Word: pars
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Dates: during 1930-1939
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...time the exchange value of the dollar actually fell below the domestic value (set by the R. F. C. gold price). What was more, fear of inflation for the first time seriously pressed down the price of U. S. bonds. Last week most important U. S. issues sold below par. People who had subscribed for new 4¼-3¼% bonds on Nov.1 at101½ found them selling at 99-an ill omen for future Government financing. With the new bonds selling at a discount conversions of 4th Liberties practically ceased, thereby threatening failure of the refunding operation...
...first R. F. C. price on gold was $31.36 an ounce. On that basis the value of the dollar in gold (calculated by dividing the par price, $20.67; by the actual price, $31.36) was 65. 91? - or 1.12? less than the exchange price. On successive days as the R. F. C. boosted its price for gold its valuation of the dollar fell...
...cutting weapon of her depreciated yen. Japan took the yen off gold two years ago (TIME, Dec. 21, 1931), has thus been able to cut her cotton textile prices unbelievably low and to steal British markets throughout the East. Last week the yen was down to 36.7% of its par gold value, while Britain's pound, though also depreciated, stood at 65% of its gold parity...
...those who were able to convey their money to Europe and the speculators in gold exchange since March who have been buying Swiss francs and bonds as the dollar has been going down from par to 66 cents, they will make enormous profits, too. The speculative element always does. The patriot who turned in his gold last March will not. That's the usual history of tinkering with the currency and the unit of value
...Minister Korekiyo Takahashi "Daruma" after the pot-bellied Buddhist sage, symbol of good luck. Just now he is carrying on with the most colossal and appallingly unbalanced budget in Japanese history. Since Japan quit the gold standard (TIME, Dec. 21, 1931) her yen has fallen to 36% of its par gold value but there has been no monetary inflation, no starting of the Japanese Treasury's printing presses. Last week Mr. Takahashi, who in his youth indentured himself to an Oakland, Calif, farmer to work for three years for a total wage of $50, voiced his sympathy for President...