INFLATION MOVE

Dominion, Volume 26, Issue 104, 26 January 1933, Page 9

INFLATION MOVE

Proposals in U.S. Senate REMONETISE SILVER Pegged Ratio to Gold Price By Telegraph—Press Assn.- -Copyright (Received Jan. 25, 7 p.m.) Washington, Jan- 24. The first attempt to inject inflation into legislation failed to-day when the Senate by 56 votes to 18 tabled two amendments to the Glass Banking Bill, the first of which would monetise silver at the rate of 16 to 1, and the second would revalue the gold dollar by decreasing its gold content. The attempt to peg the price of silver in definite relation to the price of gold is of much historic interest, leading to the campaign issue on which the Democratic candidate. Mr. William Jennings Bryan,, unsuccessfully contested the Presidency in 1896. As the present ratio of silver to gold is 85 to 1. the adoption of the amendment would have a revolutionary effect. Financial experts, including Senators Glass and Reed, denounced the amendment as certain to ruin the 'currency and bring financial chaos to t]je counDespite the defeat of the amendment the general debate revealed that tlie inflationists have considerable strength, and they indicated that they would propose other measures to relieve the debtor class.