AMERICAN CURRENCY

Southland Times, Issue 22188, 2 December 1933, Page 5

AMERICAN CURRENCY

SENATOR BORAH’S VIEWS.

A PLEA FOR SILVER

(United Press Assn.—Telegraph Copyright.) Washington, November 30. Senator Borah again entered the monetary controversy to-day. He sharply answered Mr James Warburgs suggestion that the United States might co-operate with Britain in reinstituting a modernized and revised gold standard. He pointed out that British and American world trade^ interests were so conflicting that the possibility, to say nothing of the desirability, of such conjunctive action with Britain is so remote at this time, as I sec it, that it removes any proposal based upon that fact beyond the realm of practical consideration or discussion.” Senator Borah chides Mr Warburgs failure to mention silver as a possible monetary base. He suggests that the Reconstruction Finance Corporation should purchase silver as it_ docs gold, until it brings the price to 75 cents an ounce; then have the dollar consist of an ounce of silver and 25 cents worth of gold at the prevailing price. Senator Borah's statement has greatly encouraged the silver advocates in Congress to-day, who are now confident that it will pass some sort of legislation to remonetize silver.

RECOVERY MOVEMENT

AMBASSADOR OPTIMISTIC.

(United Press Assn.—Telegraph Copyright.)

London, November 30. “I believe there is sadness, ahead of those selling the United States short, said the American Ambassador, Mr Bingham, in emphasizing his confidence in the success of the recoveiy movement at a thanksgiving dinner. He condemned the phrase “Indiarubber dollar,” and added that he did not expect uncontrolled inflation. Recently the dollar was devaluated to the same extent as the pound in 1931. He hoped and believed it would similarly benefit the United States.

Mr Bingham revealed that the American Government had established an exchange equalization fund similar to the British, also that only six-inch guns were being mounted in the new American cruisers, although they could carry eight-inch guns.