The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-04-19

the Pittman act price after other
mines have ceased TO receive it.
THE smelling companies agreed in
formally Gin the presence of the gov
eminent representatives at the con-
ference) that when the time arrives
at which it can not be accurately told
whether the Pittman act price can be
obtained or not, they (the smelling
companies) will simultaneously cease
paying the Pittman act price and Will
begin making provisional settlements
on the terms applicable under their
respective contracts to silver not sal
able under the Pittman act, with the
understanding that the department
will continue to receive tenders, con-
ditioned upon its ability to complete
the purchase under the act and that,
when all the figures are in and the
actual date of termination can be de-
termined, all shipments qualified for
sale under the act will be reliquidat-
ed and the Pittman act price paid
therefor.
THE date at which provisional set
Elements will begin will probably fail
in May and you will be advised as
soon as possible of the exact day The
at the Pittman act price will be as
soon as the exact date of termination
of the act is known.
LAS to this date of reliquidation, the
time for actual delivery of the silver
to the mint will have no bearing. You
should not, therefore, be confused by
the fixing of October l. 1924 (men-
toned in the letter. as the ultimate
date of actual delivery, since this date
was fixed with a view of giving ample
time for all the silver to be actually
produced. Much silver bearing ore,
as you know, goes through zinc plants
which remove the zinc and then the
silver cOmbiped with lead goes to
lead plant, and often, if the ore con-
tains copper, also to a copper plant,
before the silver in the original ore
is finally all obtained. AS the gov
eminent will save interest on its
money, it is willing to give ample
time for actual delivery of the silver
offered to, and accepted by it under
the act. Obviously the smelling and
refining companies will make delivery
as soon as possible to save interest
carry But whenever the date of ac-
tual delivery of silver to the mint it
will not, as above stated affect the
date of reliquidation of your silver,
which will occur long before, probably
a year or so.
"As stated in the above letter, at
the time when 100000 ounces re-
main to be purchased, all plants will
be expected to wire each day the es-
timated amount of silver received at
the smelter yard, and the amount of
silver so received will be rendered
each day to the director of the mint
for sale under the Pittman act. The
director OF the mint may accept these
tenders at the time of receipt. but
probably will not, in which event
these tenders will be placed on file, so
that, when it is definitely known that
the Pittman act is terminated, audi
tors for the government may go over
the books of the vendor smelters, fix
the amount (after making necessary
for accurate, rather than
estimated, silver contents of receipts
at the smelter yard each day. and
then accept tenders day by day, bas
ed on the actual receipts, until the
Pittman act is exhausted. Probably
on the last day there will be a frac-
tional amount only of that days re-
ceipts which will be equitably appor-
toned pro rata on the total days re-
ceipts.
THE details of the departments
method Of auditing will be worked out
and you viii be promptly advised as
soon as possible.
1.-THE department will later advise
us as to the change. if any, in the
miners affidavit which it desires to
have made to cover the shipments up
on which provisional settlement is
made at the open market price and
which may later be reliquidated at
the Pittman act price.
1--WE think this plan does exact JUS
tice to both mine and smelter and
shall be glad to answer, so far as we
can, any inquiries you may have to
make"