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August 16, 1974 - Image 10

Resource type:
Michigan Daily, 1974-08-16

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Page Ten


Friday, August 16, 1974

Ford signs bill to allow private Nixon subpoenaed to

citizens to own gold

permitting private citizens to
own gold next year for the first
time in 42 years was signed by
President Ford Wednesday.
The legislation says Ameri-
cans may hold, sell or purchase
gold as of Dec. 31 of this year,
although the President could
allow it sooner, if he wishes.
LIFTING of the gold ban was
an amendment to a bill pro-
viding for a U S contribution
votes found
- a de iive margin Over eather.
P'ierce campaign aides said yes-
terday that they expect a large
portion of the uncounted ballots
to go for their candidate.
"Although there is n1 way of
knowing until the votes are of-
ficially counted. we hope and
feet a goodly iumber of them
wilt he oars. Pierce campaign
co-ordinator IRobert lDwver said.
C'RRENTIY Pierce a n d
Reutlher are running a joint
camspaign against incumbent
Congressmn Marvin Esch (IR-
Ann Arbor) pending the out-
come of the official vote cer-
tification and a recount.
Once a winner is designated,
he alone will continue in the
battle as the party's nominee.

of $1.5 billion to the Interna-
tional Development Association,
which makes low-interest loans
to the world's poorest nations.
The administration opposed
lifting the gold ban, but wanted
the lDA contribution so much it
decided against a veto.
However, Treasury Secretary
William Simon said last month
while Richard Nixon was still
president that the administra-
tion might ask Congress later
for a special extension of the
ban if it seemed private gold
sales would cause economic
AITIIOUGII Americans have
been able to own gold coins
and gold jewelry, they have
been prohibited fromsawning it
in bulion form since 1933.
Commercial gold dealers like
Itandy and Itarman of New
York said earlier this year that
they would market gold igots in
sizes ranging from half an
ounce up after gold purchases
were approved. The igots would
vary in price according to the
price of an ounce of gold and
would be sold at retail outlets
and through ithe mail.
Major commodity exchanges
also prepared contracts for gold
future and initial indications
were that they would offer the
contracts -- promising delivery
at a later date - in amounts of
100 ounces.
C O IN DEALERS expanded
their operations in advance of
Ford's action and one large
dealer, Perera Fifth Ave., Inc.,
initiated a 24-hour "Gold Line"

next year
to give c a lI e r s informations
about the price of the precious
Minutes after the signing by
President Ford was announced,
Samuel Weiss & Co., a member
of the New York Stock Ex-
change, reported that it had
begun taking orders for gold
from the public and other NYSE
member firms. The first mem-
ber firm to be atuhorized by
the exchange as a bullion
agent, Weiss has completed ar-
rangements with a minerals
concern to sell investors gold
bars in sizes ranging from 1
troy ounce to 50 ounces. A troy
ounce is 2.8 grams heavier than
a standard ounce.
A SPOKESMAN at Weiss said
the firm's bullion prices would
be tied to the rapidly fluctuat-
ing gold prices quoted in world
markets and would include the
firm's own commission of six
or seven per cent.
President Franklin Roosevelt
imposed the gold ban in a ma-
neuver to drive up prices of
goods during the depression.
The idea behind the tactic
was that as Americans sold
their gold to the government,
which was required, they would
then spend the money they re-
ceived on other goods, and that
would drive up prices.
THE OPPOSITE situation ex-
ists now. With high inflation,
some Americans may wish to
put their money in gold hoping
its value will be more stable
than money.
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testify at aide's trial

(Continued from Page1) -
THE GRAND jury which in-
dicted the other defendants is
still sitting.
The subpoena was to be de-
livered to the seaside Nixon
residence in San Clemente by a
U S. marshal, probably today.
It said in part, "You are here-
by commanded to appear in the
United States District Court .. .
to testify . . . and to remain
until called in for trial."
NIXON IS free to challenge
the subpoena in court. There
was no immediate reaction from
the former president.
While Nixon was still in the
White House, repeated attempts
were nade to subpoena presi-
dential notes, records and tapes.
At the request of defendants
in a Clifornia state Watergate-
related case, a judge issued a
subpoena for Nixon to testify.
The court case was dropped,
NIXON ALSO provided writ-
ten answers to written questions
in the Ellsberg break-in case,
in which Ehrlichman and three
others were convicted.
An attorney familiar with the
cover-up case said of private
citizen Nixon yesterday, "He"s
just like anybody else now."
Nixon's, testimony would be his
first under oath on the Water-
gate scandals.
Besides Ehrlichman, those to
be tried in the cover-up case
are former White House chief
of staff H. R. "Bob" Haldeman,
former Atty. Gen. John Mit-
chell, former Nixon re-election
committee attorney, Kenneth
Parkinson, former Asst. Atty.
R o b e r t Mardian and former
White House aide Gordon Stra-
EHRLICHMAN, 49, is charged
with conspiring to obstruct jus-
tice and three counts of lying
to Watergate investigators.
There was no sign that any
of the other defendants are an-
xious to have Nixon in court
as a witness.
In the last batch of White
House taped conversations re-
leased before Nixon resigned,
Haldeman discussed plans to use
the Central Intelligence Agency
to cut off an FBI investigation
of the June 17, 1972, break-in.
HALDEMAN also told Nixon
he believes Mitchell knew of
the break-in in advance.
James St. Clair, who defended

Nixon in court and during the
House Judiciary Committee im-
peachment hearings, has re-
signed as Nixon's lawyer and
returned to his law partnership
in Boston.
A California lawyer, Dean
Butler, has been handling some
personal affairs for Nixon, but
there has been no indication
that he or any other lawyer has
been asked to defend the former
president in Watergate - related
matters. Butler could not be
reached yesterday.
econ plulan
W \SIINGTON ' - Acting
with unusual speed, both Senate
and House moved closer yes-
terday toward creating the Cost
of Living Task Force which
Presidennt Ford requested to
help fight inflation.
By voice vote, the Senate
Banking Committee approved
a bill creating the inflation-
monitoring agency in much the
same form requested by Ford,
despite some expressions of
THE HOUSE Banking Com-
mittee earlier in the day voted
27 to 8 for virtually the same
Both House and Senate are
to take up the bill Monday and
it should go to Ford early next
week for his signature.
The proposal also picked up
valuable support from organized
labor and big business.
THE SENATE committee's
approval came after the panel
by a 10-S vote, rejected a sub-
stitute offered by Sen. Adlai
Stevenson (D-Ill.), who said the
a g e n c y envisioned by Ford
would have absolutely no auth-
ority to fight inflation.
Stevenson's amendment would
have allowed the agency, to be
known as the Council on Wage
and Price Stability, to defer
overly generous wage or price
increases for up to 90 days, giv-
ing the President time to "jaw-
bone" for moderation.


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(Continued from Page 3)
the Watergate break-in he ap-
proved a plan to steer the FBI
away from investigating his re-
election campaign money's fi-
nancing of it.
UNTIL THEN, the Republi-
can' draft report contends, the
comittee's evidence for its
Watergate cover-up impeach-
ment articles was "comprised
of layer upon layer of hearsay,"
It says 90 per cent of the
committee evidence against
Nixon would be inadmissible in
any court.
The Republicans' report also
says committee evidence estab-
lishes that the $75,000 alleged
hush money payment to E. Ho-
ward Hunt was not ordered by
Nixon but was already in the
process of being paid March 21,
1973, by the time Nixon made
comments that could be inter-
preted as approving of it.
IT ALSO SAYS that whatever
ambiguous comments N i x o n
made - on clemency for Water-
gate defendants, there is no firm
evidence "that the President
ever offered or authorized the
offer of clemency to any person
in exchange for his silence or
false testimony." i
On the abuse of power im-
peachment article, the Repub-

licans' report says they con-
demn Nixon's varying knowl-
edge and involvement in such
abuses by aides as misuse of
the Internal Revenue Service
and actions against Daniel Ells-
berg. But it says they find no
impeachable offense by Nixon
The draft report says sanc-
tions are needed "to deter such
reprehensible official conduct in
the future."
no evidence directly implicating
Nixon in illegal acts, It contends
there is an open question, for
example, whether Nixon order-
ed or condoned efforts by aides
including former White House
counsel John Dean to have the
IRS audit political enemies.
opposing the third impeach-
ment article for Nixon's de-
fiance of committee subpoenas,
the draft report says this would
"introduce an element of brit-
tleness" in the Constitution's
checks and balances between
the President and Congress.
"Furthermore," it says,
"there may appear to be an
element of unfairness or even
circularity in removing a Presi-
dennt from office for failure to
cooperate in his own impeach-


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