Ina country which is running a Treasury deficit in terms of many billions, the savings from. revision of the Silver Act will be relatively small. The importance of the changes will lie rather along other lines, the most important of which is, perhaps, the partial abandonment of money magic as a panacea.
From a larger angle, however, the questioning that is now going on in Cos der d Er A lied to gold. If it is unsound for the United States Treasury to purchase silver at an artificially pegged price, why is it not equally unsound to buy gold in the same manner? If, as Mr. Ecoles suggested, the continuation of the silver programme would ultimately result in the United States owning all the world's non-industrial silver, may not our programme have the same result? Consequently, might it not be wise to review our whole monetary policy rather than to extend the h 's power to determine that Policy at his own discretion
Text read from the printed page and cleaned; old type leaves the occasional error.