Word: bullion
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Dates: during 1930-1939
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...your issue of Sept. 10 on p. 10 under the heading Money, referring to a shipment of gold bullion from San Francisco to Denver mint, appears the statement, "each mail truck carried one ton of the root of all evil...
...Francisco last week was the starting point of what was described as the greatest gold shipment of all time. Two billions in bullion, one-third of all the gold in the land, began to move 1,440 mi. to the U. S. Mint at Denver. And 1,796 mi. farther east, beneath a huge portrait of Benjamin Franklin in his big new Washington office, sat the bald-headed man who was morally, physically and financially responsible for the fabulous shipment. By law it was up to Postmaster General James Aloysius Farley to get the Government's gold from mint door...
Though Professor Rogers' job was not finished, Mr. Morgenthau was already primed to fix U. S. silver policy for a long time to come. He ordered the doors closed, forbade anyone to leave until he had finished talking. Then he announced that the Government was "nationalizing" all silver bullion in the U. S., would pay silver owners 50.01¢ an oz. While his hearers fretted at their forced detention, Mr. Morgenthau proceeded to explain...
Significance. Like the baffled newshawk in Mr. Morgenthau's office, businessmen demanded: "Is this inflation?" Economists promptly gave them an answer: "It is not inflation but it is inflationary." Nobody knew exactly how much silver bullion was in the U. S. last week, but it was estimated at around 200,000,000 oz. When the Government takes this over it will tend to boost the world price for silver just as the price of wheat would tend to rise if the Government locked up 200,000,000 bu. Moreover the citizens who last week owned...
Beside this yellow river a white one ran into the Treasury as the Government continued to buy silver bullion under the Silver Purchase Act. Total purchases since May were up to approximately 70,000,000 oz. "Silver traders on the New York Commodity Exchange were greatly perturbed last fortnight when President Roosevelt signed the bill, which places a 50% tax on all profits from speculation in silver bullion, exclusive of industrial hedging and hedging by banks against foreign exchange. By law the Treasury is not allowed to pay more than 50? per oz. for silver stocks held...