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4-1-1964 The Great Silver Rush Mike Mansfield 1903-2001
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This Speech is brought to you for free and open access by the Mike Mansfield Papers at ScholarWorks at University of Montana. It has been accepted for inclusion in Mike Mansfield Speeches by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact [email protected]. Q:ongrcssionat Record United States of America PROCEEDINGS AND DEBATES OF THE 88th CONGRESS, SECOND SESSION
Vol. 110 WASHINGTON, WEDNESDAY, APRIL 1, 1964 No. 60 Senate WEDNESDAY, APRIL 1, 1964
(Legislative day of Monday, March 30, 1964)
THE GREAT SILVER RUSH ing law unless it has the funds to mint nent passing of a coin which for more Mr. MANSFIELD. Mr. President, with new silver dollars. There is such a thing than a century has existed and continues the indulgence of the Senate, I ask unan as being paper wise and metal foolish. to exist In our midst as a reminder of imous consent that I may proceed for In the end, the denial of funds to mint the past and as a functional and pre an additional 2 minutes. the silver dollars may mean that the ferred medium of exchange even today. The ACTING PRESIDENT pro tem Government will pay far more In labor If we fall to act, Mr. President, we do and other costs as it strives to meet its so at the expense of the small merchant pore. Without objection, the Senator obligations by measuring out raw silver. in the West, and to the chagrin of de from Montana is recognized for 5 min If silver bullion is to replace the silver cent, hardworking and honest folk who utes. dollar, we may have to appropriate ex prefer the ca~:twheel both as money and Mr. MANSFIELD. Mr. President, the tra funds to pay for the process of weigh as distinctive tradition. great run on the "cartwheel" has con ing and enveloping the bullion. Further, They like the feel of heft In their pock tinued until the silver dollar has now all in the light of the bill introduced by my ets. To them, the jingle of silver dol but vanished. The Treasury Department distinguished colleague, the junior Sen Jars is the sound that signifies liquidity. has joined the coin collectors and is ator from Montana [Mr. METCALF), the It is the echo of cash on the barrelhead. clinging to a few million remaining Government may be losing out on an They prize it, Mr. President, as the New pieces. But insofar as silver as a medi opportunity to reap a seigniorage from um of exchange is concerned, the Treas Yorker might prize the Empire State a new minting of silver dollars which Building; as the Californian, the Hawai ury is now thrown back to the days of might more than repay the cost of the the assay offices of the old West. It is Ian or the Floridian, might prize year operation. Senator METCALF's bill would round sunshine; as the southerner, reduced to substituting silver dust for authorize the reduction of the silver silver dollars. black-eye peas; as a New Englander, a content in the silver dollar from 900 lobster and baked beans; and as a Texan, And another sign of what has hap to 800 grams. I do not know whether a 10-gallon hat. pened is a press report of another case this is the precise reduction that is of silver-dollar pilferage, this time right I would hope, Mr. President, and I am needed to keep these coins in circula sure that the distinguished chairman of here in Washington, D.C. There is like tion· I am sure that the members of the ly to be more of the same as scarcity the Banking and Currency Committee Banking and Currency Committee will [Mr. ROBERTSON] Will see to it, that the gives to these coins an ever-increasing be able to make that determination es value. Senate will have an opportunity to con pecially in view of the fact that today sider, at the earliest possible time, the Mr. President, I cannot believe that the hearings on the Metcalf bill were bill sponsored by Senators METCALF, the Congress will stand by passively started, the witnesses being the distin BIBLE, BARTLETT, CANNON, CHURCH and much longer and watch this travesty guished Senators from Nevada [Mr. myself, to reduce the silver content of continue. Montana citizens from every BIBLE and Mr. CANNON). the silver dollar. And I would hope, Mr. walk of life have written me, urging that Senator METCALF's bill points the way President, that the Committee on Ap we save the cartwheel. That can be to overcoming the primary objection propriations of the House of Representa done only by appropriating the funds that has been raised against the appro tives will vote to allow the Treasury suf necessary to mint 50 million additional priation of funds to mint the 50 million ficient funds to mint a new and adequate silver dollars. Six hundred and seventy new cartwheels. And, enacted into law, supply of silver dollars. We do not want five thousand dollars is what is involved it would have the effect of diminishing the cartwheel to go the way of the dodo in the appropriation. It seems to me to the hoarding of silver dollar~ne of bird. be a very small cost for the rescue of the principal reasons why free circula what is not only a major American tion of silver dollars is imperiled today. tradition, but also a major American Indeed, the great run on the Treasury's preference insofar as Montana and other supply did not begin in earnest until Western States are concerned. I might there were reports that no more sliver point out, further, that this cost is more dollars would be minted. apparent than real. The law commits Mr. President, I urge the Senate not to the Government to redeem silver certif fiddle while the silver dollar melts icates on demand. Consider the labor while the symbol of hard money, of poor and other costs involved in weighing out man's money, disappears from our midst. 77 grams of silver bullion and placing We ought not to dismiss the cause of it in an envelope every time a holder the silver dollar as unimportant. This is of a silver certificate walks into the not a tempest in a teapot. There Is a Treasury. That is what the Treas~ry deep resentment and an understandable will have to continue to do under exlSt- reaction of public dismay at the lmmi-
Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana Vol. 110 WASHINGTON, SATURDAY, MARCH 21, 1964 No. 53 House of Representatives The House was not in session today. Its next meeting will be held on Monday, March 23, 1964, at 12 o'clock noon. Senate SATURDAY, MARCH 21, 1964 (Legislative day ot Monday, March 9, 1964) The Senate met at 11 o'clock a.m., on nomination was communicated to the great chairman, CLARENCE CANNON, and the expiration of the recess, and was Senate by Mr. Miller, one of his secre the distinguished Virginian, the chair calle Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana 5650 CONGRESSIONAL RECORD- SENATE March 21 tend to hoard them. But I can only tlons Committee in the House, for the SILVER DOLLARS say that the committee's announced in reappearance of a margin of seigniorage The committee has disallowed the request tention of stopping additional minting with the reduction of the silver content to resume the minting or sliver dollars at will only exacerbate this drain, to the of the silver dollar may well defray most this time. The committee held extensive detriment of the people who use them of the cost of the minting. Indeed it hearings on this subject and carefully con may even leave a margin of profit to the sidered statements by congressional delega and to the profit of those who hoard tions representing the silver States. Th1s Is them. It will, in short, hasten the da.y Government. not a simple problem of authorizing funds when the "cartwheel" vanishes from Mr. President, I hope the silver dollar for the minting of addit ional sliver dollars. American life. does not follow the gold piece into ob Ma ny other factors are Involved, and the I know, too, Mr. President, that It is livion. committee carefully considered every alterna the committee's belief that the raw silver Mr. BARTLETT. Mr. President, will tive. The committee Is fully aware of the stocks already In the possession of the the Senator from Montana yield? importance attached to this issue by the sli Government might best be used for sil Mr. MANSFIELD. I yield. ver States; however. !n view of the facts Mr. BARTLETT. I desire to associate developed during the Investigations and hear ver coins of smaller denomination, for Ings, the committee could support only one the dime or the "two bits" or the "four myself with everything the able and dis conclusion- that the best Interests of all the bits," for whJ,ch there is no paper sub tinguished majority leader has said today people require that the totlll minting stitute as there is for the silver dollar. and heretofore on this subject. I be capacity of the two existing mints be de But, Mr. President, that seems to me, lieve it important that the silver dol voted entirely to meeting the crltlcal short with all due respect, to be a somewhat lar be maintained in circulation. age in minor coins. specious line of reasoning. One might Reference was made previously to its Among the major considerations which just as readily argue that since the Gov use in Nevada and Montana. It is still supper the committee's position are the fol widely and commonly in use in my own lowing. ernment has enormous stocks of paper, (a) The shortage In minor coins at the it ought to use some to print 10-cent State of Alaska, and I am sure Alaskans present t!me !s the most critical In the his or 25-cent or 50-cent paper bills. would not want to see it disappear. It is tory of the mint, and the demand Is Increas Finally, Mr. President, I am aware that a part of the American scene. Ing at a rate that has outstripped the ca the continuously rising price of raw sil I had not known previously of the bill pacity of both existing mints, even at three ver has just about reduced the seignior introduced by the junior Senator from shift, 7-day operation. Every denomination age in silver dollar coinage to the vanish Montana [Mr. METCALF]; but it is my in of coin Is now being rationed. There Is no ing point. It may, indeed, soon become tention to proceed directly, at the con currency substitute for minor coins such as clusion of my remarks, from where I now there Is for silver dollars. profitable to melt the silver dollars down (b) The new mint to be constructed In into bullion, with the result that as soon stand to the desk, to join in sponsoring Ph!ladelphla, for which funds are allowed Jn as new coins are minted, they will dis the bill. this bill, will not be !n actual production for appear, to emerge again as silver bowls We should keep the silver dollar in several years. or candlesticks. But, Mr. President, circulation; it is a part of America. (c) Additional silver dollars can be minted there Is an answer to that. lt is pro I congratulate and commend the sen only at the expense of minting minor coins. vided in the bill introduced yesterday ior Senator from Montana for support (d) At the present rate of usage, the sup by my able and distinguished colleague ing this good cause. ply of free sliver in the Treasury will be from Montana [Mr. METCALF] , a bill now Mr. MANSFIELD. As a former miner, exhausted in 7 or 8 years. At the present at the desk, and available for additional the distinguished Senator from Alaska t!me, the United States Ia using a!lver an knows whereof he speaks; and we wel nually at a rate approximately equal to the Senate sponsors until April 2. His bill entire world production. Considerable is directly to the point, and I wish to come his support. quantities of silver are being consumed in commend him for the commonsense with Mr. ROBERTSON. Mr. President, defense actlv!iles and cannot be recovered. which he would meet the argument yesterday our distinguished majority (e) The amount of silver in a silver dollar against further coinage of the dollar leader, the Senator from Montana [Mr. at current prices. Is worth slightly more tha~ pieces. His bill would simply authorize MANSFIELD J, complained of the shortage a dollar, while the amount of s!lver In two the reduction of the silver content in of silver dollars in Montana and in other half-dollars Is worth about 92 cents. The the silver dollar from 900 to 800 grams. Rocky Mountain States where from time committee feels that additional sliver dollars This would in no way reduce the legiti immemorial the silver dollar has been should not be minted until the Congress en the favorite type of money, and asked acts legislation concerning the silver content mate usage of the coin where Its usage is of the silver dollar. Should the price of sli preferred. At the same time it would me, as chairman of the Senate commit ver J:Ontinue to rise, even just a few cents meet the most persuasive argument now tee that had jurisdiction over proposed per ounce, it would be profitable to melt raised against additional mintage of sil legislation relating to issuance of money, down silver dollars for the silver content. ver dollars. and as chairman of the subcommittee The minting of additional silver dollars, at that approved funds for the operation of th!a t!me, would only serve to aggravate the I would express the hope that the problem. distinguished chairman of the Banking the mint, to do something to meet the de and CUrrency Committee, the Senator mand for silver dollars. I promised to Mr. ROBERTSON. Mr. President, from Virginia [Mr. RoBERTSON], would go into the matter as soon as other yesterday there was also introduced in give prompt consideration to this bill, duties would permit. But while that the Senate by the junior Senator from as I knew he will. At the same time, it colloquy was in progress, the House Ap Montana [Mr. METCALF] a bill relating would be my hope that the House Ap propriations Committee included in its to silver dollars. At the present price propriations Committee, bearing in mind report on funds for the Treasury De of approximately $1.29 -an ounce, the the possibility of favorable action on partment a statement concerning silver silver now contained In a silver dollar is the Metcalf bill, •would reconsider a po dollars, in which it said that the demand worth approximately $1. Partly on the sition which, if it stands, will sound the for smaller coins Is so urgent and of such assumption that the price of silver w!ll death knell for the silver dollar. I know necessity for the operation of vending go so high that the silver now in a silver that neither the able chairman of the machines and for merchants who dollar will be worth substantially more committee, Mr. CANNON, nor the able needed them to make change for cus than the dollar, and partly on the as chairman of the Subcommittee on the tomers, that priority would have to be sumption that as collectors' items the Treasury, Mr. GARY, take joy in doing given to the minting of minor coins, and Morgan dollars of 1878 which are now vwlence either to a great tradition or to that no funds for the minting of addi being distributed by the Treasury De the current usage of many Americans in tional silver dollars would be included in partment will be worth more than a Montana and elsewhere in the West. the pending bill. dollar, there h~ been a tremendous de The bill of the Senator from Montana. Mr. President, I ask unanimous con mand in recent days for silver dollars. [Mr. METCALF] points the way to the sent that there be printed In the RECORD One hoarder who claimed that he had avoidance of an arbitrary Injustice. At the full text of that "silver dollar" re $80,000 in silver dollars and was buying the same time, It should answer the con port. $11,000 more said it was a deal on which cern for cost to the Government which There being no objection, the report one cannot lose, because the sllver dollar is always and properly uppermost in the was ordered to be printed in the RECORD, would always be worth a dollar and could minds of the members of the Appropria- as follows: be worth substantially more. In my Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana 1964 CO.. 'GRESSIONAL RECORD- SENATE 5651 opln!on, his Idea that It was "heads, I win tana [Mr. METCALF] and oth~rs who be I should appr~lat.f recel'r1ng your c • and tails the Government looes" may not lieve that the use of hard money should m~nt.s on this bill u pr mptl\" as pou!bl~ be as assured as he thinks. In the first be continued. My nt~ntlon hu ILiso ~n ar "'"ll to the place, the Treasury has an abundant \Ve do not wiSh to see the silver dollar evtdences of ~peculation In alher <1ol1 1 v. hlch "ere dt.splayra &t the otnce or the supply of the Morgan dollars to meet the go the way of the buffalo. the whooping Treasurer yc-sterdny I &hould Ilk~ w &lik reasonable needs of collectors. In the crane, or the gold coin. \Ve des1re it to you to look Into the mnt•.,r at once and t ke second place, the time wUJ come when stay. Today we have 500 million silver such steps as may be necessary to pre\ent the Government will be minting enough dollars in circulation, but. unfortunately, withdrawals of sliver doll. ra which are e\ 1- silver dollars to meet the demand, and outside the West they are being used dently !or Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana CONGRESSIONAL RECORD- SENATE Jlal'ch 21. problem. I am sure there is no easy seen and must have known what was process Actually, today·s price would answer to it. Those who are interested taking place. not permit a profit for the effort. In • in looking at some of the predictions The truth of the matter is simply this: addition, why should one even want to that were made as to what might hap Coin collectors have been aware for many do this when they can still go to the pen and what the coin collecting prob months that old Morgan dollars were Treasury and call for silver bullion sim lems would be, need only look at the being dispensed from the Treasury. ply by exchanging silver certificates. record made when the proposal for re Some of these valuable coins went out Now when silver dollars disappear, one peal of the Silver Purchase Act was be many months ago and these same collec will not be able to secure a silver dollar fore us. Predictions were made that the tors were soon aware. Now an actual run for his silver certificate and as of Janu law of supply and demand would lead to is on and there will be no silver dolla1s ary 31, 1964, there were $1,970,651.736 a situation similar to what we now have. in the Treasury within a week if the outstanding silver certificates of which I do not believe there is an easy answer. Secretary of the Treasury does not take $1,721,940,308 were in circulation. the Mr. President, I ask unanimous con action. I think that his Department remainder being held by the Federal sent that I may join as a cosponsor of should make an immediate investigation Reserve banks and agents. the bill introduced by the junior Senator of this ent1re matter. Now if we are to carry this matter fur from Montana [Mr. METCALF], not that Last May, when hearings were held on ther, all we have to do to get rid of all I am convinced this is the answer to the the repeal of the Silver Purchase Act, I of our silver is to permit the complete problem at this time, but at least it questioned the testimony given by Sec withdrawal of bullion. And at this point. would give us an opportunity to place retary Dillon and his advisers. I stated let me state that six firms in this Nation the problem before a proper committee I did not believe that silver stocks hav· withdrawn by redemption of silver and explore the problem further, as we would last 12 to 15 years as testimony cert.ficates through February 20, 1964, attempted to do at the time )Ne pointed given in the record. I predicted the sums in amounts varying from $1,772,925 out some of the dangers during consider period would be much less and that our to $9,002,351. Eight other firms, includ ation of the repeal of the Silver Pur silver should be held to protect our coin ing the small amount of $15,518 drawn chase Act. age and to back our paper money. by the State of Nevada for medallion pur Those of us who come from the West In the Senate report on H.R. 5389, the poses, brought the total figure to $31,- take great pride in the fact that the committee suggested that retirement of 264,993 in withdrawal of silver bullion. silver dollar is a sound and honorable silver certificates and the issuance of An investigation and complete study means of exchange, and that it should Federal Reserve notes would see the of our fiscal policy with respect to silver be kept. It should not be turned into Treasury backing these notes by the is needed at once and anyone familiar a situation in which we let the cartwheel same regulation as other paper money; with these figures surely will agree, un go out. so the coin collector may move namely, 25 percent in gold. I suggested less the purpose is to demonetize and use in. We want it to be regarded as an even this alone would cause a further gold other metals for coinage purposes and exchange. shortage, but my appeal was for nought. let the speculators clean house on Treas We look forward to having the entire The report states as of February 28, ury stocks of silver. subject looked into in the hearings. 1963, $1.8 billion in silver certificates were Should the Congress demonetize the The ACTING PRESIDENT pro tem in circulation and that this would only content of our coins, how will this policy pore. Without objection, the request of require $450 million of gold to be set affect the silver certificate which is out the Senator from Nevada lMr. BIBLE] to aside, and to some this was an insignifi standing in large amounts? Will we have his name added as a cosponsor is cant amount. then permit a stepped-up run on our agreed to. The report states on page 4: silver bullion? It seems to me just a Mr. ROBERTSON. We shall be glad The Nation's money supply included 390 little impractical to have silver dollars to do that. I call attention to the fact m!ll!on sliver dollars, $1.8 mUl!on in subsid worth one amount and a silver certifi that we voted to build a new mint in iary sliver coins (10-, 25-, and 50-cent pieces) cate worth a dollar's worth of silver Philadelphia and voted to enlarge the and $685 million in minor coins ( 1- and 5- cen t pieces) . bullion. mint at Denver but under this new surge Nevertheless, I have today joined with of prosperity, we cannot meet the This, of course, included money in cir senator METCALF on S. 2671, to use this demand. culation and in commercial and savings bill as a vehicle for a full Senate investi Mr. BIBLE. The problem has many banks. gation. I trust and hope the Treasury implications. As one Senator correctly On February 20, 1964, I wrote a long Department will, in the mearttime, go said, it ties into a drawdown on the gold letter to the Treasury Department ask further into this matter and start an back of our currency, and the problem ing for certain information which I immediate investigation. must be explored very carefully. thought had a bearing on the situation When we all know there is a world For some weeks and months now, a which was and has now developed. shortage of silver and that our own Na more than normal drawdown of silver A reply to my letter on March 3 tion imports much of its needs-does it dollars has been taking place at the U.S. stated in pa1·t that on May 31, 1963, the not make good commonsense to protect Treasury. This matter has been of Treasury held 69,688,192 silver dollars what we now have, or at least to preserve much concern to me and other western and on February 25, 1964, the Treasury it for silver coins, which we all cherish? Senators, who feel that hard money is held 25,300,720 silver dollars, a decrease Mr. ELLENDER. Mr. President, all of more desirable than paper money. of $44.367,572 in less than 8 months. In the discussion on the silver dollar is in What has been permitted to go on at a telephone call to the Assistant Secre teresting, but I am somewhat disturbed the Treasury the past week is, in my tary m cha-:---:- of fiscal policy on March by the statem€nt made by the Senator opinion, a disgraceful situation, and that 17, I was advised that 17,582,767 silver from Montana [Mr. MANSFIELD], who is to permit speculators to cart off silver dollars were left in the Treasury. said that robbers recently had taken sil dollars for the sole purpose of specu Now it appears crystal clear to me that ver dollars. I wonder Jf they are better lating or to check their numismatic value in such a situation, someone at the than greenbacks. in order that profit may be made at the Treasury Department should have been Mr. MANSFIELD. I think they al expense of the Western States, which alarmed at such a large drawdown of ways have been. The robbers at White have long cherished hard money and silver dollars in this short period and Sulphur Springs took in excess of $20,000 used it as a medium of exchange. steps of corrective action should have in silver dollars. All have seen the news story in the been in progress, rather than to permit morning paper, and the only consolation the complete dissipation of the Treas to me. and I must state it is a very small ury s silver dollars to hoarders and coin one, is that the Treasury Dep. .nent collectors. took action yesterday to set a maximum The mere fact that the price of silver of 50.000 silver dollars to a customer and has finally pierced the magic 1.2929 point closed the servicing windows to 2 hours is of little significance at this moment for a day. This action should have been the amount is much too small at 1.3 to taken much earlier, for anyone who has encourage anyone to melt silver dollars watched this situation closely could have down to gain a fraction of a cent in the Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana Q:ongrcssional Record United States of America PROCEEDINGS AND DEBATES OF THE 88th CONGRESS, SECOND SESSI0:-.1' Vol. 110 WASHINGTON, FRIDAY, MARCH 20, 1964 No. 52 Senate FRIDAY, MARCH 20, 1964 Mr. MANSFIELD. Mr. President, I rency Committee, that the necessary $:1.110 to $3 each when the coins have a have been Interested In the debate about funds be allowed, so that up to $1110 mil value of only 110 cents. tlnanc!al stab!l!ty, the tl!ght of the dol lion of silver dollars can be minted so Mr. ROBERTSON. That Is true. lar, and the outflow of gold. that the demands of the people-not only Mr. MANSFIELD. I hope that &n In rhe distinguished Senator from Vir those In my State, although primarily vestigation of that subject will be un ginia [Mr. RoBERTSON] Is chairman of the ones there, so far as I am concerned, dertaken the Committee on Banking and Cur but also the people In the other States Mr. ROBERTSON. Some people be rency, and Is also chairman of the Ap can be met. lieve that a sliver dollar will be worth propriations Committee Subcommittee Mr. ROBERTSON Mr. President, I more than $1.29 for the value of the silver on Treasury and Post omce Appropria assure the Senator from Montana that in the coin. When the value rises above tions. he has touched on a very vital Issue. $1.29 an ounce, which Is the price we I wish some serious consideration When he refers to the fact that paper have now fixed, the silver In a silver could be given to the Inflow of silver. money wears out, but that silver dollars dollar w!ll be worth more than a dollar. Montana is a silver-dollar-using State. will last, he reminds me of the Scotch So collectors are buying up the coins and There is a great scarcity of silver dollars Irishman In the valley of Virglnla who holding them, speculating that prices will In Montana; and we would like to see told me, "Senator, I like money that the be inflated. something done, by means of which an dog can't chew up." He was so right; My friend has brought up a vital Is appropriation would be made, so that and all of us like every now and then to sue and, if the distinguished majority the Director of the Mint could mint some put our hands in our pockets and feel leader would lay aside the civil rights more silver dollars. As I understand It, something tangible. btl!, the chairman of the Committee on paper money is turned In on the average I show to my colleagues a Chinese Banking and Currency would go Into of about every 3 months because It wears penny which I obtained in Hong Kong the investigation Immediately. out and becomes useless. A silver dollar in 1935. It is made of copper. The in Mr. MANSFIELD. Mr. President, I do lasts for decades. It Is something solid, scription on the penny has long since not intend to be diverted !rom my main something one can throw on the coun worn off, but I still keep the penny. I theme. I am not being facetious about ter-or perhaps on the bar. got it when I visited Hong Kong, where the silver dollar. It is solid and durable. Mr. President, a man knows he has the people have an average Income of It Is something that we know represents something In his pocket when he has a only $90 a year. This is only a penny, money, in contrast to paper. I would silver dollar there. but a penny is Important to them. I most certainly hope· that to supply the Furthermore, the Government does have kept it In my pocket to remind me deficiency which we are feeling in my not lose any money on the minting of of the fact that the many people who are own State, which along with Nevada, I silver dollars; in fact, I believe that, un not under our form of government and repeat, is the only silver-dollar-using der seigniorage, the Government makes our free enterprise system would be very State in the Nation, and in which we de a little money, a reasonably good profit. glad to get that penny. So I carry It sire to continue to use silver in prefer I understand that at the present time around. ence to paper, I would hope that the dis the mint Is dipping into the last silver In reference to the silver situation, I tinguished Senator from Virginia, in dollars It has, and is even releasing those should like to point out that there has his dual capacity, would see to it that under date of 1880. I also understand been such a demand for the memorial the necessary funds are forthcoming to that those silver dollars have a value In Kennedy coins that they are being offered continue the minting of this vitally excess of $1, insofar as collectors are con for $2 and $3 apiece before the coins needed coin, because solid silver to us cerned. At the start of 1963, there were have even come from the mint. is most important and needed. Even 94 million silver dollars in the Treasury; Mr. MANSFIELD. Mr. President, will some of our banks are out of or running today there are only 28.5 m1llion silver the Senator yield? out of silver dollars. The situation is dollars remaining and they are going Mr. STENNIS. I yield. indeed serious. fast. Mr. MANSFIELD. I would hope that Mr. ROBERTSON. The Senator from There is a great deficiency of silver in his dual capacity as a chairman of Virginia fully recognizes the importance dollars in the State of Montana. Mon that particular subcommittee of the of the subject, both to the State of Mon tana, along with Nevada, is the only State Committee on Appropriations and as tana and to the Nation. He also admits which looks upon the silver dollar as a chahman of the Committee on Banking a dual capacity In committee assignment. far better and more durable Item of cur and Currency, the Senator from Vir But he is not twins, unfortunately. When rency than a paper bill. ginia would undertake an investigation he is required to sit here for one rea So I would hope, and I would plead into the subject of the accumulation or son, he cannot be In a committee room with the distinguished chairman of the the taking of orders before the Kennedy for another. Subcommittee on Appropriations for the silver half-dollars are made available. Mr. MANSFIELD. That Is understood. Treasury and of the Banking and Cur- I understand, also, that they are being I know that the distinguished chairman offered. when they become available, for will give the subJect his most serious Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana consJaeratJOn, not only so far as funds c0111e to Montana. :md we will even give for the minting of silver dollars are con them some silver dollars, if we are cerned, but also in the matter of investi able to. gating the exorbitant prices now being Mr. LAUSCHE. Visitors will not make suggested for the Kennedy half dollar. a mistake if they come to Ohio. Mr. LAUSCHE. Mr. President, will Mr. MANSFIELD. I point out also the Senator yield? that the headwaters of the Missouri Mr. STENNIS. Mr. President, I ask River and the Columbia River are in unanimous consent that I may yield to Montana. the Senator from Ohio under the same conditions previously stated. The PRESIDING OFFICER. Without objection, it Is so ordered. Mr. LAUSCHE. The Senator from Virginia [Mr. ROBERTSON] and the Sen ator !tom Iowa [Mr. MILLER] have men tioned that if we are to cope with the TO REDEFINE THE SILVER CON problem of fleeing gold, we had better do something domestically. The record TENT IN SILVER COINS will show that dollars spent by foreign Mr. METCALF. Mr. President; inas visitors coming to the United States much as the House Appropriations Com amount to between $1,200 million and mittee today recommended against fur $1,400 m!llion a year less than the dol ther coinage of silver dollars and sug lars spent by American tourists in for gested that study be given to melting eign countries. In other words, we suf down the existing supply, I, on behalf of fer an imbalance adverse to us in the myself and my colleague, the senior amount of about $1,300 million a year, Senator from Montana [Mr. MANSFIELD], which is spent by tourists from our coun introduce the following b111: try going around the world. Be it enacted by the Senate and House oj Our Department of Commerce is carry Rep-resentatives of the United statea oj ing on an intensive campaign to urge America in Congress assembled, To amend foreigners to visit our country. In my section 321 of title 31, U.S.C., by changing "nine" to "eight" and "one" to "two" to judgment, a far more effective service read as follows: could be rendered if the the Department "The standard tor sliver coins of the of Commerce began to appeal vigorously United States shall be such that of one to the people of the United States that thousand parts by weight eight hundred shall in this hour of peril, with respect to the be of pure metal and two hundred or alloy. gold reserves, they could render a pa The alloy or the sllver coins shall be of triotic service to our country by visiting copper:• the scenic and historic sites within our The intrinsic value of the silver in the boundaries rather than visiting those of dollars is such that it is almost profitable foreign nations. They can visit the for silversmiths to melt them down for Rockies, the Appalachians, the Great metallic uses. Passage of my bill will Lakes and other places, and they will be make it possible for the Federal Govern hold grandeur exceeding that of the Alps. ment to make a profit from the coinage They will ftnd historic sites within our of silver dollars, and to permit the con Nation, inspirational and enriching to tinued use of silver dollars as a medium the mind. My appeal would be that of exchange in Montana and other West probably the Congress ought to do some ern States where they are the traditional thing to encourage people to visit areas and the accepted monetary unit. of the United States and abstain, for the I ask unanimous consent that the bill time being, while our gold reserve prob be held at the desk through Friday, lem is so serious, from going on tourist March 27, for additional cosponsors. expeditions to foreign nations. The PRESIDING OFFICER Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana UNITED STATES SENATE Office of the Majority Leader Washington, D. C. February 27, 1964 c 0 p y Hon, J. Vaughn Gary, Chairmnn Subcommittee on Treasury and Post Office Appropriations House Committee on Appropriations Washington, D. C. Dear Mr. Chairman: The House Committee on Appropriations has before it a request from the Department of the Treasury for authority to mint an additional 150 million silver dollars. It is my understanding that a portion of the public hearings on this item have been concluded. The use of the silver dollar as a medium of exchange in U. S. Cur rency is very prominent in the western states, particularly in my State of Montana and Nevada. Recent developments have given some cause for alarm about the silver dollar disappearing from the American scene. My colleague, Senator Lee Metcalf and I wish to stress the urgency in this matter. We ask that favorable consideration be given to the Treasury Department's request. The silver dollar is a part of our heritage, and its future use should be guaranteed. There is an adequate supply of silver. Any difference in the cost of printing dollar bills and minting silver dollars can be set off by the extended life of the metallic dollar. Affirmative action by the Con gress would dissuade coin collectors and speculators thus relieving any real or artificial shortage. The mining industry, the people of the west, and the advocate of the silver dollar urge that your subcommittee act favorably on the Treasury Department's request. It is a matter of personal interest to me, an is sue which I plan to explore at some length here in the Senate. With best personal wishes, I am Sincerely yours, Is/ MIKE MANSFIELD cc: Hon. Clarence Cannon, Chairman, House Committee on Appropriations Members of Subcommittee on Treasury and Post Office Appropriations Mike Mansfield Papers, Series 21, Box 42, Folder 46, Mansfield Library, University of Montana