SILVER TO THE RESCUE

Grey River Argus, 5 December 1932, Page 5

SILVER TO THE RESCUE

U.S.A. PROPOSALS To Accept it for War Debt (Aus & N.Z. Cable Assn.) (Received December 4 at 6.30 p.m.l WASHINGTON, December 3Several movements linked with thy re-monetization of silver developed in the United States Senate on Saturday »n connection with the war debt payments. Mr Somers, the Chairman of the House Coinage Committee, suggested that Britain be allowed to pay her December payment in silver. Senator Hayden, following up his suggestion that all of th e wa r debt should be yaid in silver, and Senator Wheeler ami others stated that they believed that the re-monetization ot silver was essential for an economic recovery. Chairman Somers said that the cf silver to pay war debts would increase its value, would raise commodity prices, and would, be a key to the solution of all future depressions. He eddod that insistence upon the British making the payment) in gold, and the consequent further depreciation oc sterling “will harm the United States I rebab I v mor ( « than Britain.

India’s Gold i RECORD SHIPMENT TO U.S.A fAus. & N.Z. Cable Assn). CALCUTTA, December 3. What is believed to be the largest single consignment of gold ship'pe'd from India i n recent years has left in the liner “President Harrison” tfor New York. It is valued at one million eight hundred and eighty thousand sterling. It is all bar gold except on* hundred and twelve thousand able rase set out with great skill and great restraint. The “Manchester Guardian” says: The note does nothing less than expuse the world economic situation. The “Daily Mail” ’says: The total amount due to Britain for Allied debts and German reparation payments is four times the British debt to the United States. That entire sum we are prepared to wipe out if the United States will treat our debt in the same way. The “ News - Chronicle ” says: If Washington could be persuaded, even to postpone the December payment, pending the proposed discussion, the whole world would welcome the decision. as an earnest fruitful issue, for the revival of prosperity. The “Herald” says; The note is no special pleading of a debtor anxious to avoid legal obligations. It is a cohl stern fact which Congress and the United States public should duly ponder. On the goodwill and cooperation between two countries every thing depends. The ‘‘Telegraph’’ describes the note as friendly, moderate, and dignified, and referring to Lausanne says: Tho mere prospect of the most promising work yet done for world recovery being shattered, is frankly appalling, and the great body of American investors directly interested iu the. permanence of that work will take no other view. British press opinion is unanimous iu regarding the Note as a great State paper, maintaining th»* same high level of disinterestedness that since the war has marked the attitude of successive British Governments towards the situation created by these inter-govern-niental obligations. As the “Times’s” Washington correspondent points out. it is common knowledge that independently of its presentation from London the case put forward in the Note is in a large sense found convincing not only by Mr Hoover but by all those whose executive position gives them knowledge of and concern in the world situation. Immediate importance, however, attaches to the effect which the Note may have upon Congress, which meets next week, and in whose hands the decision lies. The recommendations which Mr Hoover may make to Congress arc awaited here with exceptional interest. It is not expected that the American public would accord im mediately a favourable reception to the policy advocated by the British Government which would involve secrifiecs on the part of the American taxpayers, similar to those already done by British taxpayers. The conviction, however, is expressed in the British Press that when time has been allowed for the careful weighing of the plain, straightforward statement of facts and the inescapable deductions from them, they will carry conviction to all unbiased minds. The ‘‘Evening Standard” regards the. arguments that payment must inevitably result in a further disastrous fall in commodity prices as singularly impressive. This it says constitutes a grave threat to the farming community, of the United States, who arc mostly opposed to any cancellation of the debt. The “Star’’ also emphasises that a settlement which would raise the price of grain and cotton by tho smallest amount would pay America far better than could the receipt of gold from Britain.