The Archive · 1940

Amended Silver Bill Reintroduced

Tax Provision Deleted Limited Purchases

"Washington, May 31.

In an amended form, Senator John Townsend today reintroduced into the Senate his well known Silver Bill.

He has deleted the tax provision, which was the basis for the return to the Senate of the original measure, when the House of Representatives protected its constitutional right to originate all tax legislation.

Recently, House leaders, by 45 to 36 votes, agreed to return to the Senate the bill which would terminate the authority for foreign silver purchases under the Silver Purchase Act of 1934 and the fifty percent tax on transfers of silver.

The measure would, however, not prevent limited purchase under the previous authority, or by means of the Stabilization Fünd.—Reuter.

Text read from the printed page and cleaned; old type leaves the occasional error.

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