Money Changers

The same day that President Roosevelt announced his new policy of buying and minting domestic silver (see above), he received an interim report from the RFC on his gold buying program. Out of $75,000,000 allotted it since the start of the purchase plan Oct. 26, the RFC had spent $17,000,000 on domestic gold, $45,000,000 on foreign gold. Therefore to maintain its buying power in the gold market the RFC was allotting itself another $25,000,000. President Roosevelt felt that $100,000,000 was a cheap price to pay for eight weeks of his experiment in dollar...

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