Abstract

Happy Fiscal New Year!
Grawford, Kenneth G. | July 8, 1939 issue

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At the end of the 1939 fiscal year, the Republican economyites went along with a plan to pay the holdup price of 77 cents an ounce for domestically mined silver in exchange for votes to deprive the U.S. President Franklin D. Roosevelt of his a dollar devaluation powers. He got a chance to denounce the Republican hopefuls as connivers-with-Wall Street and made the most of it. While the importance of the issues involved was vastly overemphasized, what arguments there were certainly were on his side. It is recognized that power to take another nine cents' worth of gold out of the dollar, even if exercised, would have no appreciable effect on domestic price levels.

See Also:

PRESIDENTS -- United States; ROOSEVELT, Franklin D. (Franklin Delano), 1882-1945; PRICE levels; QUANTITY theory of money; DEVALUATION of currency; UNITED States
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