Mohave County miner and our mineral wealth., 1922-01-13
POSITION OF SILVER UNDER . THE P|TMAN ACT
Continued From Page 8,


 was necessary at that moment to helr the British Empire. Nothing was said of this. Even the newspapers-re- member the newspapers were con- scious of it-knew as we'll as possible what was happening; but they did not mention it because they knew that if they did they would detract largely from the generous services that Amer ica was rendering and they passed it over in silence. Nothing has been heard of it or said of it since. I do not know myself that now, long after the war, America has ever claimed in any way our recognition of that ser vice.
 I only instance that for the purpose of bringing home to the mind of the British people not only what America can do if she once sets her mind to do thing, but I want strongly to i'm press upon you the generosity with which America responded to the de- mands which were made upon her.
 HOW THE ACT WAS CARRIED F. OUT
 Having explained the causes that led to the passage of the Act and the circumstances under which it was eff fected, it is interesting to outline what was done under its provisions, the effect it had on the price of silver, and thus relieve the minds of many who are under the apprehension that present repurchases. made under it's provisions are a drain on the treas ury. ~
 From the date of the passage of the Act CApril 23, 191S), to the fulfill ment of sales under it's provisions to Great Britain, the United States Mint melted a total of 270,121,554 silver dollars, the equivalent of about 20S,- 100000 OF. of fine silver. The supply thus made available explains how it was possible to meet the demand for silver during the most critical period in history, and to export to India from the United States alone in two years (1918-1919) more than the en- tire production of the world during the same period, while meeting to some extent the urgent currency de- mands of the rest of the allied world.
 The effect which this legislation, and the exercise of government con- trol had upon the price, is best shown by what happened during the opera tion of purchases under the Act and following the removal of such con- trol.
 THE COURSE OF THE MARKET
 By reason of the provisions of the Act and the control imposed by the United States and Great Britain, the price was held in restraint, and an artificial limit of $1.01125 was main tained until May ?, 1919, when the United States abrogated the imposed maximum; it's action was followed day later by Great Britain. S'
 The immediate effect was a rise of 5d. per OF. in London followed the next day by a further advance of 41hd. The price then receded until toward the end of May, when low level of 51d. per standard ounce Lon don, and $1.04625 per fine ounce, New York, was reached. From that time, the remainder of 1919, the price in7 creased, closing at $1.31 Dec. 31, af- ter reaching an unparalleled, official ly reported, price of $1.375 per fine ounce, New York, on Nov. 25, 1919. :.
 The market continued stron throughout February and March, 1920, when other influences came into play. These were the falling off in trade, that has resulted in business depres- sion all over the world; especially bad conditions in China and India; the purchase by British interests of the available supply of Germany, about ozs.' at much lower than prevailing prices, by taking advantage of the exchange value of the mark; the selling by Austria-Hungary,y and finally by France, which completed the demoralization. Consequently sil- yer declined until in May, 1920, it reached the price of $1 per fine ounce New York. .s..vr,y ,>,-
 Up to this time, no silver had been purchased by the Director of the Mint to replace that which had been sold, the reason being that none was avail, able at the price of $1 per oz. fixed by the Act. That level having been reached on May IF, 192O,t the Director of the Mint announced the readiness of the Government to purchase sil- yer at $1 per oz., 1000 finey delivered at the option Fof the Director to the Assay Office>at New York, or to the Mints in Philadelphia, Denver, or San upFto an aggregate amount of 207,OOO,O00 oz. .-yc> ,ryr,,I
 This declaration was followed by a further statement on June r, pres cribing forms of affidavits, etc., and by supplemental regulations, approv- ed Aug. 30, Tall defining and limiting tLo .o,oJ,, o+ sS,,S o,,o;Io ob1o fx,. calS. ay,d1