The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-05-10
FILED BEHALF
PRODUCERS OF SILVER
EDITOR ASKS SECRETARY TO
RECONSIDER HIS RE-
CENT RULING

A letter has been forwarded to the
secretary of the treasury by }. e.
Spur, editor of the Engineering and
Mining Journal-Press, protesting
against the ruling of the department
respecting allotments of silver for
subsidiary coinage and requesting
reconsideration. The letter follows:
To the Secretary of the Treasury.
I'VE beg to refer to your decision to
revoke the ALLEGATION of ten million
silver dollars for subsidiary coinage
under the terms of the Pittman act,
and your conclusion that thereby you
are relieved of the obligation imposed
by such act to purchase in the United
States of the product of it's mines the
amount of silver equivalent thereto
as specified in the act.
I'VE have carefully examined the
act and respectfully refer to its title;
IAN act to conserve the gold sup
ply of the United States; to permit
the settlement in silver of trade bal
ances adverse to the United States; to
provide silver for subsidiary coinage
and for commercial use; to assist
foreign governments at war with the
enemies of the United States; and for
the above purposes to stabilize the
price and encourage the production of
silver
"The act permits the secretary of
the treasury to melt or break up and
TO sell as bullion standard silver dol
lars at not less than S1.OO per ounce
of silver one thousand fine.
Section , provides that upon every
such sale of bullion from time to time
the secretary of the treasury shall
Immediately direct the director of the
mint to purchase in the United States
the silver equivalent specified in re-
spect of every standard silver dollar
so melted or broken up and sold as
bullion.
Section 8 provides that
1.-THE ALLEGATION of any silver to the
of the mint for subsidiary
coinage shall. for the purpose of this
act be regarded as a sale or resale
The silver producers of the country
have interpreted this act as being
upon the secretary of the !
treasury to direct the director of the [
mint to purchase in the United States |
the silver equivalent specified of every |
silver dollar so melted. broken up, sold I
or allocated and have predicated their |
operations and made their expendi- |
lures upon such a basis.
"This publication endeavors to fur
nish accurate information to the pro-
iucers of metal regarding the current
price for their product and to advise
them of all conditions that relate es-
pecially to the amount used and de-
nand for the same
I'VE find nothing in the act that
permits of the revocation of an allo-
,ation of silver to subsidiary coinage,
)ut even IL such revocation be consid-
cred an administration prerogative it
does not permit the secre-
.ary of the treasury to ignore the
provisions of the Pittman
act to purchase the silver equivalent
Of silver dollars broken up. melted
and sold Cor allocated).
I'VE beg to point out that while it
may be to the financial advantage of
the government to revoke the alloca-
ton of silver to subsidiary coinage to
the extent of ten million dollars so al
located. it can not be done without
ignoring the mandatory character of
the act and the doing of serious in
jury TO the producers Of silver who
were induced or encouraged by the
terms Of the act to push the produc-
ton of silver.
I'VE respectfully urge you to re-
consider your statement OF the amount