Word: mintings
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Directress Nellie Tayloe Ross of the Mint went to the Manhattan office, spent three days supervising its busy activities. On her orders newshawks were admitted for the first time in history, allowed to see the ingots, ask questions...
...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...
...production is estimated at about 24,000,000 ounces but it was 31,000,000 ounces in 1931, 50,000,000 ounces in 1930 and 60,000,000 ounces in 1929. Inasmuch as the price of silver was less than 60? an ounce in 1929, the U. S. Mint will probably be offered a lot more than 24,000,000 ounces at 64 1/2? 2) Since the world market price of silver has been around 43? an ounce, the proclamation will give a bonus of about 21? an ounce to silver producers, or about $5,000,000 a year...
...Since the Mint will pay 64 1/2? an ounce only for silver newly mined in the U. S., the world price of silver will not necessarily rise to that level, will continue to be fixed by supply & demand. The proclamation will, however, remove 24,000,000 ounces (the U. S. quota) from world supply. This is about 20% of world production. This will undoubtedly tend to raise the world price but if private hoards of silver begin to leave India and China (which hold 600,000,000 oz.) or if Manhattan's silver speculators decide to dump their...
...meat packing legislation. But Secretary O'Mahoney found spare time to study law. After three years he went back to Cheyenne to hang out his shingle. In another four years he was directing the Democratic campaign which made Mrs. Nellie Tayloe Ross (now Director of the U. S. Mint) Wyoming's Governor. Finally, a Democratic Na tional Committeeman, he lobbied in Washington for Wyoming's gigantic Casper-Alcova Dam project which was finally approved last summer by Presi dent Roosevelt (TIME, Aug. 7). As Postmaster General Farley's No. 1 assistant, Joe O'Mahoney...