SILVER SITUATION
CONTROL of dollar by sFecLLAtOrs MR ROOSEVELT’S WARNING TO CONGRESS i U F A.— F.v ISIm iru- telegraph -Copyright' NEW YORK, 27th June. President Roosevelt, discussing the silver situation at d Press conference, said that if Congress deprives him of the power to devalue the dollar it will leturn the control of money to Wall Street and international speculators. The inclusion of a proviso in yesterday's action in the Senate was at first not noted, namely the ordering of the cessation of purchases by the Treasury of foreign silver. This produced a world slump in the monetary silver prices to-day and caused the Treasury to reduce the price it will pay for silver from 43 cents to 40 cents an dunce. The Bank of Mexico, in a move dictated by the Senate’s action, announced the temporary suspension of all foreign exchange transactions, and most other banks in Mexico followed its action. The peso rate immediately fell from approximately 5 to the American i dollar, to 5.25.
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Bibliographic details
Nelson Evening Mail, Volume LXXIII, 29 June 1939, Page 3
Word Count
168SILVER SITUATION Nelson Evening Mail, Volume LXXIII, 29 June 1939, Page 3
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