Ogden Daily Standard | 1918-04-23 | Page 2 | Silver Bill Goes to the President

SILVER BILL GOES TO THE PRESIDENT WASHINGTON. April 22 The administration ad-ministration bill authorizing the melt -inz into bullion of 350,000.000 silver dollars to pay trade balances was passed by the house late today without with-out amendment. It had been passed by the senate and now poes to the president. The povernment's plan to melt several sev-eral hundred millions of silver dollars now in the treasury vaults fixinp an arbitrary price of $1 an ounce, has apain stimulated demand for that metal in the local market Two weeks apo bar silver wis quoted quot-ed at 91 3-8 cents. By steady degrees de-grees It has climbed to within a fraction frac-tion of the price fixed by the treasury treas-ury department, selling today at 99 1-4 cents. Dealers in silver say that the extraordinary demand for that metal from India and China is chiefly responsible re-sponsible for its recurrent strenpth. The silver rarket has had many irregular ir-regular movements since the beginning begin-ning of the war. From its normal I price of 63 to 65 cents an ounce sil-. sil-. i it advanced last summer more than ; 75 per cent. Later there came an-, an-, other decline on a reduced inquiry.