Show PITTMAN CHARGES OFFICIAL JUGGLING TO UPSET TERMS OF SILVER PURCHASE invests investigation aaion of the gold and silver industry with a view of recommending b legislation to meet the situation which will be created by expiration of the pittman act authorizing government purchase of silver at 1 per ounce is shortly to be begun by the special senate silver commission authorized at the recent lecent session of congress according 1 to a recent newspaper dispatch from washington ton A preliminary meeting of the nie members of the commission commission consi of senators oddie Nev nevada acla gooding idaho and sterling south dakota republicans and walsh montana and pittman nevada democrats has been called by senator oddie pittman charges purchase act violation senator pittman takes exception to the recent statement of director of the mint scobey that only ounces of silver remain to be purchased under the pittman act it develops that mr scobey with approval of the secretary of the treasury cancelled an allocation of ounces thus reducing the amount of silver to be purchased under the pittman act there is no authority for the cancellation of such allocation says senator pittman and the ounces must be returned to the united states under the terms of the act by the purchase of silver produced in the united states increasing the total amount of silver to be purchased to ounces senator pittman says it is evident from mint methods of purchase from smelters shelters sm elters that part of the silver delivered to the mint was foreign t silver he says that american silver in possession of smelters shelters sm elters was estimated at the smelters shelters sm elters before reduction and was delivered after reduction and refining b resulting 6 in in a loss of metal after such processes which loss could have only been made up through delivery of foreign silver requests mint director to investigate the senator has requested the director of the mint to investigate vesti gate and compel smelter companies to rebate the difference between the government price and the foreign market price a at t the time of such purchases or at the time of delivery and that he add to the amount the silver to be purchased under the P pittman ittman act the amount of such foreign 01 silver so delivered in a letter to secretary rives of the nevada mine operators acors association senator pittman says the first thing the silver commission must do is to ascertain the facts bearing beacina 6 on the I 1 life of the pittman act through examination of the director of f the mint and the records of his office covering administration of the act referring to three allocations of silver which have been charged against the pittman act senator pittman alleges that the purpose was to avoid purchase pui chase of this silver from the american ican miner and that the department it attempting to violate the law adiv so that the government may profit 30 or 40 cents an ounce on such silver at the expense of the miner he favors examination t ion of smelter of officials fi bials and records as to the delivery of foreign silver urges prompt protective action investigation of the use demand and marketing of silver is is also favored by the senator he says an examination should b be e made of handy harmon and the silver export department of f some of the largest new york banks he points joints out that there are only four or five months in which to devise co opera tive tive plans to protect the 6 gold arold and silver industry particularly the be latter against unfair discriminations in the worlds market he favors attention to problems affecting the welfare of the gold and silver industry that may be settled without legislation after which there will be time to prepare legislation looking to the permanent maintenance of a stable market for silver he favors a silver export association as being legal and practicable and that it should be considered by the commission and if necessary submitted and argued 6 before the federal trade commission which he is prepared to do senator hopes that within two months the commission will have obtained principal facts bearing on the primary questions which may be submitted to a convention of those interested in the gold and ana silver industry for discussion and advice pie he anticipates the commission will hold meetings during the next three months in washington and new york and that subsequent meetings may be held in points convenient to t i 0 producers including reno nevada at which these interests will be invited he thinks the convention of producers should be held at reno after the hearings which will give opportunity for action on the primary program prior to expiration of the pittman act and opportunity for suggestions as to legislation |