A statement issued by the Treasury declares that the embargo designed to aid countries where, owing to the high price of silver, the metallic value of such coins had become greater than their monetary value.
was stated that the Treasury may issue import licences in exceptional cases, among which are shipments authorized by a recognized foreign government, a foreign central bank, or the Bank of International Settlements.
The embargo applies only "to foreign silver coins and other forms of silver commonly used as money.
The United States Treasury to-day issued an order prohibiting the try of foreign sliver coins, except idea special licence.
'The order, personally announced by ihe Sesrtary of rearury Mr. Henry Morgenthau, ing approval President Roosevelt, prevents the un-Nicensed import "of any foreign silver coin or any other' conventional pieces or forms of silver commonly used in any. foreign country money."
An exception fs allowed under the terms of the order in the case of those coins having a monetary value equal "at the time of entry to 110 for more per cent. of the market value fof their silver content.
The action was taken by the Treasury, It was made clear, in a spieli fof ce-operation with foreign nations through prevention of the profitable sale of their coins to the United States under rising silver prices.
It is alleged that the new restrictions put the United States in a position of ce-operating more effectively with other signatories of the London Silver Agreement and other countries whose coin may be subject to dis Position for its bullion value.
Meanwhile Congressional pressure force the Treasury steadily to Increase the price of _newly-mined domestic silver will be resumed soon as the bonus issue Is out the way, Senator Elmer Thomas, Democrat, of Oklahoma, said to-day.
'Meanwhile, the Secrelary of Treasury, Mr. Henry Morgenthau, stated that he had received no foreign reactions to his recent radiocast speech, which is' regarded. in most. quarters jas a bid for invitations to Join in 3 teneral international. exchange stabil lization agreement. The Secretary of Treasury disclosed that study of Con: titiens abroad is continuing.
Text read from the printed page and cleaned; old type leaves the occasional error.