BUREAU OF THE MINT SALARIES AND EXPENSES STATEMENT OF MARY BROOKS, DIRECTOR OF THE MINT ACCOMPANIED BY: BEN C. HOLLYFIELD, FINANCIAL MANAGER ALBERT NORMAN, ASSISTANT FINANCIAL MANAGER ERNEST C. BETTS, JR., DEPUTY ASSISTANT SECRETARY FOR ADMINISTRATION AND BUDGET OFFICER, TREASURY DEPARTMENT BUDGET REQUEST, HOUSE DEDUCTION AND APPEAL Senator YARBOROUGH. We now have the budget estimate for the Bureau of the Mint, salaries and expenses. The fiscal year 1971 estimate is in the amount of $19,663,000. The House bill allowed $18 million a reduction of $1,663,000 or 8.4 percent. This reduction is appealed. I regret that I must leave these hearings at this time. Senator Boggs has agreed to continue the hearings to completion on this title of the bill. He is very generous and I regret I am forced to leave, especially when we get to the Bureau of the Mint as I desired to ask some questions out of personal curiosity. Can you tell me when we will go back to silver dollars again? Do you have a printed report on the quantity of silver production in the world per year? Mr. BETTS. I have it. Senator YARBOROUGH. What amount of silver is lost through photography and other processes from the total stock of silver? Are we gaining in the stock of silver in the world or are we losing as a result of the various uses of silver which cause a loss during this period of time? SILVER SUPPLY, PRODUCTION AND USAGE Mr. BETTS. In 1969, calendar year, which is the last year for which I have the data, the supply of silver, of new production totaled 245 million ounces and then there were other supplies in inventory of 185, or a total of 437. Now the usage in 1969, industrial use is 362 million ounces. Senator YARBOROUGH. That includes photographic use. Mr. BETTS. Yes. Senator YARBOROUGH. But industrial use is where most of it is lost to the world stock of silver? Mr. BETTS. Yes, that is true of photography, a lot will be lost. There were 24 million ounces used in coinage around the world for total usage of 386 million ounces compared to production worldwide of 245. Senator YARBOROUGH. Is there a declining stock of silver in the world? Mr. BETTS. That is right. Senator YARBOROUGH. Are methods being developed to reclaim from photography elements of that? Mr. BETTS. I am not expert in that. Perhaps Mrs. Brooks can say. Senator YARBOROUGH. What is the world's known supply of silver mined? Mrs. BROOKS. I don't know that, but I know we are doing a great deal of reclaiming of silver from the Navy at the U.S. Assay Office in New York and there is quite a program going on with the silver users and in conjunction with the Kodak people to get these negatives back in and reclaim the silver from old negatives. Senator YARBOROUGH. Are any substitutes for silver being developed or found for use in photography? Mrs. BROOKS. I am not a chemist. Senator YARBOROUGH. I understand that but I thought you may have heard. I will turn it over to Senator Boggs and I regret I am forced to leave. Senator BOGGS. You have done very well this morning, Mr. Chairman. Senator YARBOROUGH. Thank you for taking over. (The information follows:) 1969 1968 1967 1966 1965 The following estimates are taken from "The Silver Market in 1969" Handy and Harman (published annually WORLD SILVER CONSUMPTION (Excluding Communist Dominated Areas) (In Millions of Ounces) January 1970) WORLD SILVER SUPPLIES (Excluding Communist Dominated Areas) (In Millions of Ounces) (a) Consumption of silver for United States coinage has been excluded from these tables. Supplies needed for this purpose are obtained entirely from Treasury stocks and have never been part of market demand. The amounts consumed for the past five years have been as follows: Liquidation of Speculative 76.8 60.8 431.9 397.4 35.0 |