The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1923-02-08
CALLS UPON CONGRESS
IN BEHALF OF SILVER
CALLAHAN EXPLAINS TO LEGlS.
LATURE WHY ACTION is
NECESSARY.

Enactment of legislation favorable
tC the silver industry of the country
lir urged in senate Joint memorial No.
g. by the committee on mines and
mining. which received favorable con-
sideration in the senate Friday morn
ing Callahan of ShoshOne county ex-
planned the needs of the silver irdus-
try. declaring that unless some relief
was granted production would stop.
says the Boise Statesman of last Sat
urday
The Shoshone solon outlined the
history of the silver situation as fol-
lows:
War History Cited.
early in 1917. just prior to the en-
trance of the United States into the
world war. a very serious situation
had developed among the allies be-
cause of the fact that they were I'M
able to meet their obligations in the
orient in silver A revolution was
threatened in India, and much unrest
existed in China and Japan owing to
the failure of the allies to pay their
obligations in those countries in the
white metal The oriental nations alb
solutely refused to accept payment in
gold and when the United States en-
tered the world war one of it's first
acts in cooperation with its allies was
the Pittman act passed April g. 1917 |
At that time silver was selling in the |
markets of the world at S13S an
ounce
IF the allies had been compelled to |
go into the open market to purchase
silver for the payment of their obliga-
tions the price would have risen to
$3.50, and, unquestionably. higher The
Pittman act fixed the price of domes-
tic silver at 81 and the government /
itself sold to the allies POS. 900. 900 L
ounces of the metal. which under the
act was to be replaced by domestic
silver purchased at 81 an ounce until
such time as this amount was re-
placed. From that time on the DOM
este producer of silver has had a
market at 81 an ounce for his pro-
duce, and that will continue for sew
eral months more, at which time the
entire 2OS,OOO,O 900 ounces will have
been replaced and the government
will discontinue purchase.
1T is we'll to consider the fact that
the report of the director Of the mint 2
for the fiscal year ending June 80, I,
1922. gave the average price of silver
per ounce to the mint as O.5995 for
the years 1900 to 1917, inclusive. As
sufficient purchases Of silver were
made by the mint during the years
1900 to 1917, inclusive, to cover the
made a profit on the sale OF 40 cents ,
Der ounce or SS,2OO,OOO. :
Profiteering Denied.
by considering these figures the {
charge made by some who are ignor- c
INT of the provisions of the Pittman {
lct that a subsidy or bonus is being 5
given to the domestic silver produc- C
rs by the repurchase clause of the f
ct is completely disposed Of Had t
he Pittman act not been passed the T.
Domestic producers would have real b
zed an immense profit by the sale of
heir silver in the world market The
act that a United States senator >,
rom one of the leading silver states
/ the union introduced the bill and
ecured its passage is proof that at :,
hat time the silver producers were .,
OF endeavoring to profiteer. -
I'm considering this silver question :,
would like to call attention to the -
act that the report of the director of -
he mint for the fiscal year ending =.
une 80, 1922, gives the bullion value =,
the silver dollar for the years 1900 .,
} 1917 inclusive, as O.4647, and that =,
he silver dollars in circulation and in =.
le treasury amounted to $3S1,174, o.
a. that the subsidiary silver coins =,
mounted to S271, 21O, $50, a total of -, :"
$50, 1856, 29O. The cost to the govern -
ent of the silver contained in this
image based on O.4647 as the bullion
llue per silver dollar. was s3O9, 49, re
&c, showing a seignOriage in favor ia
the government of sS42,6S2,754." Z.