The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-03
PURCHASES OF SILVER.
. a111, TO RESTRICT THEM TO THE
AMERICAN PRODUCT.

AMERICAN PRODUCT
..a+arv of the Treasury Foster
sards to the Senate His Reply to the
pasolution of Senator Morgan as TO
the Buying OF silver-Each Question
Answered in Detail
NJ .suryGToN. May "A bill introduced
.o-dav by Senator Sanders. entitled " A bill
~. Tho nrotection of the silver mining in
d,s+rv y provides that the Secretary OF the
T,aoenrv in the purchase of silver under the
-.ouisions of the act of 1890 shall advertise
tor and receive bids for and purchase suoh
silver bullion only as is produced from
lines within the United States, or from
sres gnelted within the United States.
FOSTERS REPLY To MORGAN.
sacretary Foste to-day transmitted to
che Senate his response TO the resolutions ln~
troduced by Senator Morgan asking LOT
;ntormation in regard 10 the purchase of
aiIyar bullion, etc. In reply to the first
saction. "What is the aggregate cost of the
silver bullion, and the standard dollars
coined tberefrom purchased under the act of
'JnIv IA. 1890, and now held IN the treasury,
onj a detailed statement of the amount
purchased each day ana the date thereof"
tba secretary calls attention to communl-
cstion transmitted to the Senate some days
ago and already published, giving the iltor-
nation asked. The remaining queSGlohS
and answers are as follows:
, "Iyhat amount oftreasury notes issued
TOR spch purchase is now outstandlngF
The treasury notes issued in payment OF
silver bulli0n under the act Of July IA,
iSq6 to April 81, 1892, have amounted to
sg2 852, ,OO6 Of which $ll l,542,291 are In
treasury cash.
2 "Whother any of such notes have been
received by the treasury IN exchange Tor
gold coin or redeemed in gold coiu|
Treasury notes of 1890 have been received
bv the treasury in exchange for gold coin
and have also been redeemed in gold coin.
4 What amount OF silver coin there is
now in the treasury applicable to the re-
demption Of such notes"
Tweuty-four million seven hundred and
ffty-four thousand and ninety-tive dollars.
s. "Whether, when such notes are
received into the treasury for customs,
taxes and other public dues, they are re-
issued or retained in the treasury, and if
aDy of such notes have been retained in the
treasury what amount has been SO re-
tainedm
Treasury notes are received and paid out
freely in the daily transactions OF the treas
ury. When received into the treasury for
CUSTOMS taxes aud other public dues, they
are reissued and kept in circulation.
8. Are persons selling bullion TO the
United States under the act Of July IA, 1890.
required to make immediate delivery and
take the bullion so sold out of the market,
or are they given time to make such deliv-
cries after having made contract to sup
ply the United States and deprive others Of
the opportunity"
Deliveries on purchases of silver must be
completed within ten days after the accept
ance Of the offer. No complaint has been
received by the secretary from any producer
or seller Of silver bullion es to the length of
time allowed for the completion of deliv-
cries
:. docs the public have notice of the
times, places and amounts of silver bullion
which will be purchased by the United
States, or are such purchases made of
brokers and bankers without SUCH public
noticem
The secretary in reply to this question
transmits copies of the departmental oircu-
lars asking for bids; aud calls attention to
the communication already referred to.
. rs the business of purchasing silver
bullion under the act of July IA, $780, con-
Quoted with view of depressing the price of
bullion and of obtaining it as cheap as pos~
5lble, or with view of carrying out the es-
taohshed policy of the United States to
maintain the two metals (gold and silver
on aparIty with each other upon the pres
ent legal ratesn
The purchase Of silver is SO conducted by
tne treasury department as to carry into
effect the provisions of the act of July IA,
iojy, which requires that the government
Shall purchase 4,500, 900 ounces of silver
monthly, at the market price. Offers for
the sale Of silver are received from any one
VINO mas silver to sell and the lowest offers
are accepted No effort is made to lower
1ne price of silver, and the full
market price, as shown by the
published quotations, is paid unless offers
paloW the prices are received It has been
Ise nope OF the department that the price
VI SILVER would be advanced by reason of
sue large absorption of 4.500,000 ounces a
uloulh by the government for currency
purposes The secretary is unable to see
ouaI IN the buying OF silver bullion any
opurSe ne can take in the manner of pur-
% ouase within the law can have any appre-
HaoIe eject upon the price.
%; Nhat amount OF gold and gold bars
- 'uefe IN the treasury exclusive of outs
Standing gold certificatesY'
o uota ,aC com and bullion III the treasury April
4 ~ 81, I99@, S20, .219; gold certificates out
6S6 S66uulug S151, ,S21, $50; net gold, $l20, ,096,-
LW' STATE the amount that the silver dol
q a.t a.'s auu bullion on hand would have cost
d ~ nus Tle present prices of silver bulliong"
~ tne b amount Of silver purchased under the
SSooL SSg VI July IA, 1890, to April l, 1892. was
oH @uH O15 fine ounces, costing sS9. .6I1 900:
0-Nn Tlc Ill. goo