Bisbee daily review. [volume] (Bisbee, Ariz.) 1901-1971, 1921-06-22
SILVER DOLLARS
AGAIN BEING
TURNED OUT
Coinage Is Resumed Because
Of Large Number Sent To
England During War


WASHINGTON June 21.-Coinage
of silver dollars has been resumed
by the mint after several years and
the work of replacing 270,000.0O0
standard silver dollars taken from
the treasury during the war to sell
to Great Britain has started.
Since March treasury officials said
tonight, approximately 20 million sill
yer dollars have been coined. In the
same period corresponding amounts
OF silver certificates were issued and
federal reserve notes securing them
retiredS This process officials said.
would probably continue five years
until the treasury,s reserve of silver
bearing dollars is back to its pre-war
basis.
The mint officials explained, ceas-
ed coming silver dollars in 1914 when
the supply of metal purchased under
the coinage act was exhausted. Fur
Their authority to make the dollars
was not forthcoming until 1918, when
congress passed the Pittman act to
enable the sale of melted dollars 10
England for the relief of the silver
famine in India.
Under the act Director of the Mint
Baker sold to England 279,00O.000 sill
er dollars, amounting to 208,000,0 900
ounces of silver at s1.01 IL an ounce
plus the market price of the copper
content. The half cent. he explained
paid for the cost of melting and trans
portation and the cost of recoinage.
The work of refilling the hole left
in the treasury's aults, Baker said.
was we'll under way, the mint strik-
ing off silver dollars at about 8,OQO,-
900 to 100000 month.
Since May, 1920, the mint has
bought about 55,O00000 ounces of
American silver at 81 an ounce and
will continue its purchase at this
price until the treasury's stock is re-
plenished.
Although the Pittman act requires
the mint to pay 81 an ounce for its
silver Baker declared inquiries are re
ceived demanding to know why the
government pays so much more than
the market price. The market price
was fixed by the act, he stated, to sta
Billie the price of silver when there
were indications of its reaching UNI
heard heights during the war. AS a
result combining the treasury's pur-
chases to silver both produced and
reduced in this country the American
silver mining industry was protect
ed from foreign competition, Mr.. IA
ker said.
Because of the price at which sill
yer was sold to England. the govern
ment is breaking little better than
even, he added.
The history of the Pittman act sales.
f! treasury officials recalled, was what
former Secretary Glass described as
one of the romantic incidents of the
war"
In 1918, official said, Great Britain s
Mesopotamian campaign was threat.
ened by the silver famine in India.
Silver was boarded and hidden by the
natives.' German propaganda, seeking
| to block England's plans, was spread
! ing the report that the government
could not redeem its paper currency.
The British ambassador laid his
country's plight before his govern
ment
l Baker suggested that the standard
silver dollars lying idle in the treasury
could be used and certificates out
standing against them replaced by
/ federal reserve notes. The Pittman
act was passed in six days. Silver
began to move from the sub-treasury
at once.