Word: silver
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Dates: during 1930-1939
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...support of President Roosevelt for legislation to up the metal's price from 45? to $1.29 per oz. by huge treasury purchases. Before their White House visit, however, hard money Senators had already made what they hoped would be a strategic move to head off Inflation by the silver route. Adopted by the Senate was a resolution calling upon Secretary Morgenthau to supply a list of all big silver owners. Unlike gold, silver is not an illegal private possession but if it could be shown that the loudest silverites, in or out of Congress, were also heavy owners...
Though far apart in the public mind silver and sugar in the U. S. have much in common. Industrially both are small compared with Steel. Wheat, Automobiles, Cotton, Railroads. Geographically both centre in the same region-the Rocky Mountain states-and use the same spokesmen in Congress to voice their demands. Politically both have power to enforce those demands far out of proportion to their size or importance. Economically both have strong allies to mobilize to their support. Last week silver, with its implication of inflation (see p. 9) and sugar, with its implication of tariff-protected industry, monopolized...
...Allen Treadway from the bucolic Berkshires of Massachusetts, Representative Isaac Bacharach from sporty Atlantic City, Representative Sam Hill from the tall timbers of northern Washington, Representative Tom Cullen from the sidewalks of Brooklyn's Red Hook district, Senator Walter George from cotton-picking Georgia, Senator William King from silver-mining Utah and, most important of all. the two chiefs of the conference-for the Senate, a shrewd lawyer from Gulfport, Miss, named Pat Harrison and for the House a leathery old farmer from the hills of North Carolina named Robert Doughton...
...life. The Hippodrome seats were cheap (99? top). So was the quality of the performances. But listeners for the season topped 1,000,000. The impresario was Alfredo Salmaggi, a longhaired, high-strung Italian who taught the late Queen Margherita to play the mandolin, carries Caruso's silver-headed cane and specializes in Aïida with horses, elephants, camels...
...crisis had precipitated the downswing, but something entirely different kept it going. Before grains had had time to recover, word came of President Roosevelt's opposition to any inflationary silver legislation at this session of Congress (see p. 9). The reaction in the grain market was swift. In a single day wheat fell 4⅝,? rye and barley 5?, corn 4?, oats 3?. Traders hastened to announce last week that urgent liquidation of grain holdings was over, that the market would now stabilize...