PITTMAN ACT, UNITED STATES.

HC Deb 27 March 1928 vol 162 cc302-3W

Mr. WISE

asked the Chancellor of the Exchequer when the Pittman Act in the United States of America is terminated?

Mr. BALDWIN

So far as I am aware, no definite time limit is imposed to operations under the Pittman Act, which authorised the melting of United States silver dollars, and directed the subsequent purchase of silver (produced in the United States) to an amount sufficient to recoin the number of dollars melted. I understand that approximately 209,000,000 ounces of fine silver were produced by dollars melted under the Act, and that up to 31st October, 1922, just over 140,000,000 ounces had been purchased for re-coinage purposes.