Word: silver
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Dates: during 1930-1939
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Congratulations! TIME scores again. ... I have read reviews of the Silver Jubilee and the biography of George V in a number of magazines-but TIME'S account tops them all. As a former Canadian, I can say that you truthfully portray His Majesty as neither showman, dictator nor demagog...
Last week when Secretary Morgenthau announced that he would review the New Deal's monetary policy by radio, financial papers worked themselves up into a lather of anticipation: he was speaking to pave the way for more dollar devaluation, for remonetization of silver, he would make "an important announcement...
...place of paper, under the operation of our new monetary policy, we have been receiving large shipments of gold and silver. Some of it came to settle trade balances, and some of it represents capital seeking refuge in our sound currency. Various economists will tell you that this policy is likely to end our foreign trade; that it first will strip the world of gold and then our foreign trade dies. But we are not stripping the world of gold. We have more gold than ever before, but the world supply of monetary gold is also increasing rapidly...
...Objection to our course is sometimes based upon the assertion that we would bring vast quantities of the world's gold and silver here, only to be locked up in the United States Treasury. The phrase commonly used is that the gold and silver thus become sterile. At least, however, it goes to swell our monetary reserves. Loans in default are not very good backing for currency; indeed they might, without undue asperity, be described as also sterile...
...economic and Priest Coughlin's economics were largely of the heart. He needed facts & figures. In Manhattan in 1932 he met George L. LeBlanc and Robert M. Harriss, unorthodox Wall Streeters who believed the Road to Recovery lay through the Vale of Dollar Devaluation and the Slough of Silver Remonetization. The Priest took them for his guides. Now facts & figures cascaded from his tongue in musical billions, and he had a creed: "There is enough of everything in this nation except money...