Indianapolis Times, Volume 45, Number 288, Indianapolis, Marion County, 12 April 1934 — Page 4

PAGE 4

WORLD SHUNS USE OF SILVER AS CURRENCY Control by U. S. in Back of Dislike for Once Precious Metal. Hert Is the second of a series of Stories analyzing the silver question, soon expected to become critical in concrete. BY HERBERT LITTLE Times Special Writer WASHINGTON, April 12,—What’s the row about silver? This ancient metal, found in Chaldea and at one time held by the Egyptians to be more valuable than gold, is being shunned for use as money by the rest of the world. The apparent reason is that the Americas, particularly United States capital, control virtually all the silver. Silver is not of major importance as a commodity; it involves far less than 1 per cent of American commodity sales. It has long been used as money and as a money base; it is still almost universally used for small coins. So, keeping in mind that United States owners in 1932 produced 66 per cent of the world’s production —and also that since Columbus discovered America the new world lias produced 84 per cent of the world’s total production of nearly 2,000,000 tons of silver, some foreign money developments may indicate the plight of this “precious” metal. From 1919 to 1932, inclusive, 541,000.000 ounces of silver melted down from coins have been sold, about 155,000,000 of this resulting from India's adoption of a gold standard in place of silver. Silver as Currency Unpopular Use of sliver as currency lias been discontinued since 1914 in Belgium, Finland, Denmark, Norway, Turkey and, until a year ago, France. In the last five years, this trend has resulted in coins being turned back into silver, completely destroying this market. The percentage of silver held as a metallic base for money by the central banks of eighteen major foreign countries has fallen from 24 per cent of the total money base in 1900-1904 to only 7 per cent. This change largely occurred during the World war. The price 6f silver mounted under the war demand for about 60 cents an ounce in 1913 to 1.11 in 1919, but it fell to 62 cents within two years and when British India went on the gold standard in 1927 and the depression arrived in 1929, it fell from 58 cents to 28 cents. On Dec. 29, 1932, it fell to an all-time low of 24Vz cents, but it had mounted to 40 cents by last September. The government's purchase of all newlymined silver at 64 cents brought the market price up to about 46 cents. Currency Inflation Demanded Into this situation comes the demand’ for the inflation of the currency. In the face of the fact that nine-tenths of American business is done with checks and other bank money, inflationists joined with the Silver adoveates in demanding the issuance of more money, based, according to one plan, on treasury hoards of silver. Psychology in the entire west identifies prosperity with more hard money. In cold figures, only Utah and Idaho produce enough silver to make its mining a major industry. But in Arizona, Montana and other 6tates. by-product mining of silver from ores which also contain copper, lead, zinc, etc., often means the difference between profitable and unprofitable operations. : So the eleven western mining whooped it up with the farm representatives of the midwest. They forced into the 1932 agricultural adjustment act the Thomas inflation amendment. This did important things to gold, but it also authorized the President to set up a distinct bimetallic currency basis at a ratio he would fix. It was merely permissive, however, and Mr. Roosevelt took no action. He froze the gold instead, and souglit to bring prosperity by adjusting farm and factory production and credit. Nations Agree on Program Mr. Roosevelt went seriously into the silver problem in an international conference growing out of the world economic conference in London last summer. Three large Silver-holding countries, China, India and Spain, and five producers, Jdexico, United States, Canada, Peru and Australia, signed an agreement, ratified by all except Spain and Peru, which have declared their Intention of ratifying. ; As is usual when one bargainer Stands to gain the most, the United States took the heavy end of the load, agreeing to purchase 24,421,410 ounces, which is approximately its entire production based on 1932 taming. All five producing countries agreed to refrain from selling newlv-mined silver abroad, and Spain and India agreed to limit their sales of melted coin sliver to a specific figure, 160.000.000 ounces over a four-year period. : China, which imports silver, but never exports it. agreed not to export. India's selling quota of 35,000.000 ounces a year incidentally Is more than she has been able to tell in recent years. Political Storm Develops . President Roosevelt put the silver buying program into operation Jn December, but relatively little Silver has been sold to the government. Now a political storm has blown across the sky. threatening Congressional action on two major points: J l. To force the United States to buy into the world's above-the-ground supply of silver, estimated at twelve billion ounces 'six million tons) to improve the silver market, and 2. To make silver a base for a large issue of new money, from one to two billions of dollars, the chief aim being to increase the price level through currency inflation.

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ARTCRAFT EXHIBIT SET BY IRVINGTON CLUBS Seven Types of Handiwork to Be Demonstrated Sunday. Demonstrations in seven different kinds of artcraft will be made from 3 to 5 Sunday in Carr's hall, 5436 East Washington street, as a part of the program of the third annual exhibition sponsroed by the Irvington Union of Clubs. Plans for the demonstrations have been made by Miss Martha Lee Frost. Demonstrations will include: Eloise Gabbert, block printing on fabric; Mrs. Helen Parmer, modeling book ends; Herbert Brackmier-hand-tooled leather; Thelma Adams, illumninated manuscript; Juanita Jones and Howard Cradick, life masks for, sculpture: Frances H. Insley, ship model; Ardis Danner and Jeanette Thomas, handmade jewelry.

• DO.N T DENY YOUR HOME THE THINGS IT HAS NEEDED FOR YEARS! • TAKE ADVANTAGE OF TODAY’S PRICES, CHARGE TO YOUR ACCOUNT! • BIG BUSINESS IS USING CREDIT! AND SO SHOULD YOU—RIGHT NOW wWvyi! I Uppuu ft. Gas Stoves and Ranges Drastically Reduced sI D O "S* H j. Every rebuilt gas stove and range in our stock | -* greatly reduced for quick sale make your selection early. A beautiful living room outfit simi- _ . lar to the one shown. Early Amer- $075 $ - |#7ss*i C 75 ican bedroom suite as illustrated I B and a beautiful walnut finish dinette suite, buffet, extension table and A few models of exceptionally fine quality at chairs. slightly higher prices—they’ll sell fast at these extraordinary low prices. High Favor Early American Bedroom SMM This suite is a typical example! Its style is true to MM tradition with simple turnings and lines of design! Three pieces—bed, chest of drawers and choice of dresser or vanity table—at this very low price! We * suggest you see this suite before buying anywhere! $5 Down Delivers This Suite 32-34-36 South Illinois Street

LISTS MILLS AS ‘NO. 1 ENEMY 1 OFJOf DEAL Cornelius Vanderbilt Jr. Also Names Curry Among Ten Foes. By United Prut BUFFALO, N. Y.. April 12.—Cornelius Vanderbilt Jr., who believes Franklin D. Roosevelt is a greater President than Abraham Lincoln, listed who, he declared, are the ten “principal enemies” and the ten champions of the new administration in an address here. Ogden Mills, former secretary of

THE INDIANAPOLIS TIMES

the treasury, headed Mr. Vanderbilt’s list of “enemies.” Mr. Mills, he said, will be “the real generalissimo of the coming attack on the administration.” Others listed as “enemies” were John W. Davis, Democratic presidential candidate in 1924; James M. Beck, former solicitor-general of the United States; John*F. Curry of Tammany Hall; Thomas W. Lamont of the J. P. Morgan & Cos.; Senators David A. Reed of Pennsylvania and Simeon D. Fess of Ohio; Mrs. Alice Roosevelt Longworth; Harrison Williams of the North American Investment Trust, and Richard B. Whitney, president of the New York Stock Exchange. Arrayed against them as champions of the new administration he named Harold L. Ickes, Homer S. Cummings, Henry Morgenthau Jr„ Joseph B. Eastman, William Randolph Hearst, Senators Hiram W. Johnson of California and Key Pittman of Nevada, J. F. T. O’Connor, William C. Bullitt and President Roosevelt.

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.APRIL 12,1934