The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1919-06-24
SILVER AT
LEAST SEVEN YEARS

That the price of silver will not 60
below one dollar per Inc within the
next seven years, and probably for
some time after that, is some of tho
good news brought to Nevada by
Ray T. Baker, director Of the United
States mint, who is in Reno en- route to
San Francisco for the annual ac-
counting of the mint at that place.
I'm accordance with the terms of
the Pittman silver BILL" said Baker,
Il have melted 100000, 900 silver dol
lars, and of this amount zoe, 000, 900
ounces have been shipped abroad,
mostly to India. having been pur-
chased by England for the Indian ac-
count in the war with Germany.
up to the present time | have not
purchased a single ounce of silver 10
replace the silver that has been m u
ed and shipped abroad.
THE Pittman silver bill provides
that $50, 600, 900 ounces of silver shall
be melted for shipment abroad and
other purposes, and that it shall be re-
placed by silver purchased from
American producers at a price not
less than one dollar an ounce. To
replace this silver, should / purchase
every ounce produced in the United
States, would require at least five
years. But it would be utterly i'm
possible for the government to pur-
chase all the silver produced in the
United States. For this reason it will
require a somewhat longer period If
time than five years. My estimate is
that the price of silver will be
stabilized at one dollar an ounce for
at least seven years.
This, of course, is based ON the as
sumption that congress does not re-
peal the Pittman silver bill. And my
judgment. based on personal observa-
tons at Washington and my relations
with leaders in congress, is that such
a contingency is not at all likely to
arise.
Whoever, or whatever element, at
tempts to repeal the Pittman bill or
~endeavors to fix the price of silver
is going TO run up against a snag that
be overcome"
Baker said that he has instructed
the minis to take silver July /, at
the prevailing market price, less the
fraction, which now is ranging about
$1.09 and $1.10 an ounce. When the
price drops to 81 an ounce he will be-
gin buying under the Pittman bill i'm
Coinage in the various minis last
year, the mint director says was from
200 to 300 per cent above that of the
previous year.
Relative to the Carson mint the d.
rector says there is nothing % give
put at this time. The salary of the
issayer has been increased, but un-
less there should be a great increase
the production of silver and in
creased demand for silver coinage
here is little probability of the mint
being reopened.
That he does not intend to be a
candidate for senator next year is
another statement made by Baker.
says, however, that at some time
hopes to be a candidate for that
,fice.
Il do not want to run for United
States senator next year." said Baker.
and l never will be a candidate
against Senator Pittman. He and 1.
as we always have in the past, are
working together along political lines
and he is my closest personal friend.
regard Senator Pittman as the real
leader in the present
Some day. however, If the
people OF the state feel | am worthy
Of the high honor, l have an ambi-
ton to represent Nevada, my native
state, in the United States senate
But l do not intend to, / do not want
to, be a candidate next year.. ex-
pect to be u here, however, during
The campaign. with my wife anil
family."-lReno Gazette.