Word: profit
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Dates: during 1930-1939
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...dollar not by a third but by one-half, the price of an ounce of gold would jump to about $40 in terms of the new dollar. Thus the four billions of gold supply would be worth eight billions of dollars and the Government would make a four billion profit...
...currency on a metal basis, namely, on a gold reserve. Congress authorized the President to issue greenbacks up to $3,000,000,000, which would not have any metallic reserve behind them, so it would be difficult for the new money issued with that gold profit behind it to be called true inflation...
Knowing that the Government could restore the franchise tax, it is possible of course for the Federal Reserve banks to agree voluntarily to surrender the profit in gold to the Treasury and thus avoid litigation...
...legal points involved, however, are not by any means easy to resolve. If actual devaluation comes before Congress can specifically deal with the profit accruing to the Federal Reserve banks, then a law making retroactive the profit on gold might be subject to attack as unconstitutional. A suit might arise on the part of a member bank to restrain a Federal Reserve bank from surrendering to the Treasury the profit on gold...
...present quotations on the dollar in terms of the pound or franc show the dollar to be worth about 66 cents. If devaluation ratifies the existing level, then the total gold profit will be about two billion. It is not known how much the gold hoarders retain, but it is believed they have about $200,000,000 and will make a profit of $100,000,000. The Government will try to take it from them by taxation...