Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-05-24

THE N OF N
Washington, d. G., May 22.-The

Washington, d. c., May 22.-The
gold holdings Of the federal reserve
banks have just passed the three bill.
lion mark, a record for any bank OF
issue or for any nation. Successive
lmportations OF gold from foreign coun-
tries, arising from the heavy balances
due people in this country, have piled
up this great store Of gold. While
most Of it remains in bullion form,
large quantities are coined. OF the
gold coin, the chief quantity remains in
banks and in government custody. but
some OF it passes into circulation along
with the great quantities of silver and
minor coinage. The process is direct
and simple.
Inc United States mints will receive
ana mint into coin, entirely free of
charge, gold brought to them from any
source, excepting only Russian gold.
Russian gold will not be received be-
cause OF the. ~soviets' policy of whole
sale c~onfiscation. Some one might later
come along and prove that the mints
had received what in reality was stolen
gold, in which case the government
probably would have to restore the gold
to its rightful owner.
But when gold is dug out of the
MINES. when treasure chests are dug
up, when gold ornaments are desired
TO be reduced to coinage or bullion,
wnen gold scraps from jewelers. shops
are to be salvaged, the precious metal
can De taken to any mint and turned
INTO gold coin or bullion, free of any
charge to the owner. 1t is a curious
iact that periodically dentists doing a
large gold-tooth business will burn the
rugs under their dentist chairs and
take the small residue of gold filings
ana chipnings and have them reduced
u coin Or bullion at a mint.
No Need to Wait
When raw gold or ornaments are
taken to a mint or assay office, the
oretcally the owner could wait and re-
ceive the actual gold in the form of
coins. But this is not a speedy pro-
cess so the usual course is, after an
assay to ascertain ~fineness, to give
the owner gold coin already made, or
bullion. or a check on the nearest gov
eminent depositary. This can be paid
IN gold or any other form of coin or
currency the owner elects. Thus the
value OF the gold submitted passes very
directly into circulation.
Inc treasury owns a vast store of
~ II polL at Tue treas
Dry in Washington, in part at minis and
assay offices, and in part in federal
reserve bank vaults. Gold coins are
manufactured only as the needs of the
and commerce demand.
Under the law the mints must buy
all the silver mined and reduced in
the United States, which is offered. |
4 fixed price of 81 per ounce is paid.
foreign silver will be bought. The
open market price of foreign silver is
between so and 20 cents an ounce,
and the exclusion of this from the
mints is a dissemination to maintain :
the American price and stimulate the
industry. At present considerable sill
yer is being minted. Just now there
is not much new silver being offered
but the mints have an ample supply.
Before the price of silver was fixed
the mints bought for coinage needs in
the open market. Just before the war
ounce of silver could be bought for
30 cents. With the wal it speedily
rose to S1.3O an ounce. The govern
nent bought in the open market until
The price of silver as a commodity
its value as money and then
The 81 price was set. Since the war
he price has gone down but the 81
price still stands. Silver producers
ost a good customer when the price
above a dollar but the decline