Arizona silver belt., 1891-11-21
Saturday, November 21. 1891.
secretary ro.lcr on lhe nyer Law.
{ From his address hefore She American Banl
 ers' Asociatinn.)


 CTS Assooiatinul
 The amount of silver bullion pur- chased with Treasury notes under the provisions of the new law from August 18th, 1890, to November lst, 1891, has aggregated 66, 5Ss, 536 fine ounces cost, ing S6S, 626, 565, an average cost of S1.03 per fine ounce. From this silver 29,S4S, 475 dollars have been coined, and the remainder is stored in the shape of fine bars in the vaulss of the mints, as Q reserve against the Treasury notes outstanding,
 The new law provides for an annual increase of our currency approximating $50, 900, 900, or, dedueting the average retirement of national bank notes in recent years, an annual addition to our circulating medium of S24, oo0, G0o.
 While it is true that the amount Of money in circulation in this country al the present time is greater than at any previous period in our history, and and more per capita than in any oi the leading commercial nations of the world, with the single exception of France, l am of the opinion that, owing to our rapid growth in popula. 1ion and wealth and the extraordinary development of all kinds of business, n yearly increase in our circulating me, dium, somewhat proportionate to our growth in population, iis impe9atiyely demanded. The issue of Treasury not under this act affords such an in- crease of perfectly convenient and sound currency, based dollar for dollar upon the cost value of silver bullion, redeemable on demand in gold coin, and with the pledge of the Government 70 maintain it at par.
 That this addition to our circulation has proved beneficial was iorcibly ex- hibited during the spring and summer of the present year, when, through the necessities of Europe, gold was with drawn from this country in large quan, titles, aggregating iG brief period of five months over SIP, 900, ,O00. But for the substitute provided for domes tic trade in the form of treasury notes issued by the Government in the pur- chase of silver bulhon, it is probable tbat this country would not have been able to stand this enormous drain 0. gold without producing a striugenoy iu the money market and serious business disturbance.
 Another object of the act of July r., 1890, was to provide home market for the silver product of the United States by requiring the purchase of 8 quantity of silver approximating the monthly product of our mines,
 That this large absorption of silver by the Government for currency pur. poses would cause rapid enhancement in the value of silver was very gener ally believed. Indeed, it was hoped that the increase in the value oi silver under the operations of this would bt 80 great, and of so permanent a nature, that a point would soon be reached when we could with safety open ouI hints to the free coinage of silver Under the operations of this law silver advanced from 96c per fine ounce on the first of January, 1890, to Sl2! ou August 18th, 1890.
 That it has again retrograded in price is owing in part to the fact that, because of the libaral policy exercised by the Treasury, as required by law, in the purchase of silver, both as tl the quantity purchased and the price paid, large amounts of foreign silver were attracted to this market Other causes, which can not enlarge upon, have operated to produce this result, prominent an ong which is the large falling off in the shipments oi silver tc India and China. The shipments O. silver from London to India during the first nine months of the present ealeu. dar year show a reduction of over SIT, 900, 900, as compared with the same period of tho prior year, while th' shipments of silver to China show ever greater decrease.
 It is claimed by those conversan' with the product and movement of sil yer that when the visible stock upor our market is disposed of, the monthly absorption of 4,500, 900 ounces of sil yer by this Government will have tn, tendency to effectually and permanent ly steady the price of the metal.
 Long distance transmission is abou to be tried in Los Angeles county. Tn, San Antonio Light Power Co.,, neal Pomona, will obtain 800-powsr iron the Pelton water wheels, which will b, run by water dropped from height Q 360 feet The power will be transmit ted to Pomona, Chino, Ontario anC San BerEardlno, distance of nearly or quite 40 mics. This will be con sidered quite loug distance trausmis