The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1920-01-29

~ age laws of the nation is now
~ before congress. Shall the
par" between coin and bull
lion value in subsidiary silver COIN
age be placed at SLIT per ounce as
compared to the present standing of
$1,3S2? This is urged in the Platt
bill which is receiving favorable dis
cusson before the committee.
Congressman Platt, chairman of
the banking and currency committee
of the house, introduced his bill last
month, affecting only subsidiary, or
fractional coinage, half-dollars, quar-
tiers and dimes, The Platt bill would
cut down the size of the half dollar
from 1913 grains, 900 lO0Oths pure sill
ver to $50 grains, same standard OF
purity, and the quarter and dime in
proportion. This would result In
making $1.777 per ounce the par be-
tween coin and bullion value in such
subsidiary coinage versus $1.SS2 now.
Would Issue New Coins.
r. Congressman McFadden of Penn
sylvania has now introduced bill
which is arousing much discussion. 1t
provides for remelting all silver coin
age, issuing new coins of the same
weight, but 800 instead of 900-1000ths
fine This would result in $1.451s for
silver dollars and $155R for subsid-
iary coins as par" between coin
oh nd hilllinp Iru1na Tho MnPal-
den bill also absolves the mint from
the obligation to repurchase at 81
per ounce or any other fixed price the
silver bullion in $50 million silver
dollars authorized to be melted down
and sold under the Pttman law Of
April 23, 1918.
Considerable opposition is shown to
the last provision of the McFadden
bill which practically abrogates
contractual obligation of the govern
.ment made at the time the Pittman
law was passed, namely, that the sill
Yer melted and sold should be later
replaced. There is now more need
than ever that lit be replaced owing to
the stringent need of the metal in all
nations and our own for coinage. A
compromise is expected to develop
whereby the provision Of the Pittman
law requiring replacement of the van
ished silver will be maintained, but
the price limit of $101h per ounce
will be removed, as being no longer
possible; at least, not for many years
so far as now discernible.
Mnts Outrun Production.
Silver statisticians have figured out
that in four years past the entire
world production of new silver, were
it applied exclusively to new coinage,
would have fallen short by 511,000,-
600 ounces of meeting the amount of
silver actually consumed in minting
new coins by the mints Of the world.
In other words, in four years the
mnts consumed in new coinage 511,-
900 900 ounces of silver in excess of
the total world production of the met
al during the four years.
This was made possible in part by
Ine tUelIl1lS VI Olu JeNelIS anu I'illIiS
in all kinds of old silver from hiding
places, but chiefly by melting down
$50, 100000 silver dollars in the U. s.
trea su1y and sold under the Pittman
law. Over 2O0,OOO,OOO Mexican silver
pesos were melted down and that gov
eminent has twice reduced the amount
of silver in the peso.
Last year the Occur dAlenes pro-
duced about 100000 ounces of silver,
! ranking fifth among the silver camps
of the nation. Increased production
in all Of the mines is now noticeable.
! while the incentive for the prospect
: or and prospect owner to exert his
, best efforts were never more alluring.
. TIL worlds shortage must be met and
If It is to be done new mines must be
found to augment the present visible
supply.