Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-05-25
NO CHARGE In
MINTING GOLD
INTO U. S. COIN
BY FREDERICK J. HAsKIN.


washington, d. c., May 24.-The
gold holdings of the federal reserve
panks have Just passed the three
pllllon mark. q record for any
Dahk Of issue or for any nation
successive importations of gold
Ifom foreign countries, arising
IRON the heavy balances due peo-
pie IN this country, have piled up
TINS great store or gold. While
most Of it remains in bullion form,
large quantities are coined. or the
gold coin, the chief quantity re-
mains 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.
The United States minis will re-
celVe and mint into coin, entirely
Tree or charge. gold brought 10
them from any source, excepting
only russian gold. Russian gold
Will not be received because of the
soViets' policy OF wholesale con-
Ilscatlon Someone 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
| aug up, when gold ornaments are
desired to be reduced to coinage or
bullion, when gold scraps from
jewelers. shops are to be salvaged,
the precious metal can be taken to
any mint and turned into gold coin
OF bullion, free of any charge to
the owner. 1t is a curious fact
that periodically dentists doing a
large gold-tooth business will burn
the rugs under their dentist chairs
uiiu take the small residue of gold
LilIlngs ana clippings and have
lhem reduced to coin or bullion at
mint
men raw gold or ornaments
are taken to a mint or assay Of
nee, theoretically the owner could
walt ana receive the actual gold in
the form of coins. But this is not
speedy process so the usual
course Is, after an assay to ascer-
Jam flheness, to give the owner
gold coin already made, or bull
non, or a check on the nearest gov
eminent depository. This can be
pau in gold or any other form of
coin or currency the owner elects.
mus the value of the gold sub
mltted passes very directly into
circulation.
The treasury owns a vast store OF
Sold, keeping it in part at the
treasury in Washington, in part at
mlnts and assay offices. and in
part In federal reserve bank vaults
Gold coins are manufactured only
us the needs of the government and
commerce demand.
Under the law the mints must
BUY all the silver mined and re-
duced in the United States which is
offered. a fixed price of 81 per
ounce is paid. No foreign silver
Will be bought. The open market
price of foreign silver is between
90 and 10 cents an ounce. and the
exclusion of this from the minis is
a discrimination to maintain the
American price and stimulate the
industry. At present considerable
silver is being minted. Just now
there is not much new silver being
offered but the minis have an am
pie supply.
Before the price of silver was
fixed the minis bought for coinage
needs III the open market. just
before the war an ounce of silver
could be bought for 70 cents. With
the war it speedily rose to $3.50
an ounce. The government bought
in the open market until the price
of silver as commodity passed its
value as money and then the 81
price was set. Since the war the
price has gone down but the 81
price still stands. Silver producers
lost good customer when the