Silver

Babson's Reports for March 20, 1939, “A Program for Monetary Reform".
Public Law No. 87 (73d Cong.), approved January 30, 1934, authorizing
reduction in the weights of the gold dollar and the silver dollar.
Public Law No. 1 (75th Cong., 1st sess.), approved January 23, 1937, ex-
tending until June 30, 1939, the power to reduce the weight of the dollar_
Excerpt from address of Hon. Leo T. Crowley, Chairman, Federal Deposit
Insurance Corporation, of May 12, 1937, stating that 16,800 banks in
the United States were closed with loss of $3,000,000,000 to their de-
positor, 1921-33.

Excepts from Twenty-third Annual Report of the Board of Governors

of the Federal Reserve System, depicting prosperous condition in the

United States, 1936–37.

Part 3

Letter of March 3, 1939, from Senator John G. Townsend, Jr., to Hon.

Marriner S. Eccles, making inquiry concerning interest-bearing cur-

rency.

Letter of March 10, 1939, from Hon. Marriner S. Eccles to Senator John
G. Townsend, Jr., denying that Federal Reserve notes are interest-
bearing currency_

Excerpts from Annual Report of the Board of Governors of the Federal

Reserve System, 1936--

Excerpts from Annual Report of the Board of Governors of the Federal

Reserve System, 1937-

85-87

Press release of January 31, 1937, of the Board of Governors of the

Federal Reserve System.

88-90

Press release of March 15, 1937, of Chairman Eccles "with reference to
his position on credit and monetary policies".

90-92

Table showing "World supply and consumption of silver," presented by

Chairman Eccles_

Letter of December 30, 1938, from Hon. Chester C. Davis, a member of the
Federal Reserve Board, to Walter E. Trent__.

Press release of March 13, 1939, of the Board of Governors of the Federal

Reserve System "On proposals to maintain prices at fixed levels"----118–121

Part 4

Excerpts from report of the Chemical Bank & Trust Co., to its stock-

holders of January 18, 1939, advocating repeal of the Silver Purchase

Act----

127-128

Statement of silver assets and liabilities of the Treasury, March 29, 1939

(on the basis of Daily Treasury Statements), submitted by Percy H.

Johnston

131

Tables accompanying the chart entitled "Ratios of national income, bank

deposits, loans, and investments to gold reserve".

159

Table accompanying the chart entitled "National income as reported, as

adjusted to purchasing power of the dollar (buyer's income), and as

adjusted to wholesale prices (seller's income).

Circulation statement of United States money, June 30, 1934, to December

31, 1938 (read by the chairman).

Newspaper clipping entitled "Mr. Eccles on Silver-Repeal of purchase

plan held inimical to China," addressed by Lin Lin to the editor of the

Table showing fine ounces of silver consumed in coinage by various

governments throughout the world:

Table showing fine ounces of silver withdrawn from coinage by various

governments throughout the world:

Table showing silver currencies-description of largest coin in each of

the principal countries___.

Article entitled "Midland Bank, Monthly Review-Financial Policy and

Business Confidence," Quarterly Geographical Survey No. XL-The

importance and justification for ratios--

-182-183

186-187

Clipping from New York Times, March 30, 1939, relative to letter of

Jesse H. Jones, Chairman of the Reconstruction Finance Corporation. 187-188

Editorial from the Denver Post, indicating that banks are buying Federal

securities instead of making loans to business enterprise_-_-

189

CHARTS AND GRAPHS SUBMITTED BY WALTER E. TRENT

The purchasing power of gold varies inversely as the world price of silver,
1870-1940____.

136

143

144

Wheat export prices in relation to silver_
Cotton export prices in relation to silver_.

National income, as reported, as adjusted to purchasing power of dollar
(buyer's income), and as adjusted to wholesale prices (seller's income)_
Ratios of national income, bank deposits, loans, and investments to gold

reserve__

159

Part 5

Quotation from book on the Federal Reserve System, by Paul M. Warburg

Table showing expansion and contraction of the average market price

of securities__.

200

200-202

Table showing relationship of volume of money in circulation with produc-

tion and employment---.

203-206

Quotations from Ricordo, John Locke, David Hume, John Stuart Mill, and