Word: silver
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Dates: during 1960-1969
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...huge mass of literature. The organizations often exchange mailing lists, support several large and profitable publishing houses. One of the main fonts of rightist literature is Harding College in Searcy, Ark., a small liberal arts college run by members of the Church of Christ under President George Benson, a silver-haired, bespectacled gentleman who is given to such phrases as "By Caesar!" Benson's school claims that 25 million people a year come in contact with the material issued by Harding's National Education Program, which turns out tons of literature, plus the films, filmstrips, kits and flannelboard...
Demand proved too great even for the Government's hoard. In the past few weeks, a new buying spree cut the Treasury's silver holdings, over and above the amount legally required for currency backing, by nearly one-third to a scant 22 million ounces...
Sixty-five years after William Jennings Bryan thundered his famous war cry, "You shall not crucify mankind upon a cross of gold," John F. Kennedy finally severed the Democratic Party's emotional ties to silver. Moving to abandon F.D.R.'s 1933 silver-support program. Kennedy last week ordered the Treasury to stop its sales of stockpiled silver at an arbitrary 91? an ounce. Simultaneously, the President opened a drive to abolish the practice of backing U.S. currency with silver as well as gold, which was adopted in the early days of the Republic...
Buying Spree. The Government's role in the silver market, which originally was to buy silver to keep prices up, had become an untenable anachronism. Largely because of new uses for the metal in the electronics and aerospace industries, the U.S. last year consumed 150 million ounces of silver, v. domestic production of only 36.8 million ounces. As increasing demand put an upward pressure on prices, the Treasury was able to maintain the market price at 91? only by selling huge amounts of its stockpiled silver...
Surging Stocks. Rather than embark upon a massive new silver purchase program, Kennedy decided to take the Government out of the silver market and to have the Treasury meet its needs for coinage silver out of its currency-backing reserves. As a first step, he ordered that the 10% of $5 and $10 bills now backed by silver should gradually be replaced by Federal Reserve notes, a move that will ultimately free 500 million ounces of the reserve silver for use in coins. He also promised to ask Congress for authority to discontinue silver backing for $1 and $2 bills...