Silver in Overalls

Under the New Deal's silver-buying program, the U.S. has spent $1,325,000,000 since 1934 to accumulate about 42,000 tons of silver (besides the 46,800 tons monetized) which lie unused in vaults. Last week the National Academy of Sciences suggested that OPM put some of this expensive luxury to work for defense by substituting it for tin in solder. This would not affect the price of solder because a blend of 2 1/2% silver and 97 1/2% lead gives about the same results as the standard mixture of half tin and half lead. It would save around 18,000 tons of tin--almost 20% of U.S. 1940 consumption.

Excuse for the silver-buying program and its artificial price floor (now 71.11-c- an ounce for domestic) was to keep Western miners at work. In the new U.S. shortage economy, this argument no longer holds even a drop of water. Therefore big mining companies (including Anaconda, Phelps Dodge, Cerro de Pasco) also have been seeking new industrial uses for silver as a hedge against possible repeal of the program. Some of their suggestions: substituting silver for copper in electrical contacts, using it with magnesium for lightweight alloys.

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