A bill to provide for the disposal of silver from the national defense stockpile through the issuance of a special series of bonds which may be redeemed for silver, and for other purposes.

Amends the Second Liberty Bond Act to permit the Secretary of the Treasury to issue United States silver bonds. Requires the deposit of the net proceeds of any such bonds in the National Defense Stockpile Transaction Fund solely for the acquisition of strategic and critical materials.

Requires any payment of interest, or any payment at redemption, to be paid in silver, or the current dollar equivalent, except that any payment of silver shall be out of the silver stockpile.