Word: silver
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Dates: during 1930-1939
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Celebration. The news meant more to silver men than Repeal meant to distillers. In Colorado and Nevada there was singing in the streets and free drinks in the bars. On the Manhattan Commodities Exchange silver jumped 3? an ounce. Mining stocks boomed on the New York Stock Exchange and the entire stock list zoomed upward at one more whiff of inflation...
...those who hoped for direct cash profits were no happier than the little group of men to whom silver is almost a religion, those who have fought to raise its price, to see the day when silver once more became money. To Senator Pittman of Nevada, who wangled through the London agreement, it was a delightful Christmas present. In the first flush of joy he predicted that it would: 1) stabilize the world price of silver at 64 1/2 ? 2) increase buying power in the U. S. 50%; 3) increase the exchange value of the moneys of China, India, Mexico...
Significance. To Franklin Roosevelt in the White House and to many another keen political head the stir had quite another significance. It meant that most of the silver bloc in Congress had had their thunder stolen. Only a few months ago silver was 25? an ounce and 64 1/2 ? was such a magnificent price by comparison that they would appear foolish to complain By his action the President appeared to have detached one of the most earnest battalions from the inflationist army, to have disarmed what would undoubtedly have been one of the most troublesome factions in the new Congress...
...year but all that U. S. producers might mine. At present U. S. production is estimated at about 24,000,000 ounces but it was 31,000,000 ounces in 1931, 50,000,000 ounces in 1930 and 60,000,000 ounces in 1929. Inasmuch as the price of silver was less than 60? an ounce in 1929, the U. S. Mint will probably be offered a lot more than 24,000,000 ounces at 64 1/2? 2) Since the world market price of silver has been around 43? an ounce, the proclamation will give a bonus of about...
...Silver King Coalition 2,993,193 oz. Tintic Standard...