The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-06-20
SILVER Is BOOMING.
Price Reaches 81 Per Ounce,
First Time Since February.
DUE TO EUROPEAN CAUSES.
Continental nations Friendly TO the
white Metal, with Sentiment Grow
ing In England. as I'm America.

yvw Yong. June f9.-The executive
conmittee of the National Silver Associa-
t;su met today. It wasstated that none OF
the proceedings would yet be made public.
An evening paper says: ''The rapid adj
vances in the price of silver bullion yes
terday set Wall street to thinking. Opera
Mons OF a big French pool in silver were
rpported June 9. Today 1t was learned
that while there were indications that the
first pool was in liquidation to some ex-
tent. another pool, also European, had
begun work and was ready to take hold
where the first pool had left off. Their
plan of campaign seems to be based on the
same lines as that of the first pool.
aAt the present time the governments
annual purchases OF silver to fill the re-
auirements of the silver act Of 1890 use up
900 ounces of silver. This country's
production of silver for 1890 was 62, $50, S3l
ounces. This leaves 5000, 900 ounces to fill
other requirements and to fill export de-
1nands. Up to the passage OF the July bill
this country always exported annually
from 100000 10 100000 ounces. The
Mercantile Safe Deposit Company, of New
York, reports on hand June 1. l9J, 2J6, 779
ounces of silver. AS was told on June 8,
one concern is thought to own at least
100000 ounces of this amount. Outside
OF this supply there is in this country prob
ably 100000 ounces of silver bullion at
various points.
"The only large supply of silver issaid to
be at Monterey, Mexico, where about
100000 ounces is held in the shape OF lead
ore, pending certain railroad construction.
Mexico produces annually about GOO
ounces of silver. OF which about 25,000,O00
ounces is coined. The rest is shipped to
China and japan by way of San Francisco.
The production Of the white metal from
sources other than those named il incon-
siderable.
"Rupee paper was active and stronger in
London this morning. This is owing to
the passage of bill in the lower house of
the Spanish cortes giving the Bank of
Spain power to increase the note issue
based on silver. bin has also been in
troduced into the Portuguese Cortes favor
ing the adoption of bi-metallism. These
are straws showing the tendency of the
wind. A letter from leading French
fnancier recently received in this country
said:
Tho passage OF free coinage bill by the
United States congress would put silver TO 50
pence in London and over i29 per ounce I'm New
York. Up 20 1878 France fought single handed
for bi-metalism. She would certainly resume
Il II the United States should adopt free
coinage. England will not follow so long as
Goschen Ia in power, and Gladstone is also
goldbug. But there is growing sentiment in
favor OF silver In England, and this must tell
ia the end. The United States made mistake
in adopting the limited silver act. They should
have either passed All unlimited coinage act or
none at all.
at Is said that this second pool has been
purchaser of silver on the grounds emu
merated above and ON those presented in
the article of June 8, which were the basis
of the operations of the former pool. 1t
would seem that one or the other of the
great parties will adopt free coinage
position. At any rate the growing power
of the farmer will demand such legisla-
ton, and European spectators are alert
20 make use OF the effects of this agita-
tion.~
Silver bullion touched 81 per ounce to-
day, for the first time since February.
WASHINGTON CIrY, June 19.-The treas
ury department today purchased all the
silver offered for sale, aggregating $4,000
ounces, at prices ranging from 9Sl. cents
TO 81 03 pcr ounce