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Show President Roosevelt Signs Silver Bill ilY 0(. bnraan silver purchase bill :inr Y ftV hy the Prudent and fic-liolfi. tVf$ature the Roosevelt ad-. ad-. smile !"' jftf extends its new mon- S ;jvy. ure directs buying of the Ihe treasury until it co;n-pies co;n-pies 2f) per cent of the nation's metaUc monetary stocks. Mr. Roosevelt Invited Senator Pittman, whose name the bill bears; Chairman Doughton of the house ways and means committee, Sen ator King of Utah, Representative Dies and others active in drafting the legislation to witness his signature signa-ture of the bill. Treasury experts have estimated that the purchase of approximately 1,300,000,000 ounces of silver will be required to reach the 25-75 ratio with gold. The department estimates its present pres-ent stocks of silver bullion and the silver coin in circulation are about 700,000,000 ounces, 12 per cent o the metallic monetary stocks. A group of western senators who doggedly held out some action affecting af-fecting silver at this session regarded regard-ed the bill as the most significant step since the metal was demonetized demone-tized in the year 1870. Others however, including Senator . I Thomas of Oklahoma, said it would have little effect in accomplishing .their primary aim inflation. I The bill has inflationary possibilities. possibil-ities. The treasury is directed to ' is.ue silver certificates equal to the i money spent in the purchase program. pro-gram. For example, if the treasury pays out $500,000,000 for silver, it will issue half a billion dollars of silver certificates. But the time for the silver purchase pur-chase was left entirely in the hands of the President. o |