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. 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.
Further provisions relating to silver coinage were contained in the Thomas Amendment to the Agricultural Adjustment Act of 1933.
Famous quotes containing the words pittman and/or act:
“Our ability to fall in love requires enough comfort with our masculinity to join it with someone’s femininity and feel enhanced. . . . If our mother made us feel secure and proud in our masculinity, then we want to find that again in our wife. If we are really comfortable with our mother, we can even marry a woman who is a friend rather than an adversary, and form a true partnership.”
—Frank Pittman (20th century)
“Even a purely moral act that has no hope of any immediate and visible political effect can gradually and indirectly, over time, gain in political significance.”
—Václav Havel (b. 1936)