COURT UPHOLDS NEW DEAL LAW
TAX ON PROFITS FROM SALE OF SILVER (Received January 12, 5.5 p.m.) . WASHINGTON, January 11. The Supreme Court unanimously upheld the law levying a 50 per cent, tax on profits made on private silver transactions during the period preceding the passage of the Silver Purchase Act, 1934. The opinion of the court was that the tax was similar to income tax. The decision upholds an important piece of New Deal legislation. [The signature by Mr Roosevelt of the Silver Purchase Bill on June 19, 1934, marked the extension into another field of the' United States Government's monetary policy. The mil directs the buying of silver by the Treasury until it reaches 25 per cent, of the nation's metallic monetary stcck. The time for silver purchases is left entirely in the hands of the President. It provides also for the purchase of domestic silver at a price not exceeding 50 cents an ounce.l
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Press, Volume LXXIII, Issue 21989, 13 January 1937, Page 9
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157COURT UPHOLDS NEW DEAL LAW Press, Volume LXXIII, Issue 21989, 13 January 1937, Page 9
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