Word: silver
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Dates: during 1930-1939
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Suddenly the U. S. Treasury had more than it had bargained for. Chinese tore their queues, for China is a silver money country. In March 1933 the U. S. knew what it was like to have all men suddenly want gold above all else. Last week silver standard China had a taste of the same, though silver instead of gold was the metal wanted. Ever since the U. S. began to boost the price of silver, China has had deflation. In vain the Chinese Government imposed a silver export duty. Silver was smuggled out. When silver prices last week sailed...
China was not the only sufferer. Mexico had not 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...
Secretary Morgenthau had to reconsider his immediate plans for reintroducing silver to the world. He called the silver bloc (Senators Pittman, Borah, Wheeler, Adams, King) to the Treasury for a conference. Although the world price for silver stood above the U. S. price, it was decided that for the moment the U. S. would not raise its ante a third time. Promptly the world price flopped back below the U.S. level to wait for the next move...
...speculators do not let the U. S. raise its ante peacefully by easy stages, the U. S. may stop raising-or may raise to the limit-$1.29 an oz., the "legal" silver price set years ago by Congress. In the confusion that would follow this latter move, stabilization of world exchange might be postponed indefinitely. Or confusion might be so great that England and other nations would have to join the U. S. in a stabilization conference...
...Cologne and as British Military Representative at the League of Nations. Last week in the comfortable security of his new London post as Marshal of the Diplomatic Corps, distinguished, elderly Sir George stepped into one of King George's state carriages to rehearse the procession for the Silver Jubilee Parade...