OCR Text |
Show SILVER AND THE GOVERNMENT The time approaches when purchase of silver mined by the U S. Treasury under provisions of the Pittman act, at a price o! one dollar an ounce must cease. The director of the mint has given notice that only six million ounces remain to be purchased to complete the authorized quota. After that silver must rely upon world market quotations foi its price, which at present is about sixty cents an ounce. To those who do not understand why the United State mint is buying silve? at one dollar an ounce when it could be bought for sixty cents, e little history needs to be retold. During the war the British government had to sustain the paper rupee in India with coin. Owing to the war silver was above par, and England had tc supply the amount needed. The only silver available, $300,000,000 in the United States treasurv, accumulated under the silver purchase act of former years The British government opened negotiations for the purchasf of this silver for the Indian mint. It cost us sixty cents, but we sole' it to England at that particular time for one dollar an ounce, anc the British were very glad to get it it the price. The Pittman act then provided that this silver should be replaced replac-ed in the treasury by purchase m the market at one dollar an ounce whenever the price went below-that figure. The rnortaliiy of sell ing to the Eritisn at one dollar v.' hen the market price was morr was that the o-ie dollar price protected the treasury from any loss and was a hclo to an ally in the war. |