The Goldfield news and weekly tribune. [volume] (Goldfield, Nev.) 1911-1947, 1918-04-20

introduced by Senator Pittman, de-
signed ito conserve the gold sup
ply of the United States, to permit
the settlement In silver trade bal
anced adverse to the United States,
to provide silver for subsidiary
coinage and for commercial use.
to assist foreign governments at
var with the enemies of the United
States. and to stabilize the price and
encourage the production of silver"
Be it enacted, etc.:
That the secretary of the treasury
is hereby authorized from time to
time to melt or break up and to sell
rs bullion not in excess of two hun
fred and fifty million standard sill
YER dollars now or hereafter held in
the treasury of the United States.
Any silver certificates which may
be outstanding against such stand
ard silver dollars so melted OIL brok-
en- up shall be retired at the rate
of 81 face amount of such certifi-
Gates for each standard silver dol
lar SO melted and broken up. Sales
OF such bullion shall be made at
such prices and upon such terms as
shall be established from time to
time by the secretary of the trea-
sury.
Sec. 2.-That upon every sale of
bullion from time to time the sec
rotary of the treasury shall imme-
ciately direct the director of the
mint to purchase al amount of sill
yer equal to three hundred and
seventy-one and twenty-five hun
dredths grains of pure silver in re-
spect of every standard silver dol
lar so melted or broken up and sold
as bullion. Such purchases sha. i
be made in accordance with the then
existing regulations of the mint and
at the fixed price of 81 per ounce
of silver n thousand fine, deliver
ed at the option of the director of
the mint at New York, Philadelphia,
Denver or San Francisco. Such sill
YER so purchased may be resold for
any of the purposes hereinafter
specified in section three of this
Act, under rules and regulations to
lie established by the secretary of
the treasury, and any excess OF such
silver SO purchased over and above
the requirements for such purposes,
shall be coined into standard silver
dollars or held for the purpose OF
such coinage. The net amount OF
silver so purchased, after making
allowance for all ~resales, shall not
exceed at any one time the mount
needed to coin an aggregate num-
her of standard silver dollars equal
to the aggregate number of stand
ard silver dollars heretofore melt
ed or broken up and sold as bullion
under the provisions of this Act,
but such purchases of silver shall
continue until the net amount OF
silver so purchased, after making
allowance for all resales, shall be
sufficient to coin therefrom an ag-
gregate number of standard silver
dollars equal to the aggregate mum
Der of standard silver dollars there
tcfore so melted or broken VI an
sold as bullion.
Sec. 3.-That sales of silver un-
der authority of this Act may be
made for the purpose OF conserv-
ing the existing stock of gold in the
United States, of facilitating the set
Element in silver of trade balances
adverse to the United States, of
providing silver for subsidiary coin
age and for commercial use, and OF
assisting foreign governments at war
with the enemies of h United
States. The ALLEGATION of any sill
yer to the director of the mint for
subsidiary coinage shall, for the
of this Act, be regarded as
q sale or resale.
Sec. 4.That the secretary of the
treasury in authorized, from any
moneys in the treasury not other
wise appropriated, to reimburse the
treasurer of the United States for
the difference between the nominal
or face value of all standard sill
yer dollars so melted or broken up
and the value of the silver bullion,
at 81 per ounce of silver one thou
sand fine, resulting from the melt
ing or breaking up OF such stand
ard silver dollars.
Sec. 5.-That in order to pre-
vent contraction of the currency, the
federal reserve banks may be either