The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1921-06-24
SILVER DOLLAR IS
NOW BEING COINED
U. S. miNTs RESUMES WORK OF
COMING SILVER DOLLARS TO
MEET SHORTAGE SINCE WAR
27o.ooo,o 900, Standard Silver Dollars
Were Sold to Great Britain Dur
ing War And Will Not BE Re
deemed by v. s. Government

Washington.-Coinage of silver dol
lars has been resumed by the mint
after seven years and the work of re-
placing 270,OOOOO0 standard silver dol
lars taken from the treasury during
the war TO sell to Great Britain has
started.
Since March treasury officials said
Saturday, approximately 20,000,0O0 sill
yer dollars have been coined. In the
same period corresponding amounts of
silver certificates were issued and fed
eral reserve notes and treasury certifi-
Gates securing them retired. This pro-
cess, officials said. will probably con-
unue five years, until the treasury's
reserve of silver dollars is back to its
prewar basis.
The mint, officials explained, ceased
coming silver dollars in 1914, when the
supply Of metal purchased under the
coinage act was exhausted. Further
authority to make the dollars was not
forthcoming until 1918, when congress
passed the Pittman act to enable the
sale of melted dollars to England for
the relief of the silver famine in In
dia.
Under the act Director of the mint
Baker sold to England 279,00O,OOO sill
yer dollars, amounting to 20S,OO0,OOO
ounces of silver. at S1.01h an ounce
plus the market price of the copper con-
tent The 1Kc he explained, paid for
the cost of melting and transportation
and the cost of recoinage
The work of refilling the hole left in
the treasury's vaults, Mr. Baker said,
was well under way, the mint, striking
off silver dollars at about 100000 to
10000, 600 month.
Since May 1920 the mint has bought
about 55,000,000 ounces of American
silver at 81 an ounce and will continue
to purchase at this price until the
treasury's stock is replenished.
Although the Pittman act requires
the mint to pay 81 an ounce for it's
silver. Mr.. Baker declared inquiries are
/ A>NNiFSo WHY Lie SONClh
ment pays so much more than the mar
ket price. The price was fixed by the act
he stated to stabilize the price of sill
yer when there were indications of its
reaching unheard of heights during the
war. AS result of combining the
treasurys purchases to silver both pro-
duced and reduced in this country, the
American silver mining industry was
protected from foreign competition, Mr..
Baker said was sold to England, the
government is breaking a little better
than even, he added.
The history of the Pitman act sales,
officials recalled, was what former Sec
j rotary Officials recalled was what for
mer Secretary Glass described as one
of the "romatic incidents of the war"
In 1918, officials said, Great Britain's
Mesopotamian campaign was theatened
| by the silver famine in India. Silver
was boarded and hidden by the natives
German propaganda, seeking to block
Englands plans, was spreading the re-
port that the government could not re-
! deem its paper currency.
The British ambassador laid his
coHntry's plight before this govern
ment. Mr.. Baker suggested that the
standard silver dollars lying idle in
the treasury could be used and certifi-
Gates outstanding against them replac-
ed by federal reserve notes. The Pitt
man act was passed in six days.