Word: silver
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Dates: during 1930-1939
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From Singapore he was to go on to India to wind up an investigation on which the whole silver policy of the U. S. was supposedly to be based...
Though Professor Rogers' job was not finished, Mr. Morgenthau was already primed to fix U. S. silver policy for a long time to come. He ordered the doors closed, forbade anyone to leave until he had finished talking. Then he announced that the Government was "nationalizing" all silver bullion in the U. S., would pay silver owners 50.01¢ an oz. While his hearers fretted at their forced detention, Mr. Morgenthau proceeded to explain...
President Roosevelt had issued a proclamation under the Silver Purchase Act passed last June. Nobody would have to give up his table silver, silver ornaments, silver coins or silver tooth fillings. But owners of bullion?that is, those who had bought this commodity as a speculation?must turn in their silver at the nearest mint within 90 days. If they failed to do so, they could be punished by a fine of $2.58 for every ounce in their possession. Excepted from this order: manufacturers of silver and other commercial users. Silver miners will still get their special price of 64?...
...newshawks scurried for the door. Telegraph keys began to click out news that jostled President Roosevelt's Green Bay speech for No. 1 Press position. Trading in silver futures was promptly suspended on Manhattan's Commodities Exchange. With the Government as prospective owner of all silver at a fixed price, silver brokers were out of a job. The news flashed to Wall Street, and speculators, thinking of inflation, began to sell U. S. bonds until the Government hastily came to their rescue with bids higher than the prices at which they were for sale. The news flashed to London...
Said Senator Elmer Thomas, who thought his beating of the silver drum last fortnight was largely responsible for this latest twitch of U. S. silver policy: "This move breaks the strangle hold of the world gold bloc and marks the way for a new money system throughout the world. The United States has set the pace. . . . Others will follow our action?or seriously consider doing so. At once they will retain all their silver and go in the market for more...