As at present provided by law in the United States, "standard silver dollars" and subsidiary silver are coined only by the Government for its own account, and from bullion already on hand, and the profits of such coinage belong to the Government.

1 An Act to establish a standard of value to provide for a coinage system in the Philippine Islands, approved March 2, 1903.

The report of the Secretary of the Treasury for the fiscal year 1905 stated that the stock of bullion purchased under the Act of July 14, 1890, had become exhausted, and the coinage of silver dollars necessarily discontinued and no subsidiary silver coins were being made except by the re-coinage of the abraded and uncurrent coins of the same denomination as they accumulated in the treasury. Following this, the Government began, on Aug, 1, 1906, to enter the market for the purchase of silver bullion for the subsidiary coinage. The first purchase was at 65.44 cents per ounce. The price of silver metal has fluctuated until, in November, 1919, it had reached $1.37 since declining.