SILVER CURRENCY

Poverty Bay Herald, Volume LXI, Issue 18367, 9 April 1934, Page 7

SILVER CURRENCY

UNITED STATES BILL ,/ '-a A / \..\-} \A Vv ' . PROPOSED AMENDMENTS (Elec. Tel. Copyright—United Press Assn.) WASHINGTON, April 7. The silver agitation in Congress took a definite turn to-day when a'group of senators, ignoring Air. Henry Morgenthau’s wishes, drafted an amendment to the House Silver Bill and declared that its acceptapce was assured. 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 per ounce compared with the current price of about 50 cents, thus giving the Government a sizeable profit in the same'manner as from gold. The amendment further authorises the Secretary to the Treasury to purchase in the world market up to 50,000,090 ounces .monthly at the same price until “the old statutory price is reached or commodity prices have returned to the 1926 level.”