Word: silver
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Dates: during 1940-1949
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Though the key men of the silver bloc, Nevada's Key Pittman and Pat McCarran, talk sentimentally about silver's importance, in Nevada itself the income from Reno's divorcees (temporary residents) is greater than that from silver; the State's meagre manufactures are five times as valuable as its silver production...
...Senate is used to the silver situation, not to say bored by it. Yet last week a Senatorial Lone Ranger once more took the trail of the wild-riding, hell-for-leather Silver Bloc, grimly determined to stop the Treasury raids. Ordinarily, big, easygoing Senator John Gillis Townsend of Delaware is no Lone Ranger. Gregarious John Townsend, whose head looks like a snowball bush in full bloom, is solidly Republican, completely acceptable to Delaware's Du Pont dynasty. Annually he 1) presents gallery newsmen and the Senate with all the sweet-tart spring strawberries they can eat, 2) gets...
...early 1939, John Townsend had had enough of silver. An economical man, it annoyed him to think that the amount spent in five years' silver subsidy would run the executive, judicial & legislative branches of the U. S. Government for 25 years; that the average monthly outlay ($17,700,000) would run SEC or the Government Printing Office for over four and a half years; the Weather Bureau for three and a half years; the Public Health Service one year...
Greatest weakness of the subsidy program was the fact that 82% of all silver bought by the U. S. had come from overseas. In order to get their subsidy, the silver producers were willing that the U. S. squander indiscriminately abroad. Ranger Townsend rode through this weak point in the stockade, unloosed both barrels with a bill to end foreign silver purchases...
...Senatorial indifference. Last month Ranger Townsend resurrected it, set off, sky-hooting down the trail. Fortnight ago a new posse joined him-the twelve regional big-shot bankers of the Federal Advisory Council, adjunct of the Federal Reserve System, who announced in a unanimous yell: ". . . Purchases of foreign silver should be discontinued forthwith...