Silver Purchase Act, 1934

   Intended as an inflationary measure to increase money supply, the Silver Purchase Act of 1934 empowered the Treasury Department to purchase all domestic silver until either the price of silver reached $1.29 an ounce or the amount held by the Treasury equaled one-third of the value of federal gold stocks. The Treasury also purchased $1 billion worth of silver abroad. The measure had little effect at home but did adversely affect foreign nations with a silver monetary system.

Historical Dictionary of the Roosevelt–Truman Era . . 2015.

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