Pittman Act

The Pittman Act was a United States federal law sponsored by Senator Key Pittman of Nevada and enacted on April 23, 1918. The act authorized the conversion of not exceeding 350,000,000 standard silver dollars into bullion and its sale, or use for subsidiary silver coinage, and directed purchase of domestic silver for recoinage of a like number of dollars.[1] Under the Act, 270,232,722 standard silver dollars were converted into bullion (259,121,554 for sale to Great Britain at $1.00 per fine ounce, plus mint charges, and 11,111,168 for subsidiary silver coinage), the equivalent of about 209,000,000 fine ounces of silver. Between 1920 and 1933, under the Act, the same quantity of silver was purchased from the output of American mines, at a fixed price of $1 per ounce, from which 270,232,722 standard silver dollars were recoined. The fixed price of $1 per ounce was above the market rate and acted as a federal subsidy to the silver mining industry.[2]

Further provisions relating to silver coinage were contained in the Thomas Amendment to the Agricultural Adjustment Act of 1933.

Sources

gollark: If a thing works differently in real life to ingame, people frequently decide that the real-life version must be better, even though this is not necessarily the case because the setting is completely different.
gollark: But don't fall into the trap of blindly copying some real-life thing into Minecraft like *so many* people do with "OS"es.
gollark: I think what might work better is some sort of loan thing?
gollark: There are *shops* (and groups of shops) which do, but they're not organized like companies.
gollark: They just jump straight to "stock exchanges are cool real life things, how do I make one". And ignore the older, duller, but still important stuff.

References

  1. Anon., Old Series Currency Adjustment Act (Washington, D.C.: United States Government Publishing Office, 1961), p. 23.
  2. Burdette, R. W., Renaissance of American Coinage, 1916-1921 (Great Falls, VA: Seneca Mill Press, 2005), p. 185.

See also

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.