AMERICAN FINANCE
FIRST ATTEMPT AT INFLATION
TAILS
SILVER PRICE, IN RELATION
TO GOLD
OTHER MEASURES HINTED
(U.P.A. by Elec. Tel. Copyright) (Received Jan. 25, 7.10 p.m.) WASHINGTON, Jan, 24.
The first attempt to inject inflation into legislation failed to-day, when the Senate, l>y 56 votes to 18, tabled two amendments to the Glass Banking Bill, the first of which would remonetise the ratio of silver to gold at 85 to one,, and the second would revalue the gold dollar by decreasing the gold content. The attempt to peg the price of silver in definite relation to the price of gold is of much interest. It was a campaign .issue on winch the Democratic candidate, Mr.. Bryan, unsucessfully contested the Presidency in. 1.896.,As the present .ratio* of silver to gold is 85 to one, the .adoption of the amendment would liave a revolution, ary effect. Financial experts, including Senators Glass and Reed, denounced the amendment us certain to ruin cuireucy and. bring financial chaos to the country. ... Despite the defeat of the amendment, the general debate revealed that the inflationists have considerable strength, and . they indicated, that they would propose other measures to relieve the debtor class.
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Bibliographic details
Gisborne Times, Volume LXXIII, Issue 11843, 26 January 1933, Page 5
Word Count
196AMERICAN FINANCE Gisborne Times, Volume LXXIII, Issue 11843, 26 January 1933, Page 5
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