Q. David Bowers
Distribution of Silver Dollars in 1906
The Annual Report of the Director of the Mint for the fiscal year ending June 30, 1906 told the following concerning the distribution of silver dollars:
Philadelphia: In mint June 30, 1905, $107,298,954; transferred from mint to subtreasuries, $6,500; in mint June 30, 1906, $107,105,054; total, $107,111,554; distributed from mints during the year, $187,400.
San Francisco: In mint June 30, 1905, $62,946,643; transferred from mint to subtreasuries, $1,000; in mint June 30, 1906, $62,301,050; total, $62,302,050; distributed from mint during the year, $644,593.
New Orleans: In mint June 30, 1905, $29,588,725; transferred from mint to sub treasury, $1,000; In mint June 30, 1906, $29,582,425; total, $29,583,425; distributed from mint during the year, $5,300.
Mint Notes (1907)
The Annual Report of the Director of the Mint for the fiscal year ended June 30, 1907 noted that the Carson City Mint, then conducted only as an assay office, in fiscal year 1907 employed seven men and had deposits of just $12,112.28 worth of silver (coining value) and $811,415.95 worth of gold. No coins had been struck there since 1893.
Distribution of various silver dollars in 1907:
Philadelphia: In mint June 30, 1906, $107,105,054; in mint June 30, 1907, $106,946,188; distributed from mint during the year, $158,866.
New Orleans: In mint June 30, 1906, $29,582,425; in mint June 30, 1907, $29,582,125; distributed from mint during the year, $300.
San Francisco: In mint June 30, 1906, $62,301,050; in mint June 30, 1907, $61,400,027; distributed from mint during the year, $901.023.
Distribution of Silver Dollars (1909)
The Annual Report of the Director of the Mint for the fiscal year ended June 30, 1909 told of the distribution of silver dollars:
Philadelphia: In mint June 30, 1908. $106,850,900; in mint June 30, 1909, $106,693,926; distributed from mint during the year, $156,974.
New Orleans.: In mint June 30, 1908, $29,581,825; in mint June 30,1909, $29,574,649; distributed from mint during the year, $7,176.
San Francisco: In mint June 30, 1908, $61,401,432; in mint June 30, 1909, $61,401,432; distributed.
"Carmi A. Thompson, the new treasurer, got his start in a brickyard and at 14 was working beside his father in a coal mine. The boy waged a successful fight for a college education, and before he had stopped for breath Thompson had successfully filled the following offices: Speaker of the Ohio house of representatives, secretary of state of Ohio, Assistant Secretary of the Interior in Washington and secretary to the president.
"As custodian of Uncle Sam's wealth, Mr. Thompson has the biggest job of his life. On the afternoon he was sworn in, the new official was presented with a slip of paper which showed that the transactions of that day alone in his office totaled $28,960,381.90. His first duty was to appoint Leon Isaacson, an Ohio banker, to represent the new treasurer at the money count. The United States treasurer has enough silver coins in his vaults to fill 555 freight cars. It would make a solid train over six miles long. If the silver dollars were stacked one on top of the other, they would tower 835 miles high. If they could be laid in a continuous line, each touching the other, the silver horde [sic] would stretch out for a distance of 13,000 miles .... "
1918 Pittman Act
The following items, primarily taken from the Annual Report of the Director of the Mint for various years and from The Numismatist, give a view of gov-ernment silver operations under the 1918 Pittman Act, which ultimately saw the melting of 270,232,722 silver dollars of earlier dates and their conversion to bullion.
The entire affair was a boondoggle of the first order, for the profit that should have gone to the citizens of the United States went instead to silver producers in the West. In essence, the government melted down silver dollars, sold the bullion, then bought more bullion at prices far above market, and used this bullion to make silver dollars to replace those just melted.
Additional information concerning operations under the Pittman Act appears under the entries for the 1921 Morgan dollar and various Peace silver dollars, including a summary under the entry for the 1928 Peace dollar.
The Pittman Act June 1918 Report)
The Annual Report of the Director of the Mint for the fiscal year ending June 30, 1918 spelled out in detail the terms of the Pittman Act:
"[PUBLIC -No. 139-65th CONGRESS.] "[S.4292.]
"AN ACT To conserve the gold supply of the United States; to permit the settlement in silver of trade balances adverse to the United States; to provide silver for subsidiary coinage and for commercial use; to assist foreign governments at war with the enemies of the United States; and for the above purposes to stabilize the price and encourage the production of silver.
"Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the secretary of the Treasury is hereby authorized from time to time to melt or break up and to sell as bullion not in excess of 350 million standard silver dollars now or hereafter held in the Treasury of the United States. Any silver certificates which may be outstanding against such standard silver dollars so melted or broken up shall be retired at the rate of $1 face amount of such certificates for each standard silver dollar melted or broken up. Sales of such bullion shall be made at such prices not less than $1 per ounce of silver one thousand fine and upon such terms as shall be established from time to time by the secretary of the Treasury.
"SEC. 2. That upon every such sale of bullion from time to time the secretary of the Treasury shall immediately direct the director of the Mint to purchase in the United States, of the produce of mines situated in the United States and of reduction works so located, an amount of silver equal to three hundred and seventy-one and twenty-five hundredths grains of pure silver in respect of every standard silver dollar so melted or broken up and sold as bullion. Such purchases shall be made in accordance with the then existing regulations of the Mint and at the fixed price of $1 per ounce of silver one thousand fine, delivered at the option of the director of the Mint at New York, Philadelphia, Denver, or San Francisco. Such silver so purchased may be resold for any of the purposes hereinafter specified in section three of this Act, under rules and regulations to be established by the secretary of the Treasury, and any excess of such silver so purchased over and above the requirements for such purposes, shall be coined, into standard silver dollars or held for the purpose of such coinage, and silver certificates shall be issued to the amount of such coinage. The net amount of silver so purchased, after making allowance for all resales, shall not exceed at anyone time the amount needed to coin an aggregate number of standard silver dollars theretofore melted or broken up and sold as bullion under the provisions of this Act, but such purchases of silver shall continue until the net amount of silver so purchased, after making allowance for all resales, shall be sufficient to coin therefrom an aggregate number of standard silver dollars equal to the aggregate number of standard silver dollars theretofore so melted or broken up and sold as bullion.