The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-04-24
HUGE AMOUNT OF SILVER
TAKES PLACE Of BULLION
SILVER DOLLARS BEING MELTED
AT RATE OF 100000 PER
DAY.

Silver producers of the west are
wondering how the government is 60
ing to be able to replace the $35O,00o,-
600 now being melted up and sold to
England and India. Under the proVi-
sions of the bill which authorized the
melting up and sale of these silver
dollars to provide bullion for English
accommodation, it became necessary
for the government to replace them at
the indicated price Of $101b per
ounce.
With the reduction in the silver out
put of the country due to the curtail-
ment in all classes of metal mines,
the declining output will be greatly
reduced, and it was already far less
than what the indicated demand will
be for many years to come. 1t is re-
ported that the moving picture bust
ness alone consumes in excess Of 25,-
10000 ounces annually in making
films, and this is totally used up, as
there Is no appreciable after-recovery.
The arts will demand as much more
and an increasing foreign coinage de-
mand from China, Japan and the Rus
sian countries outside of the Indian
demand, which is being supplied by
the United States treasury, will clean
up all the possible production as fast
as available.
Must Buy Metal.
Where it is going to be possible for
the United States government to gath
er in an amount to replace the $780,
100000 ounces necessary to comply
with the provisions of the federal bill
is the question. With the foreign de-
mand offering already premium for
the white metal for coinage purposes
producers think that even If the price
is held at the present figure of $1.01 u
that there will be nothing to prevent
foreign buyers of the metal to Offer
and secure the metal at a price great
er than that fixed by the government
According to the Boston News Blu.
reau, the Philadelphia mint is melt.
ing up the American silver dollars a,
the rate of 100000 per day, and send.
ing the bullion abroad to supply the
demands of England and India, while
silver ought to be selling at half a!
much more than what the government
must replace it for. The News Bureau
says:
Shipments to India.
philadelphia mint is melting a
the rate Of 100000 silver dollars a da!
in connection with arrangement en-
tered into by the United States will
Great Britain to provide silver bullion
for shipment to India. No shipmen
of silver has been made from this cit,
50 far this month, although larg
shipments will go out either late thi
month or early in May.
"'The mint and the assay office il
New York to date have shipped ap
ploximately $172,OOO,0OO in silver bull
lion obtained from melting dollar!
and this figure has been increased b
silver dollars which were melted a
the mint in San Francisco. When tn
silver melting bill was first introduc
ed it provided for the melting of $50
100000 silver dollars. This was abot
a year ago when the end of the wa
could not be foreseen, and to insur
an adequate supply Of silver, whic
would be made necessary by pre-
longed war, the bill was amended
increase the number of silver dollar
which could be melted to 100000
Foreign Demand Less.
las the original figure was 100000
900, it is believed by some who haN
followed the movement that tn
amount provided for the urgent M
cessities of Great Britain in India ar
that with the war now over the silv'
requirements of Great Britain WI
lessen as the 250,000.000 mark is al
preached. The treasury statement
of April /, 1919, gives the stock
standard silver dollars at 1928, ,93
a decrease of 239,834,5S3 from April
1918. and. at the rate the mint here
now melting, the 25O,0O0,OO0 maximu
originally asked will soon be reache
with the release of additional III
mace capacity the mint may increa
its MEETINGS from the present rate
100000 a day to clean up the dolla
on hand. The mint has on hal
awaiting shipment bullion deriv
from the melting of approximate
5000 900 dollars"