Word: silver
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Dates: during 1930-1939
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Significance. Like the baffled newshawk in Mr. Morgenthau's office, businessmen demanded: "Is this inflation?" Economists promptly gave them an answer: "It is not inflation but it is inflationary." Nobody knew exactly how much silver bullion was in the U. S. last week, but it was estimated at around 200,000,000 oz. When the Government takes this over it will tend to boost the world price for silver just as the price of wheat would tend to rise if the Government locked up 200,000,000 bu. Moreover the citizens who last week owned...
...major difference between silver purchases and other Government outlays is that the Government has to borrow or collect taxes to pay for other expenditures. ]It pays for the silver without drawing on the Treasury, simply by printing silver certificates. Under the Silver Purchase Act the Treasury must issue silver certificates to pay for the actual cost of silver it acquires, but it may issue silver certificates for the full "monetary value" of all silver purchased. Example: If the Treasury buys 100 oz. of silver at 50¢ an oz. it must issue $50 worth of silver certificates, but since...
Indicating that China would slap an embargo on silver exports if the U. S. nationalization program creates undue demand for the metal, Dr. Kung declared after a vigorous pull on his cigar: "China should be ready to act instantly-which we are-if necessary...
...route to the conference last week owl-eyed Premier Wang Ching-Wei set an example of close-lipped secrecy which was followed by all except Finance Minister Dr. H. H. Kung, stogie-smoking Christian descendant of Confucius. He felt obliged to comment on President Roosevelt's nationalization of silver as he stepped aboard an airplane at Shanghai. Said Dr. Kung: "We also would like to nationalize silver but for China this is impossible because our Government is hampered by extraterritorial treaties. We do not want the price to skyrocket, for silver is vital to our national life...
...serious news was the weakness of U. S. Government bonds. It became clear that an issue of Home Loan Bonds had not been snapped up by the public?and the banks, with more Government bonds than ever before in history, tended to sell rather than to buy. Nationalization of silver simply added to the befuddlement concerning the future of U. S. finances...