chapter  IX
Mr. Roosevelt’S Silver Policy
WithBarthold A. Butenschøn
Pages 6

Originally Mr. Roosevelt had probably been hopeful that his purchasing programme would lead towards a general remonetization of silver. The American policy has encouraged speculation and brought about fluctuations in the price of silver. In order to avoid a further intensification of the currency shortage and to relieve the pressure on commodity prices, China abandoned the Silver Standard at the beginning of November 1935. On account of the unfavourable repercussions in the silver-using countries great changes in the price should have been averted. It is stated that the United States Treasury's purchases of silver, at home and abroad, during 1935 amounted to about 543.8 million ounces, raising the visible stocks to 1,535,000,000 ounces. It is to be hoped that the United States Government may soon be able to organize same sort of co-operation with other silver-interested countries on lines which are acceptable to all parties.