The Washington times., 1923-04-15
GREAT BRITAIN
PAYS 19N|LL||0N
ONS|LVER DEBT
Leaves Balance of $42,7OO,-
600 on Account Of Coins
Sold Under Pittman Act
NATURALIZATION IS IGNORED
Treasury Department Hardly
Anticipates News Of Settle
ment Contract lust Now
By COLE e. MORGAN,
Universal Services,

Universal Service.
Great Britain paid this Gov
eminent $19,215,OOO cash today.
Nothing whatever was said about
its $4,000, 900, 900 war obligation.
Yesterdays payment was on
the Pittman silver account, the
funding of which was arranged
| for in 1919, and transaction en-
tirely independent of war loans.
The remittance figured $780,
600 principal and $915,000 in
terest.
TWO WEEKS DELAY.
Treasury officials were of opinion
yesterday there would be at least
another two weeks delay before any
word could be expected from the
British of their acceptance Of the
war debt settlement contract, de-
livered to Ambassador Geddes four
weeks ago.
Unofficial information from Lon
don was. that the cabinet had not
approved and executed the settle
ment contract. If it should be at
tended to in the coming week, an.
other week must elapse for the
signed documents to be returned
to this country.
The American Debt Funding
Commission will go ahead with
its scheduled meeting Monday
morning. The British delay will
then be considered, along with
plans for speeding up action on the
part of other debtor nations. They
are still hopeful, however, there
will be no hitch in the ultimate
contamination Of the British settle.
ment.
Today's Pittman payment was
made through the banking house OF
J. p. Morgan a Co, as fiscal agent
for the British government, and the
New York Federal Reserve Bank,
BALANCE S42, 100. 900.
There remains a. balance on the
Pittman account OF $42,70O. 900, of
which $4,000, 200, with interest, is
due May is. The remaining $780,.
0OO, 900 is to be paid off April
and May, 1924.
Under the Pittman silver act OF
1918, Great Britain purchased from
the United States mint 1858 ,000, 900
silver dollars, which were shipped
to England for coinage to meet
the war demand for coins in Eng.
land and other allied countries.
This Government insisted that
this should be treated as separate
transaction from the general war
loans. Accordingly separate
funding arrangement was effected.
The British have been paying on
that in installments since 1919.
paid for this silver must be applied
toward retiring Liberty bonds. II
cannot be used for paying bond in.
tereSt or other Indebtedness. Inter.
est on Liberty bonds due tomorrow
must come from the general fund
Of the Treasury. It will be taken
care of out Of the income tax re-
ceipts of last month.
The Pittnan act directed that the
Director Of the Mint buy American
| mined silver for coinage into dol.
lars to replace the $3.50 900 900 sold
| TO the British and also. to replace
| $11 900 900 which he was author.
ICED to recon into half dollars,
quarters and dimes to meet the
American demand for small change
during the war period.
| REPLACEMENT BY 1924.
There yet remains 100000, 900 OF
silver to be bought under this act
This will be cleaned up by the end
of the present fiscal year. Since
June 30. 1929, the mint has been
running on schedule Of 500, 900 a
day.
In April, 1918, the mint had 420,.
! 100000 silver dollars in the vaults
before the $270,00O,000 was with
drawn. There is approximately
| $400,000,000 at the present time.