Word: silver
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Dates: during 1930-1939
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Spite and silver were the amalgam holding together last fortnight's Senate coalition of Republicans and hard-money Democrats which furiously filibustered the Monetary Bill beyond midnight of June 30 when Franklin Roosevelt's power to pare the dollar died and with it the Treasury's exchange stabilization fund. Silver and pressure were what Franklin Roosevelt used last week to split the coalition, pass the bill, revive both fund and power...
...Senate clock's hands met. "I note now that it is Saturday morning," purred Senator Tydings. The President's dollar power was gone, and with it the Stabilization Fund, the higher price for silver...
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...
...unfinished money bill's provision against further buying of foreign silver last week caused near-panic in Mexico. In the U. S. all foreign bar silver available was rushed to the mints. The world price dropped to 38? per oz. (from 43? at the first of the week...