Pittman v. Soong

Potent U. S. silvermen warmly seconded last week Canada's motion fortnight ago that a huge Occidental loan be made to hungry China, thus enabling her to buy and eat the Occident's surplus wheat (TIME, Jan. 12).

In Washington the Senate's subcommittee on trade with China prepared to release this week its recommendation for a silver loan to China. Chairman of the subcommittee is Senator Key Pittman of Nevada, famed "silver state." China is the only great power with currency on the "silver standard," and last week the Shanghai dollar (nominally worth 50 -c-) continued its decline to a new low-for-all-time of 22 -c-.

Said the "Morgan of China," Banker T. V. Soong, who is also Finance Minister, last week in Tientsin:

"There have been many reports that America was planning to extend a huge silver loan. It is a well-known fact that the silver interests of America, as a result of the tremendous slump in silver prices, find it almost impossible to dispose of their surplus stock, not to mention the problem of finding a market for further production. If China should accept such a loan China in effect would be paying for losses incurred by American silver interests."

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