The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-08-01
The FIRST STEP.
A Circular Calling for the Sale
Of Silver Bullion.
The Treasury Department Preparing to
Enforce the New Bill.
Probable Effect Of the Sherman Bill Sena-
tor MitGhell'S Views on the Advance
Of the White Metal.


WASHINGTON, July 31.-The Treasury
Department has taken the first step to-
ward giving effect TO the last Silver Act, by
{ the preparation Of a circular which will be
issued tomorrow, announcing that on and
after the 18th inst. offers for the sale of
silver bullion, in lot of not less than 10000
ounces, and delivery free of expense to
the Government at any specified coinage
Mint, will be received. either by telegraph
| or letter, for consideration at noon Mon
days, Wednesdays and Fridays of each
week. except legal holidays. All bids must
be addressed, Director Of the Mint, Treas
ury Department, Washington" and state
the quantity offered in fine ounces, the price
per fine ounce, and the Mint at which the
bullion will be delivered. Bidders will be
I notified by telegraph Of the acceptance or
rejection of their offers. The right to re-
lect any or all bids is reserved, and also the
right to accept any portion of the amount
offered. The delivery or purchase must be
completed within ten days after the ac-
ceptance Ol the offer. When bars bear the
stamp of well-known Tefiners, sucn ap-
proXimate value will be paid pending the
melt and assay, as may be safe and proper.
When the bullion purchased is of charac-
ter to require parting or refining, the usual
mint charges for these operations must be
paid by the seller. No bars weighing over
1890 ounces will be received. No silver coin
except uncurrent and mutilated coins Of the
U nited States will be received on account
OF such purchase.
NEW YORK, July 31.-A special from
Washington gives an intervie W with Com
troller Lacy concerning the probable effect
of Shermaa's bill providing that the com
pulsory deposit of bonds by any national
bank with the Treasury shall not eX-
eeed $1,000 Lacy says the bill will
not permanently expand the volume OF
the currency in circulation. The first ef-
feet would probably be cOunterbalanced
by the withdrawal of bonds on deposit
by the banks OF the new States. For in
stance where the rate of interest is high,
the premiums on the bonds might be wiped
out, but the bonds will never sell below
par. The immediate effect of the passage
of the bill would be to put into circula-
tion isomethlng like S15,000,0O0 in bank
notes which would be conveyed at once by
, The automatic action of the law TO $500 diff.
erent cities and towns in which national
banks are located and precisely where the
money is most needed for the moving crops
this season. While the Silver Bill will act
would be rapid and Eli the gap until the
Silver Bill can effect what is expected Of it.
Z In an interview with Senator Mitchell on
the effect of the Silver Bill, Mitchell is
quoted as saying: Silver bullion being
one standard, money values will naturally
lead the way to market prices for all kinds
of American products. When we began
the discussion of the Silver Bill bull
ion was worth "a cents an ounce. Ii is
over 81 10 to-day, and 1t is stated that it will
70, xsip s,.nE..,.T
ST 10 and probably 81 20 before it stops.
This is an increase already of about % per
cent in the price of bullion, and from what
l learn through my mails and telegraph,
farm products. taking the country over, are
increasing proportionately. | have no
doubt that when the full effects of the sill
yer coinage law are distributed over the
country, farmers will find themselves re-
ceiving anywhere from % to % per cent
more 1Or their produce than a few months