Running the below shell script seems to ignore the password file I'm feeding it. I'm continually prompted for it. If I enter it, the rest of the script goes without a hitch, but as I'm running it via cron, I really need to get it to read from the file... Any suggestions?

#!/bin/sh
p=$(<password.txt)
set -- $p
pass_phrase=$1
destination="/var/www/d"
cd /var/sl/
for FILE in *.pgp;
do
    FILENAME=${FILE%.pgp}
    gpg --passphrase "$pass_phrase" --output "$destination/$FILENAME" --decrypt "$FILE"
    rm -f $FILE
done