15 Mar 1968
Page 1
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Newspaper
Winchester Evening Star
Location
Winchester, Virginia, United States of America
Date
Mar 15, 1968
Page
1
Economists explain how a rise above $35 an ounce would devalue the dollar, affect wages, and shift profits to hoarders and speculators. The piece traces the gold price policy since 1934, the pawn of international finance, and who holds gold, including Arab states and India.
U S officials raise discount rate from 4.5 to 5 percent to curb inflation and restore dollar confidence. A Washington meeting of seven gold-supplying nations seeks to keep the price at 35 dollars per ounce as Congress votes 39 to 37 to end 25 percent gold backing for paper money. London and Canada also adjust rates as U S banks face highest Fed rate in decades.
The Pentagon announced a planned shift by mid 1970 to put dining-kitchen duties in civilian hands with military personnel only in special cases such as combat zones. The change would still allow military cooks in wartime or field conditions when necessary.
The forecast calls for mild weekend weather with a chance of sprinkles tomorrow. Temperatures may reach 55 to 60 degrees and stay above normal over the next five days. An Anderson Mobile Station on 8 Brad will be closed until Saturday due to a death in the family.
Louise Speakman, proprietor of Ward's Bakery, received the Boss of the Year award at the Winchester Jaycees 20th Annual Roses Night Banquet at the Jackson Restaurant. Mayor William M. Battaile praised her leadership and support for employees. Born in Richmond and a John Marshall High School alumna, she moved to Winchester in 1949 and remains active in Sacred Heart Church.
Senator Eugene J. McCarthy acts to preempt Robert F. Kennedy by pushing early campaign efforts in Indiana on May 7 and South on June 4. The strategy follows Kennedy's public signals and aims to secure support before potential clashes in Nebraska Oregon and California. The move reflects internal party dynamics as RFK weighs a run.
About 50 000 US and South Vietnamese troops launched Quyet Thang or Resolved to Win a large offensive from Saigon, spanning five northern and western provinces. The operation includes six divisions and marked the first time Saigon areas were targeted in the allied search and destroy plan. Casualties reported as light.
Robert F. Kennedy told the New York Times he could not support President Johnson for renomination and was weighing a late entry into the Oregon and California primaries. Aides said he would decide in a few days whether to mount a campaign and may seek cooperation with Eugene McCarthy after McCarthy's NH primary showing.
Paris listings show gold at 44.36 dollars per ounce, over the U S guarantee, with demand rising amid London and Paris market disruptions. France declines to join other nations in dampening buying, Bank of France intervention limited, Debre silent, Rueff critiques the monetary system as European shares rise and German banks pause trading.
Washington AP reports the Senate sent to President Johnson a bill to lift the 25 percent gold cover on U.S. currency freeing about 11.4 billion in gold reserves for use in a looming international financial crisis. The Finance Committee backed an excise tax bill, while a proposal to raise income taxes and cut federal spending failed 9 to 8. The administration views the tax measure as a key economic weapon.
The time and temperature sign at Commercial & Savings Bank has been taken down temporarily for remodeling. It will be replaced in the near future as part of Downtown Development Committee plans.
A high pressure system off the Virginia coast brings cloudiness and higher temperatures to Virginia. Also includes local ads for Corrigan Rug Cleaners and Howard Johnson's shoppers specials featuring spaghetti and meat sauce, roast beef dishes, and a free coffee offer at Angers Angus House Sunnyside Station.
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