Tombstone epitaph., 1921-06-26
RESUME COINAGE OF v. S.
SILVER DOLLAR AFTER
SEvEN.vEAR Law OF

SevEN.VEAR Law OFF
WASHINGTON. June 1s-Coinage
c. silver dallars has been resumed by
tae mint after several years and the
work OF replacing 2.0O0000O standard
silver dollars taken from the treasury
during the war to sell to Great Britain
tas started.
Since March treasury officials said
tonight, approximately 90 million sill
yer dollars have been coined. In the
same period corresponding amounts Of
silver certificates were issued and fed
eral reserve notes securing them re-
tired. This process. officials said.
you'd probably continue five years
until the treasury's reserve of silver
dollars is back 10 its pre-war basis.
The mint officials explained. ceas-
Cd coming silver dollars in 1914. when
the supply OF metal purchased under
the coinage act was exhausted. Fur
tier authority to make the dollars was
,ot forthcoming until 1918. when con-
g-ess passed the Pittman act to en-
sbie the sale of melted dollars to Eng
and for the relief OF the silver famine
il India
Under the act. Director OF the Mine
Baker sold 10 England 5000 900 sill
ser dollars. amounting to 20S.000. 900
ounces OF silver at sl.0l 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 vaults. Mr.. Baker said,
vas well under way. the mint striking
OF silver dollars at about 5000. 900 20
100000 a month.
Since May. 1920. the mint has
bough, about 550oo 900 ounces OF
American silver at 81 an ounce and
will continue its purchase at this price
until the ,reasurys stock is replen-
ished.
Although the Pittman act requires
the mint to pay 81 an ounce for its
silver. Mr. Baker declared inquiries
are received demanding to know why
the government pays so much more
than the market price. The price was
fixed by the act. he stated. to stabilize |
The price OF silver when there were in
dications of its reaching unheard |
heights during the war. AS a result |
confining the treasury's purchases TO !
silver both produced and reduced in |
this country the American silver min. !
ing industry was protected from for
eign competition. Mr. Baker said
Because OF the price at which silver I
vas sold TO England the government
is breaking little better than even |
be added
The history OF the Pittman act sales. y
treasury officials recalled. was what |
former Secretary Glass described as
one OF the romantic incidents of the I
var"
In 1918. officials said, Great Brit !
aims Mesopotamian campaign was
threatened by the silver famine in In
dia. Silver was boarded and hidden |
sy the natives. German propaganda,
seeking to block England's plans. was |
spreading the report that the govern |
ment could not redeem its paper
currency.
The British ambassador laid his
country's plight before this govern
ment.
Mr.. Baker suggested that the stand |
ard silver dollars lying idle in the !
treasury could be used and certifi- |
Gates outstanding against them re- |
placed by federal reserve notes. The |
Pittman act was passed in six days |
Silver began to move from the sub |
treasury at once