Word: dollars
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Dates: during 1930-1939
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...Continuation of the stabilization fund (created in 1934 out of a $2-billion paper "profit" from the devaluation of the dollar) which is used to protect the exchange value of the dollar from violent fluctuations during crises...
...Extension of the President's power to reset the gold content of the dollar as low as 50% of its old value (present value 59?). The Administration has not used this power, has no present plans for using it except in some emergency if the pound sterling and the franc should collapse. The Senate proposed to let this power (a threat of inflation) expire-in effect, to take it back into the hands of Congress until it is again needed...
Last fortnight the Senate's hard-money men led by Virginia's Carter Glass killed the section of the bill renewing the President's power to revalue the dollar by getting Key Pittman's silver bloc to join them -the price being 77.57? an oz. for domestic silver. In Hyde Park, President Roosevelt hit the ceiling. He accused the hard-money men of returning control of the U. S. dollar to Wall Street's exchange speculators. Secretary Morgenthau announced that U. S. farmers and businessmen had "better start worrying seriously" if the Senate...
...bill went to House-Senate conference. There Mr. Roosevelt's men contrived a deal with the silver Senators, promised that the Treasury would pay 70.95? for domestic silver metal. So with the silverites' consent the dollar devaluation power was restored to the bill. This deal infuriated the hard-money...
First, two Democrats, Idaho's Clark and Colorado's Adams, accused the Senate conferees of not trying hard enough to defend the Senate's stand against the President's dollar power. Senator Townsend opened for the Republicans and then Senator Vandenberg asked all factions, who were agreed on the Stabilization Fund's desirability, to pass a separate resolution to preserve it. This suggestion got nowhere. But it and other speeches took up time. In reply to Mr. Roosevelt's outburst at Hyde Park, Mr. Vandenberg said: "I wonder if our distinguished Executive realized precisely...