New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-07-18
PRICES AND SILVER.

The President has promptly signed the Silver
bill passed by unanimous action OF KepuDiicahS
in both houses of Congress-, rs he would nave
promptly vetoed the sort of measure that DEM
ocrats wished to pass with the aid OF few
Renublcans Their discomfort at complete
failure to divide the Republicans on the silver
question is highly amusing. May 1t be an
aucurv of failure equally complete on the farm
and the Election bills.
The Silver bill will take effect thirty days
after its passage The Treasury Department
has already approved the designs for the new
notes. and will be ready to issue them August
49, The quantity of silver bullion held here
against warrants is over 100000 ounces, ana
in other deposits there are known to be
>. 00O.O more, besides 100000 ounces re-
ported to have been bought in London on
American account, so that more than the max
imum supply for two months is now awaiting
the enforcement of the act. 1t would not be
at nil strange if under such circumstances
some holders should follow the example of that
fnancier who "was lame and thought he would
start early" If two holders offer million
ounces of bullion each, at about market prices,
the Secretary will properly give the preference
TO the lower offer, so that the man who can get
in open market about what he hopes to obtain
from the Treasury for his silver may be tempt
ed to sell at once leaving somebody else to
wait for the rest of the profits. The familiar
Influences in speculative markets will continue
to affect the price for some time to come, 1t is
probable and meanwhile the advance in price
already realized has been enough to stimulate
production to the utmost, here and abroad.
Before the middle of August therefore, it
is probable that the influence of the new act
may be fairly measured in business circles.
But one thing Is already observable those who
were looking for a tremendous boom III prices
of commodities on account of the Expansion
of seventy millions in the circulation" have
learned that the only expansion to be expected
will be gradual and moderate, and may not
produce anything like speculative deirium.
The circumstances render much advance in
the great staples rather improbable at this
time. Cotton is remarkably high now, and
there is promise OF the largest crop ever grown
The yield of wheat may be 55,0OO0OO bush
els below last years, but the stock brought
over from previous years is reckoned at
65. OO0. 900 bushels. Corn is in great demand
abroad. but the present condition and acreage
promise another great crop. Beef and pork
products arc also in full supply. and so are
other staples. An attempt to hoist the price
of these above the parity of foreign markets
upon which American products in part depend
would probably result disastrously.
| The more gradual effects of the Silver bill
may be felt in all countries. If the increased
demand for silver should definitely exceed the
supply, 50 that the price should permanently
advance, prices of many commodities in for
eign markets might also be influenced. Ameri-
cans can afford to wait for this more enduring
result, if they believe that it is sure to come,
and all the more because any attempt to force
it forward by speculative movements here
would surrender whatever advantage this coun-
try has.