Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1890-12-03
BY TELEGRAPH.
NATIONS CAPITAL
ECcn,inued from Is, rage

the immediate effect Of the Law h.l been
largely anticipated 10 the advance il price
prior to itS passage.
Since IN It dx.e there has heea & decline.
with come anernaiio1s. to the present. tune,
the price falling IS to~ As 20 81.
Sossiahssnjing the fscs thss the adj
va-ee ia the price of silver tslls~
ing the passage OF the lar has
not been msiuisieei. the Secre a-y
ventures TO e1r. IS the belief tast tae new
sitvs. act 10 a great Improvement over the
lsw r. psaled, sad that it, bene ieisl results
viii eventually comnead i. ~ ger essl up
prevail. As yet the period 0s tine has
been too brisf 70 rally test the merits of
the iaF. Srd the permanent effsc. which j,
viii have on the p-cs Of silver.
One thing is certsin. that i; has been the
ms.rs Of pfoTidins healthy sud much
needed addition to the circulating medium
Of tae United States.
The smonas of Treasury -c.ss issued on
purchase. of silver huiilo1 from Angus,
IS 10 November 90, 1890, has bsen $751;
s07 900.
Ii must be apparent 70 any careful OBJ
server of the movement of silver, that the
recent violent fluctuations 10 price are
mainly due TO speculative operations in the
large surplus of from eigh: TO ten million
ounces. Witch has rot beea absorbed by
Treasury purchases. This downward tend
ency has en materially assisted by a So
we're and almost constant stfingency of tire
money msrget. This Surplus was accn-
mu led. in the first instance by the with
holding from The market, by producers and
specu ators, for some months prior to the
new silver act. of the current product of
American silver, in the hope of securing 3
| better price. 1t has been msintaiued and
augmented beth bs importaiions of foreign
silver and by falling of in the export of
domestic silver, the later occasioned ioubt-
! less by the fact that in the purchase 8
| of silver under the new silver law, the
Treasury Department has paid. as \ rule,
, price considerably 10 excess of the price
of silver in Lo1don. The imports into
the United States of foreign silver from
May l to November l of the piesen. year
have exceeded the exports of domestic ell
yer by some $3.50 000. while, for the cor
responding period of last year. the exports
exceeded the imports by soma 1880, 900,
a difference of si5,6Io 900, an amount 10
excess of the value of the present visible
stock of silver on the American market
So, too, 10 regard to the movement Of 81.
yer from San Francisco to the Orient; not
one ounce o. silver bullion has been ship
ped sIrce the fret of MAY, ag.ins. an aver
age export for prier years OF from S. .00o,-
| 0G0 to $40 COO, 0C0. So that the present
surplus sock Of silver may, at any time
be augmented by imports or diminished by
exports, and. as the current product of sill
vei from our mines does not differ very
widely from the monthly purchases by the
government, it is probable that the exis.in 3
surplus will remain for some time al i'm
| pediment to the permanent and steady all
vance of silver. Even il the present eur
plus should be purchased by the govern
ment. importatioas from abroad might, al
| any time, accumulate an additional stock
of silver. the manipulations of which By
spectators would result in wide tiuctua
tons in price. Had the law provided fol
the purchase of only The product of this
! United States, this surplus would have beer
absorbed ere this and as noJe would have
been imported for speculative purposes M
| surplus would have been accumulate ed. The
| withdrawal of the entire silver product oil
| our mines and smelters, which amounts tc
nearly one half of the worlds annual out
put of silver, would probably soon create a
| shortage abroad and this 10 turn would
cause steady aud permanent advance il
price.
The value of the gold deposited st III,
mints and office, during the fiscal year
1890, was $40 ,22s, 1928 Sc Of which 1866 !,
72S 80 were redeposits.
OF the gold deposited, $50, 474 900 q
was the product of our own mines; 81,
$50. 700 90. foreign coin aud bullion; $655.
IA 90. lightweight domestic gold cola
and S. $40 0l3.s3 old material.
The silver received aggregated 81 ,43S,
1877 standard ounces, of the coining val
ne of $40. sos 1875. Is, including redeposits
$3.50 9S2 SO standard ounces Of the va!u'
Of 1920, 4l6Ss
Of the silver received, 32.430, $50 s.
standard ounces Of the coinage value o
s37 ,736,902 Ga. were classified as of do
mestic product; 2,o57 $50 90 s:andar,
ounces of the coming value Of 50 1874 FOG
u as foreign silver bullion; 1856 SAG 2
Standard ounces of the coming value o
sl.229 7S4 10 as foreign silver coin; 5ll
223 % standard ounces of the coming val
ue Of 1894 1888 "A az uncurrent domesti
cons; G,SSi 80 st,n3srd ounces Of tn
coming value of SS.Ol074 as trade dol
lars and 5S4, 7i5 09 standard ounces of tn
coiniJg value of $3.50, 430 65 as old mate
rial.
The coinage of the minis during the fisca
year, was the largest in the history Of th
mint in the history of the mint in thi
country, sggregatiug ll2,G9S,07l pieces
valued as follows;
Gold, S22, 02l ,7is.j
Silver dollars, Is y23 si6.t
| Subsidiary silver So go p,