Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-06-20
ANOTHER SILVER PcoL
Reason Alleged for the Recent Rise in the
Price of the Bullion.

Reason Alleged for the Recent Rise in the
Price of the Bullion.
On the 9Th of this month dispatches to The
STAR quoting the Ecer;ng sun of New York
told of the operations Of the big French pool
in silver. Yesterday it was learned that while
there were indications that the first pool was
liquiGating to some extent another pool, also
European, had begun to work to the same end
and was ready to take hold where the first pool
had left Off
A New York dispatch dated the 18th says:
'The plan of campaign seems to be based on
the same lines as that of the first pool. The
Ecening Sun says there seems to be no doubt
that the silver act of July, 1890, has committed
this government an active part in silver spec
ulation. BY that act the government must pur-
chase 500, 900 ounces of silver each month
Up to July !, 1891, it must coin loo, 600 ounces
OF this silver monthly. After July the COIN
age becomes optional with the Secretary of the
Treasury.
This however, has no bearing on the main
points OF the case, since the same amount must
be purchased each month. At the present time
the governments annual purchases of silver to
I'LL the requirements Of the silver act of 1890
use up 81. 000. 900 ounces Of silver. This coun-
trys production of silver for 1890 was 81 $50 1871
ounces. This leaves 5000, 900 ounces for the
total requirements Of the arts and to fill the
export demand. Up to the passage Of the July
bill this country always exported annually
from five to ten million ounces.
The Mercantile Safe Deposi: Company Of
New York reports on hand on June 10 1856, 779
ounces of silver. As told June 6. one con-
Germ is thought to own at least 500 600 ounces
OF this amount. Outside Of this supply there is
in this country probably about 2, OO0, 900 ounces
OF silver bullion ut various points. The only
other large supply of silver is said to be in
Monterey, Mexico, where about 2, 900 600 ounces
are held in the shape Of lead ORE pending GER
tain railroad construction.
Mexico produces annually about 40 600 600
ounces OF silver, of which about Is 600 600
ounces are coined. The rest is shipped to
China and Japan via San Francisco. The pro-
duction of the white metal from sources other
than those named Is inconsiderable. Rupee
paper Is active and stronger in London. This
IS owing to the passage of the bill in the lower
mousse OF the Spanish cortes giving the Bank of
spain the power to increase its note issue based
on silver.
"A bill has also been introduced into the
fortugnese eortes favoring the adoption of
oims taIsm. These are straws showing the
tendency OF the wind. A letter from leading
freneh hnancier, recently received in this
SAMMY S9n SAYS; The passage of free coinage
! oni by the United States Congress would put
silver to 80 pence in London. or 81 90 ner
| ounce In New York. Up to 1873 France fopqbt
slngie handed Tor bimetalism. She would GER
fanny resume it if the United States should
adopt free coinage. England will not follow as
long as Goshen is in power, and Gladstone is
also gold bug, but there is growing senti-
n;ent IN favor of silver in England, and this
\ must tell in the end. The United States made
mistake in adopting limited silver act They
should have either passed an unlimited Coinage
| act or none at all
1t is said that this second pool has been a
purchaser OF silver on the grounds enumerated
above and on those presented in the articles Of
June 8, which were the basis of the onerat;ons
/ OF the former pool. 1t would seem that one on
the other OF the great parties will adopt the
tree-coinage position. At any rate the erov-
ing power of the farmers viii demand such
| legislation, and the European spectators are
alert to make Of the effects OF this aeitation
Silver bullion touched 81 per ounce today for
i the first time since February L."