Word: bullion
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Dates: during 1930-1939
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China was not the only sufferer. Mexico had not felt deflation caused by the rising silver price, for she has a managed currency. But unfortunately her coins are silver. When silver touched 81? her coins were worth more as silver bullion than as money. Almost overnight they went out of circulation. Her smallest paper money was the five-peso note (worth about $1.52.) When coins went out of circulation Mexicans could not pay cash for anything worth less than $1.50. Business was at a virtual standstill. Hastily the Government closed every bank in Mexico, all silver coins were ordered turned...
...from U. S. owners of silver bullion...
...Tennessee Congressman, he got his business start as secretary to the Tennessee Bankers Association. Later when he was with First National Bank of St. Louis, he struck up a friendship with Percy Johnston, who was then a Kentucky bank examiner. And after Mr. Johnston was astride "Old Bullion," he persuaded the St. Louis banker to move to Manhattan. There in 15 years the potent Southern team of Johnston & Houston lifted Chemical from 136th to 14th place in the roster of U. S. banking resources. Says President Houston, a fair golfer: "You can't be a good golfer...
...days later Chemical got a new president-the tenth in its 112 years. First Vice President Frank K. Houston was upped one notch, and Mr. Johnston became chairman. But there was no doubt in anyone's mind that Percy Johnston was still Old Bullion's boss...
...gyrations in the foreign exchange market. The big Manhattan banks dared not buy foreign metal and thus hold the price of dollars at the gold-import point. Profit margins on gold imports spread to fabulous proportions but no bank would risk a 41% loss while the coin or bullion was crossing the seas...