Mcallen Daily Monitor

Silver Plan That Is Acceptable Is Outlined By FDR

WASHINGTON, May 8. (AP)—President Roosevelt outlined to Senate silver advocates today a two way program involving nationalization of silver and a 25 per cent silver basis for the monetary system.

There was reason to believe that an understanding on this two point program for rehabilitation of silver, at the discretion of the President, was nearing completion for legislative action.

The following White House statement was issued after the conference with the senate group:

"At a conference between a number of senators, the Secretary of the Treasury and the President, there was further discussion of two points relating the further use of silver as a metallic reserve for the United States.

"More specifically, the possibility of nationalizing silver in the same manner in which gold has already been nationalized through the purchase of existing free stocks at a limited price was explored.

"The meeting also explored the ultimate objective or national policy of having 25 per cent of the monetary value of the metallic reserves of the country in the form of silver.

The senate silverites generally conceded that if this program is worked out it would be satisfactory.