The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1922-10-19
DEMAND SILVER IN
PLACE PAPER MONEY
PROPOSAL BY MACBETH
Director of Mint Favorable to
SiIver-Commercial Bodies
Should Act
PROPOSAL BY MACBETH
T THE PRESENT rate it

A II THE PRESENT rate it is
~ estimated that in IS months
the full amount of 2OS,0OO, 900
ounces of silver win have been
purchased by the government to re-
place the amount withdrawn during
the war. The purchase of this silver
of domestic origin is required by the
Pittman act at the fixed price Of 81 per
ounce. When this amount has been
restored to the treasury, the law fixing
the price ceases to operate and the
price of domestic silver will be estab-
lished in the open market the same as
foreign produced silver. Various plans
have been proposed by the friends Of
silver to maintain the price at not less
than 81 per ounce independent of leg
iislative action and it is possible that
efforts in this direction may prove sue
cessful. On the other hand, Senator
Pittman, author of the law that bears
his name is of the opinion that world
demand for silver will raise the price
above 81 before the government pur-
chases are completed, when obviously
no more silver would be offered the
government and the Pittman act
would still stand as a protection
against a price below 81 per ounce. In
the meantime Ravenel Macbeth, sec
rotary of the Idaho Mining association,
calls timely attention to one phase of
the silver question that should appeal
strongly to the west, and particularly
to those who are in any way identi-
fled with the mining industry. 1t is
a matter of common knowledge that
during recent years that has been a
marked increase in the circulation of
silver certificates and a corresponding
in the use of silver dollars. |
This tendency to substitute paper
money for silver is decidedly detri- |
mental to the cause of silver and to |
offset this and create a more friendly !
attitude toward silver as a money |
metal, Mr.. Macbeth hopes to start a
movement that will create a demand |
for silver Questioned regarding his /
plan by The Miner, Mr.. Macbeth made
the following statement:
Silver in the Treasury.
while in Washington, from time to
time 1 called on Director of the Mint
Scobie in order to keep in touch with /
the silver situation. During one of my
visits 1 asked the director if in his +
opinion the government would be in a
larger use of silver, should begin a
campaign of education now. CONNER
cial bodies should bring pressure to
bear on the banks to use more silver, /
paying it out in preference to silver
certificates. In this way the silver
stored in the national treasury would
be drawn out and placed in circula-
ton. A greater demand would be
created for the metal public sympathy /
in favor of the silver dollar would in
crease and result in it's larger use, and
thus become an important factor in
sustaining the price of silver at 81 per
ounce"
position to purchase silver at the ex-
piration of the Pittman act, and was
by him that he did not be-
ieve he would require any silver for
some period after the act lapsed. Then
turning to me, he said:
Mr. Macbeth, how is it that the +,
silver producers are requesting this aid
rom the government when they are
falling to help themselvesT I asked
him what he meant. He said that the