Word: silver
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Dates: during 1930-1939
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Returning purposefully to Washington, the President took personal charge of the fight, and presently the silverites were bought off in conference by a promise of 70.95? silver. Effect of this deal was to infuriate the hard-money men to the point of filibuster, and the bill failed to pass before the June 30 midnight deadline...
...purchase of foreign silver. Congress proposed to end this practice and the Administration did not seriously object...
...purchase of U. S.-mined silver at above the world price-a subsidy to domestic silver producers. The "economy-minded" Senate proposed to boost the price for domestic silver from 64.64? an oz. (world price around...
...soon had allies of an opposite stripe -a band of eleven Senators led by Oklahoma's silver-haired Thomas and Nevada's roseate McCarran, who advanced an inflation plan calling for $2,000,000,000 of new paper currency to be backed by the Treasury's idle gold. Idaho's Borah and Nevada's Pittman joined them in demanding, further, that the price now paid for silver by the Treasury (64.64? per oz.) be raised much higher above the market price (40¾?). For four long days last week they tied up other legislation while...
Senator Pittman's blackjack was potent. The harassed Senate compromised by voting back the 1937 silver price for domestic silver, barring further purchases of foreign silver (from China and Mexico). More surprising, it gave Senator Glass his victory, voted 47-to-31 to end the President's power to pare the dollar. But it gave new life to the stabilization fund, essential for U. S. participation in steadying foreign exchange with England and France...