PROBLEM OF SILVER

Wanganui Chronicle, Volume 77, Issue 107, 8 May 1934, Page 5

PROBLEM OF SILVER

ROOSEVELT CAUTIOUS INTERNATIONAL MATTER WASHINGTON, April 26. Washington observers say they see in President Roosevelt’s silver policy and other developments a rising opinion in White House that much less artificial respiration is to be pumped into the American economic situation than has been expected by the inflationists. It begins to look very decidedly as though, while on his vacation, Mr Roosevelt had been seriously listening to business advice that things would improve faster if less and less Government interference were applied. Mr Roosevelt feels that tho answer to the silver remonetisation problem lies in the formula presented to, but still unadopted by, the London Economic Conferen'ce, whereby all nations would fix definite reserves of silver in ratio to the gold supply. The White House announces that ths President is convinced that solution of the silver problem must be through an international agreement. “It is impossible for one nation to get anywhere in rehabilitating silver without the co-operation of all countries,” he told senators. “The difficulty about the silver business is that it is impossible to determine the amount of holdings of silver everywhere in the world,’’ said a statement authorised by the President, who added: “You know that a given panacea does not always cure the patient. When we started buying gold, we knew pretty well just where the world’s supply_ was located. ”