Word: silver
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Dates: during 1930-1939
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...Simply one maneuver in the steady retreat of the New Deal Administration before the silver gang," said the New York Herald Tribune. And most disinterested observers agreed that the President had jacked up the price of silver principally to forestall a silverite assault in Congress. However it was a trivial sop. U. S. producers nowadays turn out only about 26,000.000 oz. of silver a year and their bonus from the price increase will be less than...
Actually the Treasury's purchases from U. S. producers and the price it pays them is but the tail on the dog of the Treasury's big silver policy. Last June a silverite putsch in Congress got the President to accept a bill authorizing the Treasury to buy silver until the price of silver reached $1.29 or until the U. S. metallic reserve against its currency consisted of 25% silver and 75% gold. The Treasury in less than ten months has bought...
...from U. S. owners of silver bullion...
These purchases in the world market, amounting to nearly nine times U. S. output, boosted the world price for silver until last week it topped 64?. When it did so U. S. producers who had been getting 64½¢ all along ceased to receive any better price than any other producers. Hence the new price to give domestic producers a new bonus...
Significance. When the Silver Purchase Act of 1934 was passed, many an observer pointed out that the Treasury had discretion in the purchase of silver, probably would not try very hard to build up a huge silver reserve. Last week's announcement showed that those observers were wrong. The figures on Treasury purchases, released for the first time, showed that the Treasury had been far from idle. It now holds $1.450,000.000 worth of silver (fictitiously valued at $1.29 per oz. in Government bookkeeping), which is half what is required to bring silver stocks...