Mohave County miner and our mineral wealth., 1922-01-13

CTS of silver for having, in some man.
 ner,( which these opponents of pop
 ulal economies are unable to under
 stand, caused (with at least the sus-
 plclon of sinister motive) the enact
 ment of the law. The mere recital
 of the facts adequately answers snch
 suggestions.
 That there may be a better under
 standing of the situation, it is neces- sary, however, to dispel the idea that our Government is spending money
 obtained by taxing the people of the United States, in purchasing silver at
 price above that at which the metal could be bought in the open market. The transaction as between the Unit ed States and Great Britain in it's
 business aspect was simply one of bargain and sale. Great Britain bought 207,0O0,00O OF. of silver at a net figure of $1 per oz., resold the silver so bought in liquidation of balances due her creditors at no less than she agreed to pay for it, and is now keeping her special contract with the United States to pay at the agreed price the amount due. .,.- .,.. ., STATEMENT OF THE SECRETARY
 OF THE TREASURY
 The terms of this lontract are very clearly set forth in the report of the Secretary of the Treasury for the ifs cal year 1920, p. 63, as follows:
 Of the obligations of the British Government held by the United States $l22,017633.57 are regarded as hav- ing been given for purchases of sil- yer under the Pittman Act. An agreement has been made with the British Government for the funding and payment of this amount as fol- lows: "The sum of $17,633.57 has been paid with interest. As to the re- mainder, $122,000,000, the British Government, on April IS and May 15, 1921, respectively, is to pay the in- terest accrued on 60 per cent. from April 15, 1919, and on 40 per cent. from May 15, 1919, at thetrat of 5 per cent. per annum. On each 18th of October, November, April, and May thereafter, it is to pay senii-annual installrnent of interest at the rate of 5 per cent per annum, which has ac- crued up to- the respective date upon the corresponding proportion of the part of the principal from time to time remaining unpaid. The principal is to be paid in equal annual install ments in the years 1921, 1922, 1928, and 1924, in the proportions of 60 per cent. on April 15 and 40 per cent. on May 15 of each year. Until the pay ment in full of the principal with in terest, in order to afford American nationals an opportunity to acquire rupee credits at the same cost as such credits are offered to British nation als, the British Government will per init the United States Treasury, through the Federal Reserve Bank of New York, on substantially the same terms as are open to British nationals, to make tenders, to purchase rupee credits offered by the Indian Govern .ment in London or elsewhere in Great Britain. x Payment is to be made in dollars to the agents in New York of the British Government for the ster- ling cost of the rupees at the table rate for sterling fixed by the Federal Reserve Bank of New York at noon the day of such sterling payment in London. The British Treasury hav- ing made the necessary arrangements with the Government of India, upon the request of the Secretary of the Treasury, will, in addition, place at the disposal of the Federal Reserve Bank of New York rupee credits at the rate of exchange of AS 23 cents per rupee in amounts not exceeding crore in any one month and not eX- ceeding 2 crores in any one year. Forthwith upon the sale of such credits by the Federal Reserve Bank of New York, payments therefor at !! the given rate will be made to agents OI IIle DIltlSIl lIedsuIy III 1NCW 1oi h. Rupee credits, thus acquired may be availed of by cable transfers by the Federal Reserve Bank of New York and may be disposed of, by that bank, but not at a, lesser price than their actual cost to the bank. The dollar amounts paid for rupee credits shall be used byt the British Treasury to ref pay the principal of the obligations mentioned in this paragraph, not pre- viously paid accrued interest; upon ! the principal sums repaid to date of simultaneously to be paid by the British iTreasury. All principal amounts so paid in lanyi year shall re. duce cerrespondingly the fixed annual installments payable in that year, and payments of interest thus made shall reduce. correspondinglya the interest payments otherwise due. ,,y,, ,j,..>E,,[
 Thus, it will be seen that complete provision for the amount duelito the: extent of $l22, ,O00, 900, has been made; i