The morning call., 1890-04-26
Favorable Report Authorized on
the Caucus Bill.
Silver Certificates Active and BuOyant in
the New York Market.
London Likely 10 Lose Control Of the Price
Of BulliOn-LarSe Buying Orders
From California.
Special by the California Associated Press.

WASHINGTON, April %. - The House
Committee on Coinage, Weights and Meas
ures has been authorized by strict party
vote to recommend the silver bill agreed
upon in caucus on Wednesday night in
place of the modified Window silver bill
already reported by the committee when
the latter was taken up for consideration in
the House.
NEW YORK, April 25.-Silver certificates
were again active and buoyant to-day, with
an early rise to 107, followed by reaction
to 1O6 on sales for foreign account, and a
late recovery to 1861. At London silver
was also strong and higher, with a rise to
4SAd per ounce.
The Mail and Express says: 1t is too
soon to talk about the possibility of our
taking the market for silver away from
London; but it Is quite certain that for at
least week past New York has controlled
the price, and has advanced it against the
sales for London account. and is quite in a
position TO hold the place. With sales of
less than 100000 ounces the price was ad-
vanced yesterday to 1854. and London was
compelled to follow another advance to 10Y
to-day. AT this rate silver is climbing
daily about tenth of the distance that
separates it from gold on the monetary
scale, and the silver dollar is gaining ON the
gold dollar at the rate of about cents a
day. Silver champions say it is not silver
that IS advancing, but gold is coming down.
The fact remains that the two metals have
been rapidly approaching parity in value
as measured by the prices of any standard
article Of uud.
The Evening Telegram says: Private
cables from London report the buying of
SILVER III that maI ket almost entirely on
American orders. London so far has been
selling silver, aud the large buying orders
here are reported to come from California
Silver has been bought in London and held
here by arbitrage brokers at about l per
cent proht. One house has sold 100000
ounces Which 1t had bought in London
zimmerman and Forshay report bar sill
yer IN London at 4S4d and Strong, with
very little Offering. London wires that the
market Is strong and the advance likely to
be maintained. The advance ia silver is
suihcient TO add per cent to the net earn
lngs OF the Mexican Central, for they come
entirely III Mexican dollars and they net
the company per cent more than this time
last year.
William P. ST. John, President of the
Mercantile National Bank, expresses the
together superior to any proposition for
silver legislation that has appeared in either
House of Congress. He says of the require
ment tdd ~ that the Secretary shall purchase
4,JO0,OOO ounces of silver monthly at not
exceeding 81 for 57l.50 grains pure: The
amount of silver in a dollar coin that the
world supplies and the needs of silver will
not admit of the Secretary procuring so
much bullion.
If the United States" said he. 'eould
absorb so much silver from the world at
thls mint limit OF price, it would mean an
annual output OF silver and paper money in
the United States (at Sl.2929 an ouuce) of
more than S7Q,000,0O0, because the United
states cannot procure this sum of silver an
nually at the parity of our dollar coin as
against the worlds demands for silver.
IL Is certain that this parity, viz : g.. .2g29
per ouuce fine, will be maintained in
the entire worlds markets for silver lust
SO long as the United States is mer-
CHANT enough to continue the law in
force. Whether or not the United States
can continue it will depend entirely upon
the monetary conditions here and else
Where. Predictions are not usually in my
line, but have no hesitancy in expressing
the conviction that the United States
VIII be able to maintain the proceeding
with entire safety, and that the enactment
VIII be followed within a year or two by
the reopening of the European mints to sill
yer, and that meanwhile the entire tendency
VIII be TO enhance the price in Europe of
United States products, particularly wheat
and cotton, which will tend to stimulate
lmportations Of gold Instead of threatening
to Danish gold and hence, that the only
caution that will be needed to keep in view
Is the necessity of learning at once Of the
Teopenlng of the mints of Continental
Europe to their legal tender silver"
Ihe Tribune editorially commenting upon
the Silver Bill says: One great merit the
measure mas, II puts IN end to coinage which
involves the danger of a silver basis and
provides currency of definite value in
accepted money of the commercial world.
at the same time it will help powerfully
to restore the value of the silver produced
by the mines in this country