Word: coins
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Five proposals about the future of the C. S. dollar were the substance of the President's money message to Congress: 1) To issue no more gold coins; in future to keep all the monetary gold of the U. S. in the form of bullion [big gold bars] which will be used only in settlement of international trade balances. This step, generally foreseen, caused no surprise. Since gold coin is in little demand except in times of crisis and at such times goes into hoarding, it is worse than useless to the nation as a whole. 2) To have...
First, recognition of the fact that in most countries gold coin has been effectively withdrawn from circulation and monetary gold has been concentrated very largely in the vaults of central banks. With this there has developed a custom of using gold bullion instead of coin to redeem the notes of central banks...
...London Economic Conference last July the world's silver countries entered into a four-year silver agreement (TIME, July 31). Of the great silver holding countries China promised not to melt down any coin; India, not to sell more than 35,000,000 ounces per year; Spain, not to sell more than 5.000.000 ounces. The silver-producing countries agreed to buy up 35.000.000 ounces per year and keep it off the market. The U. S. quota for silver purchases was set at 24,421,410 ounces, practically the present amount of annual U. S. production...
...strength of this international agreement the President proclaimed that the U. S. Mint would take all silver henceforth mined in the U. S., would coin half of it into dollars, half-dollars, quarters and dimes which would be handed back to the producers. The other half the Government would keep for its trouble. Since by law 50 ounces of silver make $64.50 in coins, silver miners would receive that amount for every 100 ounces they produced, or 64 1/2? per ounce, about 21? more than the current market price...
Peculiar, is it not, that American efficiency and ingenuity must allow such an ugly peril to gain foothold in order that lusty private enterprise might coin more wealth and on the other hand spend thousands of the taxpayers' money to control and fight the dread scourge...