The Lehi sun. [volume] (Lehi, Utah) 1913-1949, 1921-06-23
SILVER DOLLAR IS
NOW BEING COINED
U. s. mINTs RESUMES WORK OF
COMING SILVER DOLLARS TO
MEET SHORTAGE SINCE WAR
Sfo'oOo,ooo, Standard silver Dollars
Were Sold to Great Britain Dur.
ing War And viii Not Be Re-
deemed by v. S. Government

Washington.-Coinage of silver dol.
lars has been resumed by the mint
atter seven years and the work of re-
placing 27O,OO0,000 standard silver dol
lars taken from the treasury during
'he war to sell to Great Britain has
started
since March treasury officials said
saturday. approximately 2O,OOO,0OO sill
yer dollars have been coined. In the
same period corresponding amounts Of
silver certificates were issued and fed
erai reserve notes and treasury certlf-
Gates securing them retired. This pro-
cess oHcinls said, will probably con-
tlnue nve years, until the treasury's
reserve of silver dollars Is back to It's
prewar basis.
Ihe 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 279,000OO0 sill
yer dollars, amounting to 208 900 900
ounces of silver, at S101h an ounce
plus the market price Of the copper con-
tent. The 1hc he explained, paid for
the cost Of melting and transportation
and the cost Of recoinage.
The work of rehlllng 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
100000 a month.
Since May 1920 the mint has bought
about 55,000,O00 ounces Of American
silver at 81 an ounce and will continue
to purchase at this price until the
treasury's stock is replenlshed.
Although the Plttman act requires
the mint TO pay 81 an ounce for its
silver Mr.. Baker declared inquiries are
received demanding why the govern
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 n result of combining the
treasury's 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
rotary Officials recalled, was what for
mer Secretary Glass described as one
of the "romatlc incidents of the war"
In 1918, officials said. Great Britain's
Mesopotamlan campaign was theatened
by the silver famine In India. Silver
was boarded and hidden by the natives
German propaganda, seeking 30 block
England's plans, was spreading the re-
port that the government could not re-
deem It's paper currency.
The British ambassador laid his
country's plight before this govern
ment. Mr.. Baker suggested that the
standard silver dollars lying idle In
the treasury could be used and certif-
Gates outstanding against them replac-
ed by federal reserve notes. The Pitt
man act was passed In six days.