AMERICAN EXPORT OF GOLD
TO TDK KOITOK Of TUli rUBSS. Sir—The export of American gold, following so quickly upon Roosevelt s silver policy is an interesting example of the repetition of history- The same thing happened in 1890. According to the Sherman law of that year the secretary of the Treasury was compelled to buy 4.000,000 ounces of silver a month and to issue notes on the basis of the bullion thus secured. It was confidently expected that the measure would increase the currency but 1 is interesting to record that no sue result happened. The export of gold from the time the notes began to be istuccF until 1893, was almost exactly the total of the notes put into circulait.on, the note issue being 140.661.094 dot ars, a.KI the gold exports H 1.017.158 dollars To the world on the whole, the effects were beneficial. This recurring expenonce suggests a definite step towards the resumption of world trading not only through the increase of purchasim' power in the East through the .•trengthening of silver, but to Europe through Ihe greater Jluidity of gold.— Yours ' CIC - ANNO DOMINI'. Augiut 19. 1931.
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Press, Volume LXX, Issue 21247, 20 August 1934, Page 9
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190AMERICAN EXPORT OF GOLD Press, Volume LXX, Issue 21247, 20 August 1934, Page 9
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