The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1891-06-20
SILVER ASSOCIATION.
Meeting in New York-Comment Of an
Evening Paper.

Meeting in New YOrk-Com ment Of an
Evening Paper.
New York. June 19.-The executive COM
mittee of the National Silver association
met to-day. 1t was stated TINT none of the
proceedings wero yet to be made public.
An evening paper says that the rapid ad-
vance in the price ofs silver Yesterday set
Wall street thinking. On the sixth of this
month operations Of the big French pool in
were reported. To-day it was learned that
while there were indications that the first
pool WINS liquidating to some extent, an
other pool, also European, had begun work
and was ready to take hold where the tirst
pool had left off. The plan of campaign
seems to be based ON the same lines rs that
of the first pool. At the present time the
governments annual purchases of silver to
~ the requirements Of the silver act of
1890, use up 54,00O.OOO ounces of sill
yer. This country's production of
silver for 1890 was G2,93O, ,s31
ounces. This leaves 5000, COO ounces to fill
requirements and to fill export demands.
Up to the passage of the July bill this
country always exported annually from five
to ten million ounces. The Mercantile Safe
Deposit company. of New Pork, repe rts on
hand June 1, 5,256779 ounces of silver. AS
was told on July 6. one concern is thought
TO own at least 2,50o,Oo0 ounces of
this amount. Outside of this supply
there is in this country probably
points. The only large supply of silver is
said to be in Monterey, Mexico, where about
2,0O0.OO ounces Is held in the shape of lead
ore, pending certain railroad construction.
Mexico produces annually about 100000
600 ounces of silver, of which about 2b,0o0.-
to China and Japan, via San Francisco.
The production of the white metal
from sources other than those
named is inconsiderable. This morning
Rupee paper was active and stronger in
London. This is owing to the passa-e of
courtes giving the bank of Spain power to
increase its note issue based on silver. A
bill has also been int oduced into the
Portuguese cortes favoring the adoption
of bi-metallism. These are straWs showing
the tendency of the wind.
recently received in this country said
bill n' by s"S'tGe tEe 1nted 11 Tss States coinage
ress would put silver at 50 pence in London,
over 129 per ounce in New York. Up to 1876
France fought single handed for bi-metal-
llSm. Sho would certainly resume it if the
United States should adopt free coinage.
England will not follow as long as Goschen
is in power, and Gladstone is also aold
bug but there is Il growing sentiment in
favor of silver in England and this must
tell in the end. The United States made n
mistake in adopting the limited silver act
They should have either passed an un-
limited coinage or none at all.''
1t ls said this second pool has been q pur-
chaser of silver on the grounds enumerated
above, and on those presented in an article
of June 6, which were the basis of the oper-
ations 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 legislation, and European
speculators arc alert to make use of the eff
fects of this agitation. Silver bullion
touched 81 per ounce to-day for the first
time since Feb a.