The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1918-04-25
The Pittman Bill Which Will Fix the
Price of Silver at One Dollar per Ounce

Mining association, for copy of the
Pittman bill, which has passed both
houses of congress. Mr.. Mac
beth is in Washington, having been
there for several months in connection
with legislation in which the mining
industry is especially interested. In
der the Pittman bill. the government
is authorized to purchase silver at 81
per ounce and to use silver in the set
Element of trade balances, the effect
of which will be to stabilize the price
at 81. The proposed law. together
with the favorable report Of the SEN
ate, follows:
The Pittman Bill.
A bill to conserve the gold supply of
the United States; to permit the
settlement in silver of trade bal
ances adverse to the United States;
to provide silver for subsidiary
coinage and for commercial use; to
assist foreign governments at war
with the enemies of the United
States; and for the above purposes
to stabilize the price and encourage
the production of silver
Be it enacted by the senate and
house of representatives of the United
States Of America in congress assem-
bled, That the secretary of the treas
ury Is hereby authorized from time to
time to melt or break up and to sell as
bullion not in excess of three hundred
and fifty million standard silver dol
lars now or hereafter held in the
treasury of the United States. Any
silver certificates which may be out
standing against such standard silver
dollars so melted or broken UP shall
be retired at the rate of 81 face
amount of such certificates for each
standard silver dollar so melted or
broken up. Sales of such bullion shall
be made at such prices not less than
81 per ounce of silver one thousand
fine and upon such terms as shall be
established from time to time by the
secretary of the treasury.
Sec. 2. That upon every such sale
of bullion from time to time the Sec
rotary of the treasury shall immediate
ly direct the director of the mint to
purchase an amount of silver equal to
three hundred and seventeen one and
twenty-five hundredths grains Of pure
silver in respect of every standard sill
yer dollar so melted or broken up and
sold as bullion. Such purchase shall
be made in accordance with the then
existing regulations of the mint and
at the fixed price of 81 per ounce of
silver one thousand fine, delivered at
the option of the director of the mint
at New York. Philadelphia, Denver, or
San Francisco. Such silver so pUr-
chased may be resold for any of the
purposes hereinafter specified in Sec
ton three of this act, under rules and
regulations to be established by the
secretary~of the treasury, and any ex-
cess of such silver so purchased over
and above the requirements for such
purposes, shall be coined into stand
ard silver dollars or held for the pur-
pose of such coinage. The net amount
of silver so purchased, after making
allowance for all resales, shall not ex-
coed at any time the amount needed
to coin an aggregate number Of stand
ard silver dollars equal to the aggre-
gate number of standard silver dollars
Heretofore melted or broken up and
sold as bullion under the provisions
of this act, but such purchases of sill
yer shall continue until the net amount
of silver so purchased, after making
allowance for all resales, shall be suf-
ficient to coin therefrom an aggregate
number of standard silver dollars
equal to the aggregate number of
standard silver dollars heretofore so
melted or broken up and sold as bull
lion.
Sec. g. That sales Of silver bullion
under authority Of this act may be
made for the purpose Of conserving
the existing stock of gold in the Unit
ed States, Of facilitating the settle
ment in silver Of trade balances adj
verse to the United Staets, of pro-
viding silver for subsidiary coinage
and for commercial use, and of as
sisting foreign governments at war
with the enemies Of the United States.
The ALLEGATION of any silver to the
director Of the mint for subsidiary
coinage shall, for the purposes of this
act, be regarded as sale or resale.
Sec. a. That the secretary of the
treasury is authorized, from any
moneys in the treasury not otherwise
appropriated, to reimburse the treas.
urer of the United States for the diff
ference between the nominal or face
value of all standard silver dollars sc
melted or broken up and the value OF
the silver bullion, at 81 per ounce OF
silver one thousand fine, resulting
from the melting or breaking up OF
such standard silver dollars.
Sec. S. That in order to prevent
contraction Of the currency, the fed.
eral reserve banks may be either per.
mitted or required by the federal re-
serve board. at the request Of the
saoratory oP Tho traa sury to ISSUE