Word: silver
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Dates: during 1930-1939
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...this means Secretary Morgenthau hoped to silence the telephone which had filled his ear with the profuse complaints of silver men, demands that the Treasury ought to step in and halt the fall of silver prices. Ever since Franklin Roosevelt in June 1934 pacified the Senate silver bloc by promising to buy silver until 1) it reached $1.29 per oz., or 2) the Treasury held one-third as much silver as gold, Secretary Morgenthau has been held personally accountable for the price of silver...
Last April when the Treasury boosted its purchasing price for domestic silver, to keep it above the world price, speculators took the bit in their teeth and ran the world price up to 81¢ per oz. Mr. Morgenthau, who has little sympathy with speculators, promptly got out of the market. Soon thereafter the price of silver began to coast down hill?down, down, down to last week's level which caused angry silverites to assume that the Treasury had quit buying for good. Secretary Morgenthau's announcement that he had bought more than 25 million ounces of silver...
...nothing of the kind. Senator Thomas of Oklahoma was incensed. That Secretary Morgenthau should let the market drop out from under the speculators, that he should build up a silver reserve as cheaply as possible instead of spending as much as possible in doing so, seemed treason to the most politically precious of metals. "I thought," said Senator Thomas, "that we had a silver policy. But we haven't any ? other than to buy silver at the lowest possible price." Next day Senator Thomas and his silver friend, Senator McCarran of Nevada, took their revenge. As the price...
...appease the silver bloc, Finance Chairman Harrison had accepted Senator McCarran's amendment turning silver back to the speculators (see p. 13). To save time he had promised to "take along to conference" a swarm of other, minor amendments. By 40 to 39 the Senate had approved Senator Borah's amendment lifting tax exemption from future issues of Federal securities. Otherwise the Finance Committee's bill had been passed intact. Bob La Follette's politically preposterous notion that the bill should be turned into a respectable revenue raiser by taxing the "little fellow" had been shrugged...
...furnish a new and appropriate form of currency to circulate vicariously for the silver that the Treasury is buying in quantity (see p. 17) Secretary Morgenthau last week announced a new form of silver certificate. The same size as present dollar bills, it will be distinguished by an unfamiliar but appropriate design. On the back it will bear the well-known obverse likeness of the Great Seal of the U. S. (adopted in 1782), the eagle with E Pluribus Unum in its beak, a branch of olive in one talon, a clawful of arrows in the other. And alongside will...