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VOLUME 10, NUMBER 20.
HYDER, ALASKA, SATURDAY, FEBRUARY 3, 1934.
SINGLE COPIES 10 CENTS
NEW PROPOSAL AIMS
FURTHER SILVER BOOST
Increased price foir silver and
a huge increase in trade with
the United States by silver us
ing countries are proposed in a
new plan which was said to be
under consideration by Presi
dent Roosevelt and may shortly
be announced as a national pol
icy, was made public Sunday
in radio broadcasts.
Details of the plan as heard
by several local residents were
reported to the Herald as fol
lows :
The United States would pur
chase silver in the world mark
et up to one billion ounces, at
a price not exceeding $1 per
ounce. Thereafter the govern
ment would purchase hot to ex
ceed one-twelfth of the annual
world production of silver, ap
proximately 21 million ounces,
.on the basis of 1930 world pro
duction.
This would have the effect
of increasing the price and as
sisting in its stabilization by
guaranteed purchase of a con
siderable proportion of the an
nual production.
In addition to raising and
maintaining the silver price as
indicated, the United States
would also endeavor to stimu
late trade with Mexico, South
America and other silver coun
tries by accepting for goods
purchased from this country
payment in silver at a price 25
per cent above the world mark
et price, up to the price limit
ation of $1 per ounce. The
most important effect of this
would be to raise the price of
silver to $1 or more an ounce
throughout the world.
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CWA Work Further Reduced
Orders further curtailing the
local CWA activities were re
ceived late last week by J. K.
Green, overseer of the flood
control activities on Salmon
River, on which the CW A
workers are engaged.
The new instructions provid
ed for a crew of only five men,
including the foreman, and be
came effective Friday.
This will have the effect of
reducing the local payroll from
$152.70 per week to $96.90.
Value of New Gold Dollar
The gold value of the U. S.
dollar, as fixed by President
Roosevelt this week under
authority of the so-called gold
bill will be 59 6-100 cents, with
gold at $35.00 per ounce, the
price fixed by the Treasury,
as under thenewvaluation.gold
will be worth slightly over 7.28
cents per grain, the dollar will
contain a little under 14 grains
of the yellow metal.
Wheeler Silver Amendment
Fails In Senate Vote
Hopes of silver remonetiza
tion supporters for early estab
lishment of a definite parity
between silver and gold in the
national monetary system were
again disappointed last Satur
when the 16-to-l amendment]
to the Administration dollar
devaluation bill was rejected
in the Senate by the exceed
ingly small margin of 2 votes.
The vote was 43 for the amend
ment and 45 against, accord
ing to radio broadcasts.
The original measure, auth
orizing the President to reduce
the gold value of the dollar to
beiween 50 and 60 cents and
creating a $2,000,000,000 fund
for ;(.abilizin,g the dollar on
that basis, passed the upper
house, with a few amendments,
by a vote of 57 to 37. The
measure had previously passed
the House by a vote of 166 to
23.
The defeat of the silver
amendment is ascribed gener
ally to administrative opposi
tion based upon the desire to
avoid too violent disturbance
of the world financial equation
and al:o to permit a definite
outworking of the American
proposed silver agreements
adopted at the recent London
Economic conference.
Late reports indicate that
remonetization proponents are
not discouraged by the reject
ion of the amendment and see
in the exceedingly close vote
an assurance of increasing
realization of the importance
of silver as a currency basis
which will ultimately result
in the adopton of the bimetal
lic principle in national
finance.
Rep. Green To
Seek Reelection
Representative J. K. Green
has again decided to seek leg
islative honors and will be a
candidate for nomination on
the Democratic ticket at the
primary election to be held on
April 26. His notice of candi
dature was filed with the Clerk
of the district court at Juneau
this week.
During his first term as Rep
resentative from the first Di
vision, Mr. Green established
a record for legislative ability
and assiduous attention to the
legislative needs of the Terri
tory and district which should
in the normal course of events
win him a second term in the
: Legislature.
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W. R.„ Tonkin, well-known
mining man, arrived Thursday
to look after his local interests.
NEW SYNDICATE
FOR MARMOT RIVER
Renewed interest in local
mineral development is shown
by the organization of the Gold
King Mining and Developing
Syndicate in Stewart on Thurs
day this week.
The purpose of the new or
ganization as set forth in the
syndicate agreement is to de
velop the well-known Chinook
group of six crown-granted
mineral claim-, located on the
north fork of Marmot River
and adjoining the Melvin
group.
The capitalization of the
syndicate consists of 100,000
units of the par value of $5 per
unit. The trustees are L. E.
Bigham, original locator and
owner of the group, K. H.
Gray, Stewart attorney, and
E. D. Iiaddon of Hyder. Mr.
Bigham, former local resident,
who is now located in Juneau,
is president of the trustees, and
Mr. Gray is secretary.
Kepresentauves oi tne organ
ization informed the Herald
that financial arrangements
are under way whereby devel
opment work on the property
can be undertaken as soon as
climatic conditions permit. The
work will consist of driving a
crosscut tunnel to tap a vein
about six feet in width from
which assays up to 119 ounces
of silver and about $9 in gold
have been obtained, according
to Mr. Bigham. The same lead
will also be cut at another
point where assays as high as
1045 ounces of silver and a
half-ounce of gold were ob
tained.
Surface work and open cut
work on other showings is also
contemplated.
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Wants 64 V2 Cent
Silver For Canada
Resolutions asking the Do
minion government to purchase
new-mined Canadian silver for
not less than 641/2 cents per
ounce were adopted this week
by the Board of Trade of Co
balt, Ontario, according to
news reports.
A resolution favoring the re
monetization of silver has also
been introduced in the House
of Commons by Thomas Reid,
M. P., of New Westminster.
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W. L. Martin Named Dep.
Marshal at Ketchikan
United States Marshal Wil
liam T. Mahoney has selected
for his first deputy marshal ap
pointment W. L. Martin, a 20
year resident of Southeastern
Alaska. Mr. Martin will be
stationed at Ketchikan, suc
ceeding W. H. Caswell.
Would Organize
Free Mining Classes
The British Columbia Depart
ment of Mines is seeking to or
ganize in Stewart in collobor
ation with the Department of
Education a free night school
o'f classes for men interested in
prospecting and will do so if
a suitable person can be found
to act as instructor, according
to an announcement by John
Kyle, director of technical edu
cation.
The position of instructor
was tendered to Mr. William
Younkin, of Stewart, some days
ago, but as he is unable to ac
cept at present, another qual
ified local person will doubt
less be acceptable to the de
partment.
Technically trained instruct
or are desired but none are
available. A man who is well
and favorably known as a cap
able and proficient prospector
will be acceptable.
The night classes would ex
tend over a period of ten weeks
and would be based on lecture
material supplied by the de
partments of education and
mines and would cover such
subjects as elementary chem
istry as applied to formation
of rocks and minerals; geo
logical history of the earth
and its relation to mineral de
posits; field classifications and
methods of distinguishing be
tween sedimentary, igneous
and metamorphic rocks; ele
mental geology, and kindred
subjects, including methods of
prospecting and identification
of minerals. The instructor
will receive $4 per lesson of
two hours and necessary ex
penses for light, heating, etc.,
up to $4 per lecture wll be met
by the departments. The lect
ures will be entirely free to
prospectors and the public.
Anyone desirous of learning
further details may do so by
consulting Mrs. Wrn. Younkin
in Stewart.
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May Mill Salmon Gold Ore?
Reports from Stewart refer
ring to the pending acquisition
of the Salmon Gold property
by the Consolidated Mining &
Smelting Company say it is un
derstood that the Consolidated
engineers are considering the
possibility of transporting ore
from the Salmon Gold to the
Big Missouri mill for reduction.
The distance involved in the
contemplated transportation
approximates 8 mile*'.
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Another whist .social of the
Friendship Club-Pioneers series
will be held in Pioneer Hall
this evening.
INTERESTING NOTES
FROM WASHINGTON
‘ From the Congressional
Record
Res oluticn Would Limit Incomes
Senator Long has introduced
a resolution instructing the
Senate Finance Committee that
it reform all revenue bills com
ng before it during the present
ession so that no person shall
have an annual income in ex
cess of $1,000,000; so that no
person during his or her life
time shall receive gifts, inheri
tance-:, or other bequests more
than $5,000,000 and so that all
estates shall be limited so as
not to exceed $50,000,000 to
the person, all surplus above
such allowances to become pay
able to the government, in cash
or in kind.
Would Tax Government Bonds
Senator A hurst has submit
ted a resolution providing that
all income and interest from
all bonds or other certificates
of indebtedness hereafter is
sued by the Federal Govern
ment shall be taxable by the
United States. He also propos
es an amendment to the Con
stitution permitting not only
the United States, but also the
several States to lay and collect
taxes on all income derived
from securities.
The effect of such an amend
ment would be to abolish a sys
tem which permits a certain
class of property owners, by
investing their wealth in tax
free securities, to partake of
the comforts and benefits of
government without bearing
any share of the expense bur
den cf government.
Contending that all private
property should pay its just
proportion of maintaining the
government, Senator Ashurst
states tha't the issue of tax-free
securities permits a large pro
portion of property to escape
taxation, causing great loss of
revenue; that, it violates the
principal of “ability to pay”
and unfairly discriminates
against the tax payer; that it
discourages investments in new
enterprizes; that it encourages
extravagances of government
al agencies; that it grants pri
vate subsidies and special priv
ileges; that bv withdrawing
money from private enterpris
es it increases the rate of inter
est required for all enterprises
not carried on by government
and thereby adds to the cost
of living; that it creates social
i unrest.
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M. M. O’Brien, mines manag
er for the Consolidated Mining
& Smelting Company, arrived
Thursday on o,ne of his period
! ical visits to the Big Missouri.
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