Walker Lake bulletin. (Hawthorne, Nev.) 1883-1926, 1892-07-27

the gradual decline OF the ysne oil
/ that silver, and the gradual decline o.
( the industries with which you ara
| iden!i fied.
What has been the cause Of this,
/ Simply because the demand which has
been created by law was Withdrawn
and that demand WAS the demand nj
the government for The free and un-
! lunlted use III all silver as money
| Now, we have bad two remedial
measures, one the law Of 1878, which
provided for lhr coinage of from 81
900 900 la $4 000, 900 per month, limited
always, however, ny the Governmental
the minimum. Then in 1888 We had
an increase of The coinage to 4 500 OUO
nurces per month, and The immediate
effect Was an Increase in ibe value,
winch was folloAed by decline. And
of late we have Witnessed decline
unprecedented in the history of silver
IA decline 10 less than 80 cents per
ounce Ii the producers of silver will
inquire in,o the cause of the decline
they will nd that ii has been created
by the existence of
CERTAIN SURPLUS
| or silver resting in the New York
market. We can search throughout
the world, md we tind Ii" surplus vi
! silver elsewhere. All The silver of The
world il iiher In the shape of foreign
aud domestic coin, III The shape of that
used in the arts, or in the shape of
bullion; and the only aullon We ind is
| about 000, 600, duc~d from 10000
600 t" 3 900 900 million ounces, in lhe
! New Yn:k aikei; and that bullion
surplus is sometimes increased ana
sometimes diminished as The product
| ri the M i've vaii lev.
ow, II Is u familiar rule Of eco
nomio science, ihat the value Of tie
surplus of any prsdncl fixes he value
"f the whole. II there is surplu. of
wheat IN any country il will he found
that the price of that surplus fixes the
value of that product throughout the
world. So thai We find these few mil
| lion Ounces of silver Determining the
marker price. And do we lind no TO
the market! We find thar the only
buyers of silver in the world are the
Government of iha United States,
with buys To the extent Of four md
II half million ounces per month, lha,e
who use silver in the arts, and Tie
ns- RS oi silver for su,siilry coinage
abroad-Inl Ia, China and south Amer
lea and The other nalons that use oil.
Yer. Nav W. ind hat
THE MARKET FOR SILVER
Is IN London and III New York. There
all the purchases are madr, and we
find upon inquiry That all these pur-
chascs are made by few brokers'
| firms that conduct The business These
brokers, engaged in business both IN
New York and London, buying upon
foreign account, actual, have the
power to fix the value of the produci.
They stand aside when the Gov, IN.
ment of the United States makes its
enforced pun chases OF four and half
million ounces per month. The amount
put monthly upon the market is sbnu,
eleven or Twelve millions. These few
brokers, after the Government has ST.
| cured its bullion at its own price, then
divide up The balance between them,
and bid whatever they chonse To bid.
and there being no combination amont
the sellers, The buyers fix the price.
II you have IA piece of real -s'a'e 10
sell and three proposed buyers prese nj
them elves nj the auction sale, aud
pIior To the sale say, well, now, We
each want this, bur we will agree To
take one.hird," and those are the only
purchasers there. ynu will agree with
me tnat lhey can nX The price nj what
ever they choose. Aud ~ it Is with
, silver. The buyers of silver, repre-
scented by these three or four silver
brokers in New Yok and London, are
liking the price of your commodity.
Now, my friends. ak how long, If
nus condition oil things exists, even
me present price NJ silver will stand.
You have witnessed il, gradual decline,
f~u have witnessed decline within
the past two wears. Are Won willing
To wait for The cline of four wears
lnnger' And rrcolect hat if a Prr,i.
dent of the United States ~ elected
who Will veto The will of the peoplc Ms
expressed hy an Act Of Congress, yen
will IN We IN watt fpt,r your. h.f,r>v.