The Hyder Weekly Herald
Established 1924
Published Saturday at the Herald
Building, Second Ave., Hyder, Alaska.
Chas. F. Sandford
Sole Owner and Publisher
Entered as seeond-class matter at the
postoffice at Hyder, Alaska, under the
act of March », 1S7II.
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TEXT OF PRESIDENT’S
MESSAGE ON SILVER
The full text iof President
Roosevelt’s silver prog ram
message follows:
“To the Congress of the Unit
ed Spates:
“On January 11, 1934, I
recommended to the congress
legislation which wa* promptly
enacted under the title, ‘the
gold reserve act .of 1934.’ This
act vetted in the United States
government the custody and
control of our stocks of gold as
a reserve for our paper cur
rency and as a medium of sett
ling international balances. It
set up a stabilization fund for
the control of foreign exchange
m .he interests ,o± our people,
and certain amendments were
added to facilitate the acquisi
tion of silver.
“As stated in my message
to the congress-, this legislation
was recommended as a step in
improving our financial and
monetary system. Its enact
ment has laid a foundation on
which we are organizing a
currency system that will be
both sound and adequate. It
i- a long step forward, but only
a step.
“As a part of the larger ob
jed.ive, some things have been
clear. One is that we should
move forward as rapidly as
conditions permit in broaden
ing the metallic base of our
monetary system and in stabil
izing the purchasing and debt
paying power of our money
on a more equitable level. An
other is that we should not
neglect the value of an in
creased use of silver in im
proving our monetary system.
Since 1929 that has been ob
vious.
“Some measures for making
a greater use of silver in the
public interest are appropriate
for independent action by us.
On others, international co
operation should be sought.
“Of the former class is that
cf increasing the proportion of
diver in the abundant metal
lic reserves back of our paper
currency. This 'policy was in
itiated by ithe proclamation of
December 21, 1933, bringing
our recent domestic production
into the treasury, as well as
placing this nation among the
first to carry 'out the agree
ment on silver which we
sought and secured at (the Lon
don conference. We have
since acquired other silver in
the interest of stabilization for
foreign exchange and the de
velopment of a broader metal
lic base for our currency. We
seek to remedy a maladjust
ment of ,cur currency.
“In further aid of this policy,
it would be helpful to have
legislation broadening the au
thority for the further acquisi
tion and monetary use of silver.
“I, therefore, recommend
legislation at the present ses
sion declaring it to be the pol
icy of the United States itlo in
crease the amount of silver in
our monetary stocks with the
ultimate object of having and
maintaining one-fourth of their
monetary value in silver and
three-fourths in gold.
“The executive authority
should be authorized and di
rected to make the purchases
of silver necessary to attain
this ultimate .objective.
“The authority to purchase
present accumulations of sil
ver in this country should be
limited to 'purchases at not in i
excess of 50 cents per ounce. !
“The executive authority
should be enabled, should cir
cumstances require, to take
over present .surpluses of sil
ver in this country not required
for industrial uses on payment
of just compensation and to
regulate imports, exports and
other dealings in monetary
saver.
“There should be a tax of at
least 50 per cent on the profits
i accruing from dealing in silver.
“We can proceed with this
program of increasing our store
of silver for use as a part of the
metallic reserves for our paper
currency without seriously dis
turbing adjustments in world
trade. However, because of
the great world supply of sil
ver and its use in varying
; forms by the world’s popula
' tion, concerted action by all
nations, or at least a large
group of nations is necessary
if a permanent measure 101 Val
ue, including boith gold and
silver, is eventually to be made
j a world standard. To arrive
i at that point, we muslt seek
every possibility for world
agreement, although it may
turn out that this nation will
have to take such independent;
: action on this phase of the mat
ter as its interests require.
“The success of the London
conference in consummating
an international agreement on
silver, which has now been
ratified by all the governments
concerned, makes such fur
j ther agreement worth seeking.
I The ebb and flow «of values
; in almost all parts of the wiorld
have created many points of
pressure for readjustments of
internal and international
standards.
“At no time since the efforts
of this nation to secure inter
national agreement on silver
began in 1878 have conditions
been more favorable for mak
ing progress along this line.
“Accordingly, I have begun
to confer with some of our
neighbors in regard to the use
of both silver and gold, prefer
ably on a coordinated basis, as
a standard of monetary value.
Such an agreement would con
stitute an important step for
ward toward a monetary unit
of value more equitable and
stable in its purchasing and
debt-paying power.”
Franklin D. Roosevelt
-o
Over Third Of Gold
Standard Years
Years of Distress
Supplementing numerous oth
er overwhelming evidences
that the single gold standard
has been one of the greatest
evils ever inflicted on human
ity as a whole, a recent writer
points out that of the 60 years
of the fixed gold standard 24,
or more than one-third lof them,
were years of extreme econom
ic distress, thalt business fail
ures exceeded those of aLl oth
er like periods, and commodity
prices fluctuated over a wider
range than in any other similar
period.
As during this period, 1873
to 1933, the world has pro
duced three-quarters of all the
gold of all times, it was cer
tainly a period in which to test
the workings of the fixed gold
standard most favorable to
that standard.
-o
Alaska Eligible for Public
Works Road Allotments
During the recent considera
tion of (the $460,000,000 road
bill in the House, Alaska Dele
gate A. J. Dimond obtained the
definite statement that failure
to include Alaska specifically
in the bill does not preclude
the Territory from obtaining
grant? from 'the Public Works
Administration appropriation
which is expected to be made
shortly. The statement was
made by the spokesman for the
committee on roads, during a
series of parliamentary moves
on the flloor, in which the Dele
gate offered an amendment
which would have added not
more than $10,000,000 to the
bill for expenditure in Alaska,
the Canal Zone, the Virgin
Islands and Puerto Rico.
In view of certain appropria
tions provided for 'the Alaska
Road Commission, there was
committee objection tio the
amendment, which was with
drawn by the Delegate after
the indicated assurance was
given.
The effect was to remove
possibility of congressional ob
jection to further P.W.A. al
lotments for rjoads in Alaska.
The Territory is eligible bo
receive part of the $50,000,
000 set aside in the bill for
roads in national forests and
parks.
FRANK A. METCALF
am & MINING ENGINEER
l). S. MINERAL SURVEYOR
JUNEAU ALASKA
.. /
* Hyder *
* Methodist Episcopal *
* Church *
* Rev. F. Bushfield, Pastor. *
* Hyder Methodist Episcopal Church •
* Sunday School at 10:30 a. m. •
* Evening Service at 7:30 p. m. •
* Everyone is cordially invited to *
* the services. •
PORTLAND CANAL LODGE
1218
LOYAL ORDER OF MOOSE
D. J. McLean, Dictator
P. S. Jack, Secretary
Meets Second and Fourth Thursdays
Second Thursday in Hyder
Fourth Thursday in Stewart
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