MONEY: 59.06

President Roosevelt sat at his desk facing a dozen White House newshawks. Secretary Morgenthau, Mrs. Morgenthau, Stephen T. Early and Marguerite Le Hand looked over his shoulder. On the blotter before him lay a copy of H.R. 6976. Smiling, he picked up a pen and wrote: "Approved. Franklin D. Roosevelt.'' Thus did the Gold Reserve Act of 1934 become law.

A few minutes later he sat at the same desk with the same bill before him. Secretary Morgenthau, Governor Black of the Federal Reserve, Professor George ("Rubber Dollar") Warren, Governor Harrison...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!