if the average person realizes that the program is actually a tax upon the American public. Surely, if the silver policy were labeled, "tax to support the silver program," the attitude of the country would change overnight. That really should be the name of the Silver Act of 1934 because that is its effect The tax results from the fact that the Treasury is paying foreign producers as well as American producers prices for silver that are higher than the value of the silver warrants. This means that any article of silver that you buy in a store costs you more than it would if silver producers abroad and in the United States were not being subsidized. The additional cost is a tax on every buyer just as much as though you had paid the tax directly into the Treasury. It may be interesting to know that the Treasury has issued nearly million in silver certificates. In addition something like seven million silver dollars have been coined, and these still remain in the package in which they were wrapped at the mints. Besides all these, there is silver bullion that cost $375,000,000 piled up in the Treasury. Silver certificates can be issued against this. . The silver act of 1934 provided that the Treasury could buy one dollar's worth of silver to three dollars' worth of gold for what is called reserve purposes. On the basis of the gold now held, the Treasury can buy under that law a total of $4,125,000,000 in silver. At the present time Treasury records show we have silver reserves amounting to around $2,600,000,000. These figures show, or ought to show, how much inflation lies ahead how much higher prices may go unless something is done to restore a sound currency policy in the United States. eight-hundre- outwore U gJ elderly uu relaxing seen tensing thetJh tighter than a cock 1 trap, and thenstag every nerve ",u highballs. . t r o t. t - . at r til .'I 71 ,V&H J mi is- - M (3) ' 1 Henry Ford who celebrated his seventy-fourtbirthday by breaking ground for the new Dearborn Vetsite. 2 War memorial designed by John Russell Pope erans hospital at Detroit for which he donated a and built by the United States government in memory of America's dead in the World war which was dedicated recently by Gen. John J. Pershing at Montfaucon, France. 3 King Carol of Rumania, who was a recent visitor in London, shown walking along Regent street. h e Celebrates 27th Birthday in Iron Lung CAPTURED BY REBELS standi fork I smile at them, for I aiI has given up golf. m go so far as to say ibloss tried and tried, but I never broke a ty. T phoid patient's tern-char- tperature never got below 102. ? I spent so much i time sand-trap- J'i climbing Into and out s again that people i be- - gan thinking I was a new kind of her-- Jh mit, living by pref. , s erence in bunker- sthe old man of the link bedj, be calling me next Ana i used to slice solai; rough that, looking for mj penetrated jungles man hadn't trod mound builders. where since fc That's h ed many rare specimens Indian relics. to: lection of But the last straw wsi Scotch professional, after H watching my form, told a at any rate there was about me which was corns have on golf stockingsl Congressional Boldnct XirARNINGtopetloven; v v own guinea pigs or He d J TV ' nmxrwtamttn bits or trained -- j Harold Dahl, American flier now in a Spanish insurgent jail, whose wife, from Champaign, 111., has enlisted the help of the United States embassy in Paris to secure his freedom. Dahl, flying a pursuit plane for the Spanish government, was forced to bail out when his ship was attacked by insurgent aircraft. seals or n-- gentle creatures, try to is word from them that som majority members of &! branch of congress ened to defy their master's The senate always has known as the world's greater erative body and, week bj and month by month don'! twenty-eight-year-ol- d Frederick D. Snite, Jr., of Chicago who recently celebrated his twenty-sevent- h birthday lying in an iron lung the machine that does his breathing for him. It is his second year in the machine since he was stricken with infantile paralysis in China and he expects to spend several more in it before he is able to do his own breathing and walking. His girl friend Rosemary O'Farrell, left, and his sister Mary, right, visit him. Huge Plow Will Cut Six-Fo- Furrow ot JOFFRE IN BRONZE elder statesmen know how erate! But these lastfewmhouse has earned the rep-jt- i being the most docile ItfJ outfit since Aesop's King Stork over the synod of the frogs. So should the news ever among the lesser creatures, to so tilacid and biddable, example had beensetatwasi: there's no telling when Eian hares will start rampaC the singing mice will hep ud roueh and the erubwora gang against the big old roc fls 9WWW(.,.B1MWWW,( i - vz - i ' ' T rzfl Some Democrats who are not too friendly with Postmaster General Jim Farley, along Just Good, with the Republi-Clea- n Fun cans in congress, are having fun these days with the Democratic tional committee. They are also succeeding, it appears, in making : I President Roosevelt's political seat uncomfortably warm. Nothing will come of it except that the subject will fill many newspaper columns of attack and defense as the politicians shoot back and forth. To review the situation, it should be :called that the Democratic NaHuge plow consirucicd at a cost of $3,400 which is to cut An equestrian statue of the Victional committee found itself in debt furrows six feet deep. It will be used in the Santa Ana u'esigned river of of the Marne, designed tor plains to the tune of about $650,000 at the California to recover rich loam soil buried by Max-im- e under sand deposits by the Real del Sarte, which will be end of the 1936 campaign. Some 1918 flood. The machine will be pulled by two Diesel-drive- n placed in one of bright mind in the Democratic Nacaterpillar tractors. The share will be nosed into and pulled from as a memorial tothe squares of Paris the French World tional committee conceived the idea the earth by a powerful hydraulic hoist mounted on top of the frame war general. of selling Democratic campaign handbooks to corporations at $250 per book, or more, as a means of raising money. To make the book attractive, a single sheet bearing the autograph of Franklin Delano Roosevelt was inserted. Hundreds of corporations were solicited, and hundreds bought : ,: the books theoretically, because of the autograph of the President Mr. Roosevelt stated he did not know he was autographing the blank sheets for the purpose for which they were used. Republican Leader Snell, of New York, introduced a resolution in the house of representatives, proposing an investigation of the sale of these books to corporations. He contended that it was a violation of the corrupt practices act Mr. Snell remained determined, htwever, and sought to harass the New Deal further by asking Attorney General Cummings for an official opinion. At the same time, he -1 read on the floor of the house a long list of corporations who had bought the "souvenirs" of the 1936 campaign, together with a list of prices they had paid. These facts cut deeply Into the Democrats who are seeking to prof tect Chairman Farley and the Democratic National committee wiggled and squirmed. Nevertheless, Mr. Snell may as well have butted his head against a stone wall since he got no further than Representative Rayburn, the house Democratic lender, would have gotten, if Mr. In chic blue irufom,s and overseas , , t!m Snell had been majority, instead of f "yinR lrainrd at Burbnnk. Calif. With holding inspection h'ni nurses are seen muMt'd leader. minority P Nurses Corn cf America ill be ready to fly on moBlbt" l'f th Verial tt Western Newspaper Union. every v trr.ina of rrit l thii;i& Aerial Nurses Fly on Their Errands of Mere er. Professional Orators. TTTE HAVE in Southern C4 V nia a professional orate to A long ago discovered that dulcet music on earth wasM of his own voice. He'll speai where at the drop of the W provide the hat What's worse, this coasts d of ours labors under the top i the at that, if he shouts be"1, voice, his eloquence will more forceful The oiu f avoid meeting him at dim eat at an owl wagon. Butw niVM t an imnortant bano froa strangely was missing f .oirsn ot the head One guest turned in amazeoSl his neighbor: "Where's Blank?" he W' naminz the absentee. "Didn't you hear?" other. "He busted i couP'e'l wij drums." lev . "Whose?" said the W first Be ' iUAMii k Till i fi . ' sr.c.-inllv- c'J if - rocs vi npHE veteran nVavMnflS. Rabbi oi rtew ioiw ably outspoken in his i" ireaunenif oi u!. jinH ih nmrtltionerS as weU. And one of SWJJj I le views - . of OtSB. the r,t the while hI ha V J ly ir Ca5 : church in Europe, -the same subject, nasm either. pulled his punches, So what? A friend Just abroad tells me that in heard a hign Eo"'"""i fiercely denounce these tM guished men. About sdw said thing the speaker senuewere was that both how or other, the speec" printed in the Germano" maybe by orders from Well, far be it from I t - ' cent bystander arguments and first-han- d to get into besides knowledge as w f fe f i i ' P nan clergyman s ,.,.ni his " though, judging by there's nothing particuia do f with his mind. But I in "'d bi Wise, and. if he' so is Shirley Temple 'ou the assertion that he one tJ? have to fectly willing have grave if he could fflJ on Hcrr Hitler's neck. rcy. NU Scrvic- B. 4 - J |