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

has given them a good guarantee.
The principal channel through which
coins pass into circulation is that con
stituted by the federal reserve banks
These have taken over the duties and
functions Of the subtreasuries. All
silver coinage is in the official Gus
tody of the treasurer Of the United
States. Any bank or any individual
who desires a supply of silver may ap-
ply to the treasurer. He will direct
the nearest subtreasury to meet the de-
mand and the coin will be furnished in
exchange for such lawful money in
Banks and large commercial establish
ments get this silver coinage from the
federal reserve banks in this way.
Once in circulation the coinage turns
over and over, being added to for the
most part. but subject to compare
lively slight occasional contraction.
theoretically every man, woman and
child in the United States has in his
possession slightly more than $50 in
currency and coin. From month to
month this amount f~luctuates. It is
less now than in the years of bust
ness boom-191S and 192O-but great
err than before the war and very much
greater than 20 or 30 years ago.
The government payrolls themselves
put much coin into circulation. In
the aggregate hundreds of thousands
of silver coins are paid out in monthly
government salaries.
As coins become abraded banks re-
turn them to the treasury. In the Ease
of gold coin, a worn piece is redeemed
only in the amount of actual weight,
but a silver coin can be worn so bad
ly that the inscription is scarcely de-
cipherable, and still be redeemed for
it's full UNCONVENTIONAL value.
During the war there was a great
demand for pennies. This was due
largely to the war taxes. Excise taxes
of various sorts. such as the soda tax
made things which always had sold
for even amounts such as 5 cents or
20 cents, sell for 6 or z cents or %
cents. or such odd amounts. because of
the addition of the fractional tax.
Pennies BY The Million
This created a vast overnight de-
mand for pennies to take care Of this
increased penny circulation. The minis
worked night and day turning out cop
pers by the millions. Nickels and pen
get into circulation through the
subtreasuries and banks in the same
manner as the silver coinage.
The United States mints are modern
ing fact not generally known to the
public is that they do job work and
in a revenue to the government.
Many small foreign nations do not have
their own mints. but do have their
coinage. An arrangement is made |
by some of them whereby they award
n contract to the United States mint
to manufacture coin for them.
A charge is made for this service by
the American government, and this |
shows sufficient profit to turn
a revenue into the federal treasury.
Coins are being made for many gov
,rnments, particularly Latin American
republics. The minis also strike con-
yressional medals and such special !
work of an official nature. In 1921,
t62, 10000 domestic coins were made
iuced, and 91.44S,00O coins were made
for foreign governments.
The director of the mint has his of
ice at Washington. in the Treasury
but the actual minis are at
Philadelphia, Denver and San Fran
Formerly there were minis at
New Orleans and Carson City. but
hese are now merely assay offices.
Other assay offices are at New York,
Boise, Helena, Salt Lake City
ind Deadwood, and there are refineries
1t New York and San Francisco.