Copyright © by Jim Davis
In April, 1918 Congress passed legislation calling for the melting of up to 350,000,000 Morgan dollars. The bill, known as the Pittman Act, was named after Senator Pittman of Nevada. In a report from the committee of banking and finance Senator Owen stated the following goals: "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, to assist foreign governments at war with the enemies of the United States and to stabilize the price and encourage the production of silver in the United States." ...