Word: silver
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Dates: during 1930-1939
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Though his basic proposal had been scrapped by the Conference, Senator Pittman kept open house in his hotel suite for delegates of silver nations, worked furiously to get them to sign a "memorandum of agreement" to steady the world price of silver as a commodity. During a hectic day & evening he finally wrung signatures from delegates of seven other nations, the last to sign (just before midnight) being China's owl-eyed Dr. W. W. Yen. "This," cried perspiring Senator Pittman, "is the most dramatic moment of my life...
Subject to ratification by the eight governments concerned, the agreement would bind "India, China and Spain as holders of large stocks of silver and . . . Australia, Canada, the United States, Mexico and Peru as the principal producers of silver" not to dump the white metal on the world market for the next four years. Sales of surplus silver by the holding nations would be reduced to about the same extent that the producers agree to withhold silver from the world market by purchasing it for their treasury reserves of coin or bullion...
Experts in London estimated that Senator Pittman would have to persuade the U. S. Congress to buy an additional $12,000,000 worth of silver for treasury purposes per year in order to make the scheme work.* His "personal triumph" in rescuing something from the silver stalemate spurred the "Big Four" wheat nations into efforts to conclude a face-saving "agreement in principle" or, failing that, to set up in London a Permanent Wheat Advisory Council...
...Loyal subjects who have wondered why George V seems to have a dirty face on so many silver coins were enlightened by Sir Robert Johnson, Comptroller of the Royal Mint. Recalling that the silver content was decreased in 1920 from 925 parts in 1,000 to only 500 parts, Sir Robert shrugged: "The result is all those dirty coins you see today. The thin covering of fine silver wears off and leaves a dirty patch on the King's cheek. We have now developed a new alloy to make the coins wear the same color all through...
Among places to go to, beside the Streets of Paris, are these: The Pirate Ship, which vulgar "Texas" Guinan left in disgust last week; the vast Old Manhattan Gardens, where the girls wear nothing but silver paint; Old Mexico, where some more employes of C. C. Pyle do the rumba; the Days of '49, which had very friendly dance hall girls at first...