CONGRESS SILVER MOVE

Hawera Star, Volume LIII, 9 April 1934, Page 5

CONGRESS SILVER MOVE

SENATORS- DRAFT AMENDMENT ACCEPTANCE ASSURED. .United Preae Association— By Electric Telegrapo Copyright.) WASHINGTON, April 7. The silver agitation m Congress took a definite turn to-day. when a group or senators, ignoring Mr Henry Morgenthau’is wishes, drafted an amendment to the House Silver Bill and declared its acceptance assure. Whereas the House Bill was limited in scope, the proposed amendment would remonetise silver through the nationalisation of all domestic stocks of metal, which would be paid for at the highest daily spot price with silver certificates printed by the Government, which would back silver at the old statutory price of 129 cents an ounce, compared with the current price of about 50 cents, thus giving thei Government a sizeable profit in the same manner as from gold. The amendment further authorises the Secretary of the Treasury to purchase in the world market up to 50.000.0C0 ounces monthly at the same price until the “old statutory price is reached or commodity prices have returned to the, 1926 level.” Treasury estimates published to-day indicate that spendings for the fiscal year thus far have passed five billion dollars.