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Editorial
August 24, 1925
The Bismarck Tribune
Bismarck, Mandan, Burleigh County, Morton County, North Dakota
What is this article about?
The Buffalo Evening News editorial criticizes the US Treasury for minting $1M in gold coins daily despite low demand, to meet legal backing for gold certificates, calling it wasteful and urging flexible laws for common-sense management of reserves.
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Minting to No Purpose
(Buffalo Evening News)
The treasury department reports that the United
States mint now is turning out gold coins at the
rate of $1,000,000 worth a day, this despite the fact
that there is little demand for the circulation of
the yellow metal. This minting is going on in conformity with the legal requirement that at least one
third of the gold certificates issued by the department must be backed up by a gold coin reserve.
With so small a demand for five dollar gold pieces,
eagles and double eagles, this turning of gold into
money--at no small expense--is work wasted. It
should be enough that the treasury department has
in its vaults yellow metal for all purposes. That
it has, and the law should be made flexible to the
extent of permitting the treasury department to exercise common sense with regard to minting it.
(Buffalo Evening News)
The treasury department reports that the United
States mint now is turning out gold coins at the
rate of $1,000,000 worth a day, this despite the fact
that there is little demand for the circulation of
the yellow metal. This minting is going on in conformity with the legal requirement that at least one
third of the gold certificates issued by the department must be backed up by a gold coin reserve.
With so small a demand for five dollar gold pieces,
eagles and double eagles, this turning of gold into
money--at no small expense--is work wasted. It
should be enough that the treasury department has
in its vaults yellow metal for all purposes. That
it has, and the law should be made flexible to the
extent of permitting the treasury department to exercise common sense with regard to minting it.
What sub-type of article is it?
Economic Policy
What keywords are associated?
Gold Minting
Treasury Policy
Gold Coins
Legal Requirement
Economic Waste
What entities or persons were involved?
United States Mint
Treasury Department
Editorial Details
Primary Topic
Unnecessary Gold Coin Minting By Us Treasury
Stance / Tone
Critical Of Wasteful Minting And Advocates For Legal Flexibility
Key Figures
United States Mint
Treasury Department
Key Arguments
Mint Producing $1,000,000 Worth Of Gold Coins Daily
Little Demand For Gold Coin Circulation
Legal Requirement To Back One Third Of Gold Certificates With Gold Coin Reserve
Minting Is Expensive And Wasteful
Treasury Has Sufficient Gold Reserves In Vaults
Law Should Allow Treasury Discretion In Minting