REMONETISING SILVER

Wanganui Chronicle, Volume 77, Issue 83, 9 April 1934, Page 7

REMONETISING SILVER

REBELLIOUS CONGRESS DRASTIC U.S. AMENDMENT MR. ffiORGENTHAU IGNORED By Telegraph—Press Association — Received April 8, 6.20 p.m. WASHINGTON, April 7. The silver agitation in Congress took a definite turn to-day when a group of senators, ignoring the wishes of the Secretary of the Treasury, JNir Morgenthau, drafted an amendment to tho House Silver Bill, and declared that its acceptance was assured. Whereas the House Bill is limited in scope, the proposed amendment would remonetise silver through tho nationalisation of all domestic stocks of ' the metal, which would bo paid for at the highest daily spot price with silver certificates printed bv tho Goveminent. This would put silver back to tho old statutory price of 129 cents an 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 of the Treasurer to purchase silver in the world market up to 50,000,000 ounces monthly at the same . price until “the. old statutory price is reached or commodity prices have returned to the 1926 level.” FORD AND N.R.A.

CONTROVERSY RE-OPENED. IMPORTANT RULING ISSUED. Received April 8. 7.5 p.m. WASHINGTON, April 7. The Controller-General, Mr. McCarl. isssed an important ruling to-day which makes N.R.A. compliance by Mr. Ford and his distributors compulsory if Up wishes to bid for Government contracts. Heretofore, according to a loose interpretation of the law, the Government must prove that Mr. Ford is violating the law to bar him from contracts; now those wishing to do business with thGovernment must supply certificates of compliance with the code regulations. The ruling opens the lire controversy between Mr. Ford and the Administrator. Genera] Johnson, with the way now apparently open for the latter to force Mr. Ford into the N.R.A. ur lose much business.