THE CABINET: Something on Silver

One afternoon last week as the price of silver was falling below 66¢ per oz. to its lowest point in four months, Secretary of the Treasury Morgenthau passed some hot, bedevilled hours. Finally at 6 p. m. he called newshawks into his office to confess:

"There have been so many inquiries, so many rumors—the telephone ringing and things like that—that I thought I had better break my usual rule and say something about silver. . . . We bought more silver today than the total annual domestic production...

Want the full story?

Subscribe Now

Subscribe
Subscribe

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 TIME.com

Learn more about the benefits of being a TIME subscriber

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