European Stars and Stripes (Newspaper) - March 19, 1968, Darmstadt, Hesse                              Tuesday mrchj9 1968 the stars and stripes Page 3 insane bid halted Sale legislators approve of 2-Price Gold new York a prices Tori for Kold pieces were so Ane hat8 we sloped selling3 coins a rare Coin dealer said  stack a partner in one of the oldest and  firms said the Sale of coins was halted by his and others thursday and Friday because we Felt we had no right to encourage Gold  said $20 Gold pieces containing one ounce of Gold thai recently were Selling for $50 last week had buyers who were willing to pay As much As $82 one dealer said he was offered $98.stack said we found speculators and Gold hoarders coming out of the Woodwork trying to buy Gold in any shape manner or form. People began to come in to buy coins who had obviously just been to their savings Banks to draw out whatever they  was sceptical about the chances of Gold hoarders Mak ing a fast profit on their speculation. He said the average Man coming in with his savings and buying Gold coins at $82probably will not get it  the United states Stoppe minting Gold coins in 1933. Holders of Gold coins were supposed to turn them in but in 1934 the Law was amended to exclude collectors. In 1954 the Law was changed again to recognize that All Gold coins Are consid ered to be rare and could be collected in any Quantity. Washington a the International Bankers move to last the heavy speculative buy no of Gold received a generally adorable initial reaction fro both sides of the political Fence on Capitol Hill sunday. Republican and democratic members of the Senate banking and currency committee welcomed the statement by chair Man William Mcchesney Martin or. Of the Federal Reserve Board of a two Price system for Gold though they gave some what different reasons. Sen. John j. Sparkman d-ala., chairman of the commit tee said the move should be sufficient to Check the Rush on Gold and added he feels the net effect will be to stabilize the Gold situation and strengthen both the Dollar and the  sen. John g. Tower of Texas the second ranking Republican on the committee was More cautiously optimistic. I think it is a constructive step Tower declared but it remains to be seen whether twill solve the  Tower said it is apparent Weare going to have to put our Fis Cal House in order to arrest the deterioration of Confidence in buyers making a mint . Battling a run on Silver too Washington a Atwo Price system involving a precious Metal is nothing new tothe United states. Silver has had a similar status since Las Spring. The two Price system for Sil ver is scheduled to end however on june 24the deadline for turning in Silver certificates to the Treasury department for Silver at the rate of $1.29 an  actual Price of Silver in the open Market however swell above $2 and has led to a flurry of activity by those seek ing Silver certificates. Silver certificates Are paper Money issued Between 1929 and the Early 1960s. The Only paper Money now being placed in circulation is the Federal Reserve note. Some dealers have offered Smuch As $1.80 for a $1 Silver certificate. And even at that Price they can make Money unless the Market Price of Silver plunges. A dealer accumulating Silver certificates can turn them in at the Treasury s new York or Sanfrancisco assay offices and get .77 ounces of Silver for each $1silver certificate. A 1,000-ounce bar Purchase from the Treasury for just under $1,300 could be sold on the open Market for Well Over $2,000.until last Spring the Treasury department held the Price of Silver at $1.29 an ounce to pre serve the coinage system. It dido by Selling Silver from its stockpile at that  Silver in a Silver Dollar is Worth $1 when the Silver Price is$1.29 an ounce. Foreign speculators Antici Pating some Type of change be Gan a run on the . Silver stocks in May and on May 18 the Treasury department barred All foreign sales of its Silver and banned melting of Sil ver coins. On july 14, the department abandoned t h e $1.29-an-ounce Price and said it had sufficient new coins made from Copper and Nickel to Supply the need even if All the old Silver coins were Squirrel led away by Hoard ers. It also adopted a policy of Selling two million ounces of Sil ver weekly at the going Market Price to Domestic users such As photography , however was the policy of redeeming Silver certificates at the $1.29-an-ounce  june 24, Silver certificates can still be used As cur Rency but the Treasury will no longer give the Holder Silver on demand. This will make the Treasury Sentire Silver Stock available to feed the Domestic Industry atthe going Market Price. New plan buying time expert says it s in ship i answer you he what s the big news you la find it daily in stripes and the Best bet not to miss the big stories is to sub scribe. That Way you get a guaranteed paper a Day the convenient Wayl circulation office phone numbers new York a the two Price Gold system voted sunday by the seven nation Gold Pool buys the United states time to Correct its balance of pay ments deficit but in t a Perma nent solution Bankers say. We had to do something be cause of the situation we were in last week said William , vice president of Chase Manhattan Bank. But you re wrong think this is the said. Muddle through Leif Olsen senior vice presi Dent of first National City Bank of new York called the decision part of a muddle through policy the idea is that you Don t do anything until it s forced on  s about the Only step that could be taken not that it s the Best Olsen . Charles e. Walker executive vice president of the Ameri can Bankers association said the two Price system will work Long enough for us to take the necessary Steps to get our affairs in order if Only we have the will to do , the two Price system would mean a higher Price for Gold on the private Market economists  we act in a Way that re stores and supports Confidence abroad i see no reason Why it cannot work Butler said. Walker said the two Price sys tem does t break any promises. We be never done More than pledge to maintain the $35 an ounce Price other than for monetary purposes he said. Whether it works depends on whether we follow up with a tax increase a spending Cut and clearly credible balance of pay ments policy he  american Bankers association he said will urge it member Banks to get behind a tax increase and spending  Compromise Likely to Seal tax increase Washington up  j. Williams r-del., said sunday the Johnson administration has thrown its support behind a Republican plan to Cut Federal spending by $8 billion in an attempt to get its tax increase through Congress. Predicting the Senate could approve the tax increase this the Dollar and he said he sup ports a tax increase to Aid in this provided it is coupled wit what he termed a disciplined Cut in  rep. Henry s. Reuss r-wis.,a member of the joint economic committee and chairman of the House International finance subcommittee said the key tothe Success of the move is to obtain pledges from Banks i countries other than the seven now committed to maintain the$35-an-ounce Price for Gold. Reuss said the action is the first meaningful thing done to restore Confidence in the  but he emphasized it is important that . Ambassadors around the world get adherence from other Banks. To Gold speculators Reuss declared my advice. Is that crime does t pay. You had bet Ter get rid of what Gold you . Wright Patman d-tex., chairman of the House banking and currency committee also cautioned Gold  May find he said that the speculative Price of Goldman soon be less than $35." he said the action by the seven nations making up the Lon Don Gold Pool should take car of any logical reasonable Situa  added however that it is a fake Issue in that the Gold situation does not affect Ameri cans  sen. Bourke b. Hicken Looper a Iowa of the Senate banking and currency commit tee remarked this May be the Best Solu Tion of a very tragic situation brought on by the extravagance of our country. This is so to speak the chickens coming Home to  said the move should Mark a cessation of free convertibility of dollars abroad into Gold and i can Only Hope it will have some effect on stabilizing the monetary  lbs Kennedy deadlocked in . Poll Princeton . Up president Johnson arid sen. Rob Ert f. Kennedy ran a dead heating a Gallup poll conducted be fore last tuesday s new Hamp Shire primary. The poll released sunday gave each 41 per cent. Eighteen per cent were undecided. The sampling included persons of All political  were asked suppose the Choice for president in the democratic convention Narrows Down to sen. Robert Kennedy of new York and president John Germany Erllin Civ v in . Civ 45341, Mil 765 London Civ hmm a i text i subscribe now government mowing Only we ves pending got to hold clown., raise taxes and get our balance of payments in or Der he  is no permanent Solu Tion to our problems but i should buy us some time and what happens then will depend on How Well we use that time Butler said. Alfred Brittain Iii president of Bankers Trust co. In Newyork said this does t solve the Basic problem of the bal Ance of payments deficit but it gives us time to make the Basic necessary  week the ranking gop member of the Senate finance commit tee said that the administration would support his plan to attach a combination spending Cut tax hike plan to a pending tax  think Wilbur Mills will go along with  said Williams. Ina Kansas Mills chairman of the House ways and mean committee where the legislation must originate said Friday that something had to be done because of the economic Situa  he maintained his position that any tax increase would still have to be accompanied by government so ending  insistence on spending cuts comparable to the $9billion a year that the 10 per cent tax increase would bring incas delayed passage of the president s proposal since a Mist. Johnson democrats son. Which one would you prefer to have the convention select when the same question was asked in january the president received 52 per cent and Ken Nedy 40 per  the latest sampling was made Kennedy has announced his  new poll slight Lead Ainoi and independents. Among democrats he received 4i per cent 10kennedy s 44 per cent with 11 per cent undecided. Independent voters favored Johnson by 39 percent while Kennedy received 33 per vein with -3 per cent undecided. The poll slumped Johnson led Kennedy in the fast and far West Kennedy was far ahead m the Midwest. Both men gadabout equal support in the South where Many voters were undecided