Statement by the President on the Minting of Silver Dollars.

LAST YEAR the Congress appropriated $600,000 to the Mint for the manufacture of 45 million silver dollars.

The minting of these silver dollars was necessarily postponed while the Mint devoted its facilities to the production of other coins to overcome the coin shortage that developed in 1963-64.

This course was followed because it is possible to use paper currency in place of silver dollars, but there is no substitute for smaller coin.

It has always been my intention to carry out the will of Congress as soon as feasible. Substantial progress has now been made in bringing the supply of small coin into line with demand. Consequently, I have directed the Mint to proceed with the making of silver dollars, up to the amount authorized by the Congress, during the remainder of the current fiscal year, ending June 30.

They will be distributed in the areas of the country where the silver dollar has traditionally been used as a medium of exchange.