The Ketchum keystone. [volume] (Ketchum, Idaho) 1885-1899, 1892-04-16
the wan on sltvfa.



The following expose Of the fraud
ulent means being resorted to to
defeat silver coinage will be found
instructive as we'll as interesting.
It 10 from tho pen of William st.
John, of New York, and first ap-
peared in the Sun, and furnishes
pretty conclusive proof that the
goldites know their statements con-
corning silver TO bo false, and make
them for the purpose of deluding
others for gain: 5
Out of the mists of ignorance and
false presentation of the silver ques-
ton / beg the space to report the
following facts for the practical
consideration Of your wide commu-
nifty of readers:
The prime factor Of influence here
against the enactment of the pend
ing silver bill is the specious accusa-
ton that it aims to float q seventy
cent dollar. But the present market
price of silver is to be accounted
for, and its future is not as uncer-
tain as it now appears.
First-Note our newspaper insti-
CATION of foreign opinion as to the
requirements and operation of our
existing law of 1890. This Euro
pean influence is reflected in New
York. This opinion and its refec-
ton appear in Saturdays cabled
quotation of an editorial in the Lon
don Times, thus: "The accumula-
ton of almost useless bullion is
producing the natural consequence,
and business men are awakening to
q perception of the danger" and in
the New York Evening Posts review
Of the state of trade to-day, thus !:
"As for silver, it is apparent that
the time must soon come when the
enormous wealth of about $780,
600, 600 Of silver accumulated in
in the United, ,States Treasure under
the Silver Purchase act must come
upon the market one way or an
other" The actual fact, howsysr;
is that the title to this silver bullion
in the Treasury of the United States
is carried in the pockets Of tho peo-
pie, in the form of legal-tender
notes issued on purchasing this sill
yer. The whole of this Treasury
silver bullion is thus practically in
active circulation, and thus is, to all
intents and purposes, coined money.
If our newspapers would allow Eu-
rope to understand this fact dis
tinctly, our Treasury accumulation
of silver bullion would be without
the slightest influence upon the
worlds market price of silver, as it
ought to be.
Second-The supply of silver
bullion in the worlds distributing
markets has been reduced during
eighteen months from a gross Of
over 15,OOO, 600 ounces to a present
gross of about 6,O00,O 600 ounces, in
spite of fluctuations in the market
price, which have diminished the
far Eastern absorption of silver inn
portantly. In the face of this re-
duced supply of silver the market
price has declined. Like conditions
in the market for any other great
commodity would have advanced
the price. But in addition to the
incubus OF fear already mentioned,
the following is noteworthy:
The bulk of the available supply
of silver is at present in New York,
and practically all of it in the hands
of spectators who have no &C.
quaintance with the sources Of eqp-
ply and demand for silver. This fact
is known and worked upon effect
lively in London, as for instance:
On Saturday an Offering of less than
81 900 worth of silver bullion in the
New York Stock Exchange served
to reduce the market quotation 3
cents per ounce. to 854 cents, at
which the 1000 ounces were sold.
Sales were subsequently made at
874 cents per ounce. The closing
quotations listed were IS cents to
S5i cents per ounce. These figures
being cabled to London, made the
London price. They were reflected
this morning in the New York price,
which, except that the Treasury has
completed its March purchases,
would have been the basis of our
Mint price for silver this Monday
Morning, under the exiting law Of
1890. Transactions Of quite as lit
tie moment have repeatedly thus
fixed the New York price for silver
bullion and the basis upon which
our Treasury purchases were made.
It is thus evident that this moder-
ate stock Of silver bullion held on
speculation in New York, and the
sum total Of it not more than any
one Of . hundred men in this city
could pay for comfortably, is gov
erning the worlds market price for
silver and actually is about to de-
termine the course Of legislation in
the United States.
The immediate effect Of = defeat
of the pending silver bill upon the
market nric0 0f silver will depend