New Minting Machine Produces Coins Faster in Philadelphia
In Philadelphia an AP report notes the new Philadelphia Mint, the world’s largest, rolls out 10,000 pennies per minute at a 166 per second pace. The plant, replacing the 1901 facility, aims for two-shift production within 90 days and will handle about 4.2 billion coins by 1970, later exceeding 8 billion with full operation. It features a glass gallery for public viewing and emphasizes security, efficiency, and future multi-coin capability.
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Senate Votes On Defense And Tax Reform Amendments
Senate roll calls show Kansas and Missouri senators opposing the Safeguard missile ban amendment while supporting radar and computer deployment. Fulbright paired with Gore did not vote. Separate votes show party lines on a general tax reform bill and a Schweiker defense contract auditing amendment with mixed absence and pairing.
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Petroleum Depletion Tax Fight Shapes Oil Costs
Houston panel reports the House tax reform would raise the oil industry's tax bill by 500 to 600 million yearly by cutting depletion relief from 274 percent to 20 percent. Industry hopes Senate compromise to about 24 percent. President Nixon endorses 274 percent but signals no hands-on role. Oilmen warn of higher prices and slower exploration if depletion cuts pass.
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Nixon Proposes Welfare Overhaul With Guaranteed Income
President Nixon signals a welfare overhaul including a $1,500 annual guaranteed income for a family of four and automatic tax revenue share for states. The plan would shift from community action to job creation, consolidate training programs, and impose a minimum benefit across aid programs. Mothers with preschool children would not be required to work, and day care with health and education services would be provided.
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