Word: silver
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Dates: during 1930-1939
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...Press was right about everything except the metal concerned. Twenty-four hours later the President issued a proclamation on silver. With it he released some brief history...
...London Economic Conference last July the world's silver countries entered into a four-year silver agreement (TIME, July 31). Of the great silver holding countries China promised not to melt down any coin; India, not to sell more than 35,000,000 ounces per year; Spain, not to sell more than 5.000.000 ounces. The silver-producing countries agreed to buy up 35.000.000 ounces per year and keep it off the market. The U. S. quota for silver purchases was set at 24,421,410 ounces, practically the present amount of annual U. S. production...
...strength of this international agreement the President proclaimed that the U. S. Mint would take all silver henceforth mined in the U. S., would coin half of it into dollars, half-dollars, quarters and dimes which would be handed back to the producers. The other half the Government would keep for its trouble. Since by law 50 ounces of silver make $64.50 in coins, silver miners would receive that amount for every 100 ounces they produced, or 64 1/2? per ounce, about 21? more than the current market price...
...committee of the Exchange and an Exchange official had spoken out of turn. Rule 1 went back in force more rigidly than ever. ¶Partly as a hedge against Inflation and partly because speculators like to believe that "They are going to do something for Silver," more of the world's No. 2 metal is now stacked up in Manhattan than at any time in the history of Wall Street. Normal stocks in storage run from 2,000,000 to 10,000,000 oz. Last week the Commodity Exchange announced that there...
...SILVER DUST SOAP GET DISH TOWEL FREE