Word: caja
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Dates: during 1930-1930
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Shortly before the attempt on his life last week, President Irigoyen utterly nonplussed Argentine bankers and financiers generally by closing and locking Caja de Conversion (the Treasury exchange office where gold and silver may be had for Argentine paper money). Technically this order did not "suspend" gold payments, merely made them impossible. Ordinarily such a step would mean, at the very least, that Argentina was about to abandon the gold standard. Yet the gold coverage of Argentine currency issued by the Nacional Bank stood at 82% last week. Canny bankers discounted the President's amazing order as the latest greatest...