Arizona weekly citizen., 1890-12-06
SILVER.

LuO uSOlIuo Ol 6ilNtI JO us Olu pIlCc Ol last April, when the new silver law was passed, leads the New York Commercial Bulletin to call attention to the new campaign in favor of free silver coinage, which is pretty certain to be waged when congress meets for its second session. From 9S15 cents per ounce on the 10th of April the price rose to Sl.2l in August, when the government began it purchases under the new law. With these purchases the decline began, and it hap steadily progressed until it has now rea..;led the old figures The reason for the del 0 is not difficult to find. No sooner w:, ;he law ,ssed than scores fcr years began to be operated again, and the output of numerous other mines was largely increased. With the prospect of higher prices the outward current of silver from this country was almost completely arrested, while inn portation of European bullion and of Mexican silver ore began. Says the Bull etin: "The thing which most needs at tention here is that the American mines have for SIX mon h supplied all the de- mand, excepting the above mention i'm portatIon of ore. and that the foreign mines have likewise supplied for six months all the demands Tn all other - nal frrNF the United States. Receipts of silver !. Great Britain have been much larger i than usual, the increase for six months having been S6,5O0,OO0 compared with 'he increasing for Six months of the .2ruvious year, though of course no part | oe tls increase came from this country. | Also the shipments to British East In dies have been much larger. In some wa, the entire foreign demand has been sur Dled, notwithstanding this increase, wit, put the S10,0OO.OOO worth of silver usually received from .thIs country
 in half year. This points clearly to an increase in the output of foreign mines. T supplied with 4,500,000 ounces per month by mines in this county, while require 1 ments for the arts have been met by l importations of ore, so that the produc ton 3f american mlnes alone apparently
 more than meets the treasury de- | mands" The present law having failed I -. ao 1.a ot oE the silver advocates, the demand will noE be renewed for free coinage, This | wil l,rovide an unlimited instead of a limited dema9d. and at fixed price ii l nominal Goiiars-that is, about sl.2 .29 per
 aInce, thought the highest limit reached l ia the recent rise. with all American
 liver absorbed by the treasurer, was
 nh SL2I per ounce. The price in
 lo,lars would ta fixed, but the value Of
 he dollars would be fixed, but the value
 # the dollars themselves would at once
 become subject to variation, In the judgment of the civilized world. even
 with the present demand absorbing
 about all the American production
 silver bullion is worth 981a cents per ounce. and dollars" coined from this
 metal, if they are to be coined without
 limit, would, would presently be valued
 at about 76 cents each in gold. But as
 the plan IS to make the 76-cent legal
 tender for discharge of all debts, the
 gold dollar would command a premium
 of over 40 cents. This gold premium
 would inevitably follow free coinage
 though it might be some time delayed
 President Harrison would have met free
 .Jinags bill n-ith his veto last summer
 aud we have little doubt that should
 one be passed the present winter it will
 Do vetoed; but the silver speculators
 th.ak they can induce him to approve II
 while they will have little difficulty in
 passing it.