The times. [volume] (Richmond, Va.) 1890-1903, 1890-10-30

been used as the basis Of silver purchases
under the new law. The present admins
tratlon has been governed In its purchases
By the New York price, and has paid al
times In excess of the highest price ai
which certificates sold in the city the same
, day. OF course the Government accepts the
J lowest bids tor the sale Of silver, but II does
not reject "A bid for the reason that II eN-
ceeds the London prices, and, II there are no
lower bids, will accept any bid within the
highest New York price.
| "ln regard 20 the assertion that the Gov
ernment quotations are on decimal basis,
| il NAV be said that the Government has no
scale Of its own. and bidders use whatever
scale suits them best. The idea OF any
seller having advance information a TO
the price the Government will pay Is ridici-
lous and impossible. The offers for the sale
OF silver are all made by telegraph within a
few minutes Of o'clock, and the Treasurer
has no idea Of what it will pay until all the
offers are opened, its acceptances being
governed entirely by the offers.
1.-The causes which have operated TO pro-
duce the recent decline i'm the price Of silver
are so apparent that they need only be
stated that their full force may be measured.
The large Western refneries, i'm the hope OF
realizing a larger profit, held their silver
for months prior TO the passage Of the new
law, or deposited il in New York for certih-
Gates. and the result has been the accumu-
lation ofa visible stock in New York Of
such magnitude as to depreciate the price.
Ii is very unfortunate that this stock was
allowed 10 accumulate, and especially that
certificates were allowed to be issued on II
and guaranteed by a national bank and
listed on the stock Exchange 10 be dealt In
on margins As other stocks. 10 has made
football OF silver to be Kicked around at the
pleasure of bulls and bears. In NV Judg-
ment there shsuld be a law enacted against
dealing n money metals on margins.
"lhe usual demand for silver for ex-
port has almost entirely ceased Not only
Is this the case. but large quantities OF for
eign silver have been shipped to the United
states. This is shown c0nclusWely by the
fact that the imports of silver into the
United States from May lst to September
Both Of the present year nave eN-
ceeded exports 10y Si.925,l7j, while
for the corresponding period of last
year the exports Of silver exceed
eel the imports by Sj.9iS,990-a difference OF
Sl0,sl2,lGj. This accounts for the fact that
while the Government has purchased an
amount equal 10 the current production
of our mines. the stock has not dimin-
ished. During the same period, the ship
ments of silver 70 India have not sensibly
decreased, although latterly thcy nave bcen
below the usual amount. Hence. the sup
ply for India has been obtained in Europe,
or at least elsewhere than the United
states. 50. too, in regard 10 the natural
movement ot silver to China, Japan, and
the straits from san Francisco. Not one
ounce of silver bullion has been shipped ID
the Orient from san Francisco since May lst
Of this year. while over Si,OOO,OOO worth was
shipped during the same period OF last year.
II have Just returned from visit % the
large silver mines in the West, and know
from personal observation that mines are
producing large quantities of silver today
which were shut down when the price OF
silver and lead reached very low ng-
urp. But it must be- remembered that We
are approaching period OF winter months
when mining Is not 50 active, and
moreover. that the present activity IN work
ing silver miues naturally results IN more
rapidly eXhausting their lodes. Aside from
the discoveries Of valuable sllyeT-lead
properties ina Australia, am not aware OF
any large deposits of silver which nave
been discovered within the last year or two.
certainly none recently, 50 that II Is fair to
assume that the silver product for any con-
siderable period, unless there are new dis.
cOyeries, will not be materially increased
by the present active working of the mines.