Silver ism

Silverism

Tasker Lowndes Oddie, Senator from Nevada, is Chairman of the special Senate Committee on Gold and Silver inquiry. Inasmuch as Nevada is among the chief silver-producing states of the Union, he, like his Democratic colleague Senator Key Pittman, is highly in favor of aiding the silver industry. Bui Senator Oddie is a Republican and not so progressive or " radical" as Mr. Pittman. He will open a non-ferrous metal conference at Reno on Sept. 4.

Mr. Oddie was originally an Easterner, born in Brooklyn, brought up in New Jersey. Later he had three years' experience as a cowboy in Nebraska. But he did not get to Nevada on his cayuse. He went there via a New York law school, and was sent out as attorney for the mining railroad and other interests of the Stokes and Phelps estates. There he became partner of " the famous Jim Butler," who discovered the Tonopah gold and silver field, and later had a hand in founding the Goldfield mines. So he is not a newcomer to the silver industry.

The conference of the Gold and Silver Committee called by Senator Oddie is to consider means of stimulating production, which has fallen off since the Treasury ceased its purchases at the artificial price of one dollar an ounce. The depression in the silver industry is world-wide however. Since the War production has never come within 10% of its pre-war quantity. Senator Oddie points out that since silver is largely a by-product of copper, lead and other mines, the depression of silver prices is likely to increase the prices of most non-ferrous metals.

The Committee, meeting at Reno, will hear the non-ferrous metal pro- ducers and try to arrive at a program to present to the next Congress. Senator Oddie is talking of the formation of a silver export association to control the marketing of silver. While silver producers are not opposed, there is considerable opinion that such an association might come in conflict with the Sherman anti-trust law.

Meanwhile Senator Pittman, author of the Pittman Act, which compels the Treasury in buying silver to replace silver dollars to pay one dollar an ounce for the metal, is still exercised and protesting because the Treasury refuses to buy silver (TiME, June 18). The market price has been hovering at 60 and some odd cents an ounce. Under Secretary Gilbert objects to extravagance. There is talk of an alliance between the farmer and silver groups in the next Congress with a log-rolling slogan: "$1.00 silver, $1.75 wheat."