Word: pesos
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...year Argentina has been flooded with forged 100-peso notes and by last week exasperated Government officials had decided there was only one way to stop it. Argentina will destroy her entire paper currency of 1,100,000,000 pesos ($286,000,000) and substitute new notes. This time the issue will be printed from steel-engraved plates instead of by the cheaper lithographic process, which big-time forgers found easy to duplicate...
...bite the hand of President Roosevelt, whose Treasury silver purchases from Mexico have alone saved the peso from collapse, was the scarcely brilliant move made last week by President Lazaro Cardenas. Well knowing that Mr. Roosevelt wants lower tariffs all around, that they are the thing dearest to Secretary of State Cordell Hull, President Cardenas blandly raised tariffs on most things Mexico buys from the U. S. by 100 to 200%. On some items he upped them...
...press box of Mexico's Chamber of Deputies while on the floor the majority bloc of President Cardenas' deputies steamrollered its program ruthlessly forward against the agitated but ineffective shouts of minority delegates. Up for discussion was a minority proposal to grant a 5,000-peso bonus ($1,400) to each & every member of Congress, a proposal which President Cardenas had vetoed week before, despite the fact that Mexican custom sanctions such "tips" to obedient legislators. When the majority deputies sternly resisted this tempting bait, voted it down, hell suddenly broke loose in the chamber...
...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 in to the Government, the printing presses were...
Perfectly delighted was Professor Moley with the quaint personification of gold employed by Boss Calles in explaining Mexico's "entire freedom from the gold standard." Said the general grimly: "We marched gold out, stood it up against the wall and executed it!" The silver peso, declares Professor Moley, "is practically pegged to the American dollar. Mexico is prepared to follow the dollar, wherever it goes...