LEL 92D 42 45A55 CONTENTS Brownell, Francis H., executive officer and chairman of the board of directors of the American Smelting & Refining Co... McCarran, Hon. Pat, senior Senator from Nevada_ Spahr, Walter E., secretary, Economists' National Committee on Monetary Policy and professor of economics, New York University White, Hon. Compton I., a Representative from Idaho__ 112 EXHIBITS Statement by Walter E. Spahr on "Why the silver certificate provision of the Green bill (S. 2768) should be amended". Suggested amendments to the Green bill submitted by Walter E. Spahr__ Statements from the Congressional Record submitted by Representative Letter from the Saturday Evening Post addressed to Senator Robert F. Wagner enclosing a copy of an editorial and an article by Dr. Spahr_ TO AUTHORIZE THE USE FOR WAR PURPOSES OF SILVER HELD OR OWNED BY THE UNITED STATES TUESDAY, DECEMBER 1, 1942 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D. C. The committee met at 10:30 a. m., pursuant to call, in room 301, Senate Office Building, Senator Robert F. Wagner, chairman, presiding. Present: Senators Wagner (chairman), Barkley, Bankhead, Maloney, Murdock, Spencer, Danaher, and Nelson. Present also: Senator McCarran and Representative Compton I. White. The CHAIRMAN. The committee will come to order. We have before us for consideration S. 2768, as amended by the subcommittee, introduced by Senator Green, to authorize the use for war purposes of silver held or owned by the United States. The amended bill will be made a part of the record. (The bill S. 2768, as amended, is as follows:) [S. 2768, 77th Cong., 2d Sess.] [Omit the part in black brackets and insert the part printed in italic] A BILL To authorize the use for war purposes of silver held or owned by the United States Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That notwithstanding any other provision of law, the President is authorized, through the Secretary of the Treasury, upon the recommendation of the Chairman of the War Production Board, to sell, lease, or otherwise dispose of, upon such terms as the Secretary of the Treasury shall deem expedient, to any person, partnership, association, or corporation, or any department of the Government, or to the government of any country whose defense the President deems vital to the defense of the United States, for use [in connection] not inconsistent with the war effort, including but not limited to the making of munitions of war and the supplying of civilian needs contributing to the war effort, and the converting of existing plants to those purposes, any silver held of owned by the United States: Provided, [That no silver shall be sold under this Act at less than its cost to the United States or at less than the then current market price for silver, whichever is the higher] That the average price for all silver sold under this Act shall not be less than fifty cents per fine troy ounce: Provided further, That at all times the ownership and the possession or control of an amount of silver of a monetary value equal to the face amount of all outstanding silver certificates heretofore or hereafter issued by the Secretary of the Treasury shall be maintained by the Treasury. SEC. 2. Authority to sell silver under this Act shall expire on [January 1] December 31, 1944. The CHAIRMAN. I might say that this is a postponed hearing and that the meeting today is for the puspose of giving Senator McCarran an opportunity to be heard, inasmuch as he is very much interested in this legislation. 67 |