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BRITAIN AGAINST SILVER IV Presented February 2008 by Charles Savoie BRITAIN AGAINST SILVER IV Presented February 2008 by Charles Savoie “NO REFERENCE HAS BEEN MADE TO SILVER, AND IF GREAT BRITAIN CALLS THE CONFERENCE I DO NOT THINK THERE WILL BE ANY.”---Idaho Silver Senator William Borah, New York Times, June 30, 1932, page 31 “IT’S PRETTY APPARENT THAT GREAT BRITAIN WILL NOT PERMIT A DISCUSSION OF SILVER.”---New York Senator Royal Copeland, NYT, June 30, 1932, page 31 “LONDON BANKERS CONSIDER PRESENT PRICE AS HIGH ENOUGH. BANKERS HERE ARE STILL UNFAVORABLE TO REMONETIZATION.”---NYT, January 4, 1932, page 30 “SILVER IS DENIED ALL RANK OR RECOGNITION.”---NYT, May 9, 1932, page 32. City of London, world financial district is situated almost exactly in the middle of metro London--- “WHAT IS THE EXPLANATION OF THE CHANCELLOR OF THE EXCHEQUER’S RECENT REFUSAL TO CONVENE A SILVER CONFERENCE OF THE POWERS PRINCIPALLY CONCERNED?”--- The Times, London, January 15, 1932, page 8 “THE ABANDONMENT OF THE MINTAGE OF SILVER HAS PROVED EXTREMELY DISASTROUS.”---Alexandre Ribot, 4 time Prime Minister of France, NYT, January 17, 1932, section II, page 2 “GOLD AND SILVER ORNAMENTS WERE BEING EAGERLY COLLECTED BY TERRIFIED PEOPLE IN ALL NATIONS OF THE WORLD, AND ENGLISH SOVEREIGNS WERE BEING BOUGHT AT HIGH PRICES BY FRENCHMEN. THIS HOARDING SEEMED TO BE JUSTIFIED BY THE EXPERIENCE OF INVESTORS AT HOME AND ABROAD WHO HAD SEEN PAPER CURRENCIES AND TRUSTEE SECURITIES ON THE CONTINENT DWINDLE TO NOTHING UNDER THE INFLUENCE OF INCONVERTIBLE PAPER MONEY.”---The Times, London, February 19, 1932, page 14 “SILVER IS THE MONEY OF ALL ASIA. SILVER IS THE MONEY OF A BILLION HUMAN BEINGS, AND IT OUGHT NOT TO BE TREATED WITH AS LITTLE REGARD AS IF IT WERE A SACK OF POTATOES. SILVER HAS ALWAYS BEEN THE COMRADE AND ALLY OF GOLD. SURELY WE WOULD DO WELL TO CONSIDER MORE CAREFULLY THE PART IT HAS TO PLAY IN OUR WORLD HOUSEKEEPING.”---NYT, May 9, 1932, page 32 “THE DECLINE IN SILVER PRICES HAS CAUSED LOSSES ESTIMATED AS HIGH AS $3,000,000,000 TO INDIAN SILVER HOLDERS.”---Current History, May 1932, page 176 “PRICE DECLINES IN SILVER LONG PRECEDED THE GENERAL WORLD DEPRESSION.”---Current History, May 1932, page 177 “THE RESULTS OF THE SITUATION BROUGHT ABOUT BY THE DESTRUCTION OF SILVER ARE VERY ACUTE AND ARE RAPIDLY GROWING WORSE.”---House Subcommittee on Coinage, NYT, May 15, 1932, page 26 “THE WORLD MONEY SYSTEM, WHICH HAD BEEN FUNCTIONING FROM TIME IMMEMORIAL ON THE TWO CYLINDERS OF GOLD AND SILVER, IS NOW BEING ASKED TO FUNCTION ON ONE CYLINDER ONLY.”---New York Congressman Andrew Somers, NYT, front page, May 15, 1932 “I HAVE NOT FELT THAT THE CALLING OF A CONFERENCE (ON SILVER) BY THE UNITED STATES WOULD SERVE ANY USEFUL PURPOSE.”---Secretary of State Henry Stimson, Pilgrims Society and Skull & Bones member, associate of Winthrop family of Pilgrims Society members related to the Rockefellers, quoted in the New York Times, June 4, 1932, page 5--- “THE EVIL INFLUENCE OF SILVER DEPRECIATION HAS BEEN FELT BY ALL THE COUNTRIES IN THE WORLD.”---Yue Kwei-Zun, director, Tung Yih Bank, Shanghai, China Weekly Review, June 11, 1932, page 49 “IT SEEMS HOPELESS TO GET THE PRESIDENT TO TAKE THE INITIATIVE,” he said bitterly. “THERE IS NO USE TO DECEIVE OURSELVES. WE ALL KNOW THE TREASURY IS AGAINST IT.”--- Nevada Silver Senator Pittman, referring to an international silver conference, NYT, June 19, 1932, page 4 “THERE WILL BE NO GREAT RELIEF FROM THIS FRIGHTFUL DEPRESSION UNTIL SOMETHING HAS BEEN DONE TO RESTORE THE PURCHASING POWER OF SILVER. THE WORLD DEPRESSION WAS BROUGHT ON BY THE DUMPING OF INDIA’S SILVER. SILVER, THE ONLY REAL MONEY THAT HAS CIRCULATED FOR MANY THOUSANDS OF YEARS, MUST BE REHABILITATED OR THIS DEPRESSION MAY, LIKE THE DARK AGES, LAST A HUNDRED YEARS. OUR GREAT FIELD OF NEW CUSTOMERS WERE DEALT A FRIGHTFUL BLOW WHEN ENGLAND BEGAN DUMPING INDIA’S SILVER SOME FOUR YEARS AGO.”---Letter in NYT, June 26, 1932, section II page 2 “THEORETICAL ECONOMISTS DECLINE TO RECOGNIZE THE EFFECT OF THE DEMONETIZATION OF SILVER.”---NYT, June 27, 1932, page 25 “THE MINING STATES OF THE WEST APPEARED TO STAND AS A UNIT FOR A STRONG SILVER PLANK. IDAHO AND UTAH WERE DISPOSED TO SEEK IMMEDIATE ACTION BY THE UNITED STATES FOR REHABILITATION OF SILVER AS A BASIC MONEY.”---NYT---June 27, 1932, page 13 “THE IDEA OF A CURRENCY BASED ON A COMMODITY OF INTRINSIC VALUE IS REALLY A SURVIVAL OF A BYGONE AGE. BARLEY, CATTLE, WIVES, COWRIE SHELLS, SILVER AND GOLD HAVE ALL PLAYED USEFUL PARTS IN MONETARY HISTORY, BUT IN COUNTRIES WHERE MODERN BANKING METHODS HAVE BEEN DEVELOPED THEY ARE OUT OF DATE AS CURRENCY STANDARDS TODAY.”---The Times, London, June 29, 1932, page 13, letter from William Cecil Dampier, member executive committee, The Silver Association (front organization attempting to mislead the world on silver at that time.) What a ride so far! This month we will continue this series and cover the first half of 1932. If you haven’t read the preceding articles starting last August, stop now and do so! The Times, London, January 1, 1932, page 19, “Gold In 1931” subtitled, “India’s Hoard Tapped”--- “After summarizing the important gold movements up to September and referring to the events leading to the suspension of the gold standard in that month, Mocatta and Goldsmid state that the immediate result of these events was A COMPLETE LOSS OF CONFIDENCE ON THE CONTINENT AND A DISTINCT FLIGHT FROM THE DOLLAR AS WELL AS FROM STERLING. ENORMOUS SHIPMENTS OF GOLD WERE MADE FROM NEW YORK TO BELGIUM, HOLLAND, AND FRANCE. Very large amounts were earmarked. So heavy was the drain that special steps had to be taken to protect the dollar-franc exchange while the crisis lasted.” (With England repudiating gold at that time, no wonder Europeans preferred to hold gold rather than so-called sterling, which wasn’t even silver anymore. As for dollars, they must have realized how much our government marches in lockstep with England---The Pilgrims Society guarantees that--- so why should they trust dollars either?) “The next most interesting feature was the beginning of gold shipments from India, as owing to the linking of the rupee to sterling instead of gold, the metal now commanded a premium in terms of sterling corresponding to the depreciation of that currency.” (This really drives home how Machiavellian the British financial establishment is. They announced in 1926 that they wanted to place India on a gold standard---while relegating silver really to mere base metal status. Then Britain repudiated gold in September 1931, and in addition, started withdrawing gold from British India! This was even after the British said the paper rupees they were issuing would have gold bullion convertibility--- that is, provided you were an Indian with rupees equal to $8,064 in U.S. dollar equivalent! That was certain proof the British had no intention of anything approaching full convertibility! So next they started draining gold from India!) The NYT, January 3, 1932, section II, page 11, “Silver Price Fixing Viewed As Useless” subtitled “Handy & Harman See No Help to Trade if Figure is Pegged Artificially”--- “Since the current low level of the price of silver is not a major factor in the world depression, attempts at increases through artificial measures would be of no assistance to trade, Handy & Harman, silver dealers, report in their annual review of the silver market.” (They opened with a false assertion then proceeded to wrongly reason from that starting point. Why increase silver prices, if you’re a silver user?) “They assert that the low quotations have impaired the purchasing power of silver producing countries only to a limited extent, and that of the silver consuming countries scarcely at all. Recognition of these facts, they say, is the cause of the indifference of governments toward proposals for artificially increasing the price of the metal.” (Handy & Harman took great license in putting words in others mouths. Then they called their falsities facts. Governments didn’t want to see silver prices increased because they wanted it destroyed as money.) “We are opposed,” the report reads in part, “to the principle of price fixing, because agreement upon a particular price is difficult, the correctness of any accepted figure is subject to human error and the effect of such action is to restrict the normal functioning of economic laws.” (Gee whiz---the “normal functioning of economic laws” was already tampered with by means of a downside price fixing of silver, caused by the British led attack against it! The so-called price fixing proposals were on the part of those who wished to restore silver to the more nearly normal levels it had before the British attack started!) “Although a situation may be temporarily relieved or improved by artificial means, it is only when basic economic conditions become better that a permanent cure can come about. “Notwithstanding our lack of sympathy with any effort to stabilize the price of silver, we do, however, see reasons why an improvement in prices should occur as the result of economic forces.” (Did you catch the double entendre there? They had no qualms as to speaking out of both sides of their mouth.) “A summary of these factors follows---Current production shows a substantial curtailment. Sales from demonetization have also declined, and since this source of supply is derived from a fixed amount of coinage each successive offering reduces the amount available in the future.” (That’s just the point I’ve been making in the last several months on our 90% silver coins. The supply lessens every business day that many are smelted for bullion.
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