Los Cerrillos rustler. (Cerrillos, N.M.) 188?-1891, 1890-11-07
rHE pRop IN SILVER.

ns Dirsstsr 81 80. Niut T~us why The.
mss n~en = n~sllns Ia ruee-ue Haxor. =
la q frss~at usaiiaE Ia Maasy Mstals
ea MsrEiuG
WAsmINoIox Oct sa-Direetor Of
the Mint L~ech has made rablic an
elaborate defense Of the Tr-asarers all
yer purchase rolicy Sealing o. the
recent decline In the price Of silver he
said. The 80 which have operated
% produce II are 80 apparent hat they
need only DO stated that their fun force
may be measured. In the frst place.
the visible stock o. silver In New York
has not senslbly decreased. notwith-
standing the purchase By the Govern
ment Of A. 2s0 as ounces Of silver since
August "a This large and undimin-
ishod stock 4 a standing menace 20 the
price Of silver and has Of itself been
sunic ent 10 shake public confidence in
silver
III the large Western rnhneries bad
allowed their product 20 take It's usual
course. that is offered IL Tor sale TO the
Government at current prices and sold
tho remainder abroad this stock would
not have Accumulated; but in the hope
OF realizing a large profit they held
their silver for months prior 60 the
passage Of the new .aw. or deposited IL
n New York FOR cert ncatcs, and the re-
suit has been tho accumulation Of a
visible stock Of such magnitude as 70
deprociate tho price. IL Is very I'M
FamHHm~Hn. HNaH H2a HHuaHr 400 WNH.uraN -
accumulate, especially that certificates
were allowed 20 be issued on IL and
guaranteed by a National bank and
listed on the Stock Exchange. 10 be
dealt on margins like other stocks. II
has made a football Of silver. TO be
kicked around az the pleasure Of bulls
and bears In my Judgment there
should be a law enacted against deal-
ing in money metals on margins
'The usual demand flr silver for ex-
port has almost entirely ceased. Not
only is this the case, but large quanti-
ties OF foreign silver have been shipped
to the United States. This is shown
eonclusively by the fact that the i'm
ports Of silver into the United States
from May I 10 September 80 OF the pres
ont year have exceeded the exports 10y
81. OPS. 115. while for the corresponding
period Of last year the exports Of silver
exceeded the imports by s., Gas, 900, a
difference Of $40. S52, 1865. This accounts
for the fact that while the Government
has purchased an amount equal TO the
current production Of our mines, the
stock has not diminished. During the
same period the shipment OF silver to
India has not sensibly decreased, al.
though latterly they have been below
the usual amount Hence the supply
for India has been obtained In Europe,
or at least elsewhere than the United
States So, too, In regard to the natural
movement of silver to China Japan and
tho Straits from San Francisco.
$50 far as my information extends
there has been no new silver 'bonanzas
discovered, and aside from the discov.
cries Of valuable silver-lead propertie,
in Australia ! am not aware OF any larg,
deposits of silver which have been dis
covered within the last year or two
certainly none recently. So that 10 1,
fair TO assume that the silver produc.
for any considerable period, unlos.
there are new discoveries. will not be
materially increased by the present act
i've working of the mlnts."