Evening capital journal. (Salem, Or.) 1888-1893, 1890-08-01
SILVER GOING tP.
Prospect Of all Farm Prod
uctS Advancing.
PROPHECIES OF GOLD BUGS FAILING.
A Heavy Order From England
Causes the price Ia
90 Up.
PROPHECIES OF GOLD BUGS FAILING.

have been made. During the las
week about l,50O,00O ounces hav,
been sent away, and for this weel
700, 600 ounces have been ordered 81
far. Zimmerman d Forshay an
nOunced yesterday tha! they woulC
ship an additional 10000 ounces on
the steamship Lain, and 100000
ounces more on Saturdays steamer
The price Of silver, meantime, ha,
been steadily advancing, and therr
is a spice Of speculation i'm il
When the present movement began
the New York price was - oG3 pea
ounce. Silver was quoted 81 10.
yesterday, and the prediction oI
Wall street dealers who ought tc
know, was that it will reach 81 /.
before it goes lower.
The situation has caused a surprise
in some quarters because it had been
predicted that as soon as the silver
bill passed congress this country
would be flooded with silver Of other
countries The reverse, however,
has proved to be the case. A few
weeks before the silver bill was
passed London spectators shipped
to New York 1,5OOO,O0O ounces OF
silver bullion, i'm the belief that the
silver bill would become law and
that prices would 80 up because OF
the demand for bullion that would
follow; but the stream has now set
the other way and the demand for
silver in England is greater than
here. As to the cause Of this move
ment the following explanation is
given:
Every summer England needs a
large amount Of American silver to
be sent to India to pay for wheat
and cotton. This demand usually
comes in August or September.
This year it has set in a month or SO
earlier, probably because Of the fear
of English spectators that after
August 18th, when the silver bill
goes into effect, requiring treasury
agents to purchase 100000 ounce.
every month, the price Of silver in
New York will have sharp adj
vance. London orders on New
York, all coming ia at once, have
thus brought about the advance i'm
price earlier than it would otherwise
have done.
Senator Mitchell, who was one OF
The leading free coinage advocates
during the discussion of the silver
bill, and said this afternoon that
with the advances of prices for
silver bullion, there would bn a
steady increase in the pric, for
farm products, Said he:
The bullion being one of the
standard money values, ii will
lead the way to market
prices for all kinds OF American
products. When we began the dis.
cussion on the silver bill some
ago, bullion was worth 81
cents an ounce. 1t is over 81 10 to-
day, and il is stated ID will continue
to rise till il reaches ut least 81 l5
and probably 81 20 before it stops,
This is an increase already OF about
p per cent in the price of bullion,
and from What learn through my
mails and the telegraph, farm pro-
duets, taking the country over, are
increasing propoltiouutely. have
no doubt that when The Whole effects
If the silver coinage law are dis
ributed over the country, the farm
'rs will find themselves receive
ing from p to so per cent.
more for their products
han they got few months
lgo, The silver law turns lou.cmorc
han 3oO,Oo0,OoO now lying idle i'm
he treasury and coutcuplat,s put
ing into circulation ab"u> o55,OoD,
lOO annually. OF course, siivcry,il-
age is to cease after the lst of next
luly, except when the secretary OF
he treasury finds that thcrcrsa da.
maud for the silver dollar tnr bun
on to be purchased and s,onIavay
,ud certificate ISSUES to r.pr,.cnr
This talk by the democratic pr.s- AN
,ver the country of thor. nyi.r 81
cessation of silver coiuoYe and rh,t
his law will NOT hnye amy b.tt.r
fleet than the nld ono fs .ll l,,,-
,ombe and Intended o., p,,.r..3 ,,,,
,nhIic Thor, u.,l n.....'..........