Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1875-06-12
Prospective JingIing OF silver.

Secretary Of the Treasury Bnstow has
already begun in earnest his preparations
for the resumption Of silver payments.
IL is not a voluntary matter or one of
discretion with him: but be is required
TO do so by Act OF Congress. In recent
ly buying $500, 600 Of silver bullion
and setting the MINIS in full activity, he
is carrying out an act of legislation, first
officially suggested by the President and
then adopted by Congress Bristow re-
Gently stated that he would have ST, 000,-
600 OF silver coin in the Treasury by the
end OF this month-June-and l0,000,-
600 by September, which he would issue
under the law redeeming fractional cur
rency, the coinage being mostly in small
denominations. Coinage of the new
twenty-cent pieces was commenced on
the 18th ult. at the main Mint, at Phila-
delphls, where II has been going on with
rapldity ever since, and where it is now
ready for delivery. On the LIST inst. the
first coins of the same kind were struck
at the Carson Mint, and on the 9TH inst.
at the San Francisco Mint. 1t is expect
ed that the calling in of the fractional
currency will begin in September. The
result will be awaited with interest, for
1t will have an important bearing on the
problem of the effects a general resump
ton. 1t this change can be effected
without materially raising the premium,
probably gold resumption can safely fol-
low by the time set by Congress. 1t
would also prove Horace Greeley's the
DRY to be true. that 1.-the way to resume
is, to resume" But the prospects are,
that without having made suitable prep
arations to resume. il will be a partial
failure and loss to Government, leaving
the present paper currency States com
paratively without small currency, either
of silver or paper. 1t is not easy to see
how silver coin can circulate, as it is in
tended. on par with the paper curren-
cy, with the price of gold as it is to-day
over III. The silver will be worth more
than the paper, and difference will be
sufficient to afford handsome profit to
bullion dealers on buying it mp. The
new coin, therefore. as fast as it appears
in the paper money States, under such a
condition as the gold premium, will dis
appear from circulation and 90 out of
the country in the ordinary way of export.
Thus, there can be but little prospect
of the silver circulation being retained,
except under the condition of gold fall
ing and remaining under 10; and there
will be strong motives for the bullion
dealers and spectators to keep the quo
tation above that figure. New York ad.
vices for the past month have stated the
appearances to be that the gold and ex-
change markets during the Summer
would be alternately threatened by gold
squeezes and large shipments, the former
of course weakening and demoralizing
foreign exchange, and the latter strength
ening it. 1t is now alleged in New York,
and the advance in the gold premium
confirms its truth, that new gold clique
has been formed, and intimatons arc
that gold from California and London is
used in that direction. Secretary Bris-
tow is doing as well as the laws of the
country will permit him. He is not fol-
lowing the vacillating policy of Boutwell,
nor the illegal ons of Richardson. His
specie policy is as good as can be under
the circumstances. His coin balance in
Treasury is increasing. There has been
a net gain in the Treasury's specie of
more than ten millions in the lastt two
months. And he is 80 acting under the
laws of June 20, 1874, and January IA,
1875, aecordind to the official figures
published, as to have caused net con-
traction of paper money since June last
of about thirteen millions of dollars
Such course will prepare the country
for specie resumptian at some time
rs. f. Call, Z.