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

TO its customers announcing the early
termination of silver purchases by the
government under the Pittman act
and defining the methods Of procedure
on the part of the smelling company
in making settlements for silver pend
ing the determination of the definite
date when Pittman act purchases viii
cease. Similar information has been
issued by all other smelling compan-
les concerned to their customers. AS
this is matter of very great interest
to the silver producing section of the
west the A. $. & r. bulletin is repro
duced in full:
Conference With Director Of Mint.
"a conference was held in Wash
ington at the Office of the director of
the mint on March 30, 1928 in rela-
ton to the approaching termination
Of the Pittman act.
There were present representing
the government, the under secretary
of the treasury, the acting director of
the mint and representatives, of the
legal and auditing branches of the de-
partment.
There We're also present represen-
tatives of vendors who have sold APP
proximately % per cent of the silver
purchased under the Pittman act to
date.
AT the conference it developed
"O The approximately per cent
Of the silver purchased under the act.
not represented at the meeting, is
that silver sold direct to the govern
ment minis in the form of gold bars,
including dore bars mainly produced
by cyanide mills.
"(2) The treasury department,
pursuant to the opinion of the gov
eminent legal advisers and in con-
formity with authority granted by the
Pittman act, has deducted from the
amount remaining to be purchased
that amount of silver used for sub
sidiary coinage
"(S) After this deduction and at
ter deducting tenders Of silver now in
process Of smelling and refining, foi
which the miner has already received
the Pittman act price, there are APP
proxmately 20 million ounces of sill /
yer remaining to be purchased under
the act as of date of March SOth
"(D The production of silver
qualified for sale under the Pittman /.
act is increasing with the probability |
that, from now on it will approxim-
ate 100000 to 100000 ounces per
month which indicates termination
of Pittman purchases not long before
or after the first of July. 1928
"(5) The date of termination can
not be accurately forecast and will not
be known for several months after
the actual date because:
"Ca) The government will require /
time to get in all the figures in rela-
tion to the amount of silver used for
subsidiary coinage;
"(b) The vendors will require sew
eral months to get their accurate fig
ures. because of delays growing out
of disagreements over assays sam
ping, moisture. etc;
"(c) After all figures are in, the /
department viii wish to check the /
vendors books and to make any ne /
cessary corrections.
"(6) The government insists upon
absolute fairness to all producers Of I
silver having always in mind the /
principle that the benefits of the Pitt !
man act were ntendede by congress
10 inure to all miners alike without,
however imposing actual loss upon
the reduction works.
Letter From Director.
AS a result of the conference. the
director of the mint addressed to each
vendor a letter a copy of that receiv-
ed by the American Smelling < Re
filming company being as follows
The amount of silver remaining
to be purchased under the terms
of the act of April %. 1915 is APP
proxmately 20OOOO 900 ounces
When this amount is purchased
by the government no more will
be accepted under the act cited
In order to effect as nearly as
practicable simultaneous dis
continuance of the payment to
the miners of 81 per ounce as pro-
vided by the act it is proposed
that the procedure outlined below
shall be followed:
Establish the governments ac-
tual receipts of silver from each
large vendor and from miscenan-
eous sources as of December 81.
1922; the large vendors of silver
TO establish their refinery and
smelter inventories of silver sup
portable and salable by them as
conforming to the act of April %,
1918, as of December 81. 1922, and
as of the close of each subse-
quent month TO include March.
1928 The amount covered by
such inventories to be separately
stated as to the silver not tender
ed to and accepted by the direct
or of the mint and the amount
subject TO delivery on accepted
tenders. The director of the mint