New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-05
WHY HE REFUSED TO Buy SILVER.
SECRETARY CARLISLE MAKES PLAIN BrsI
NEss-LIKE EXPLANATION OF HIS ATTITUDE.

SECRETARY CARLISLE MAKES PLAIN. BrsI.
NEss-LIKE EXPLANATION OF HIS ATTITUDE.
Washington. oct. 4.-Secretary Carlisle to-day sent
to the Speaker Of the House OF Representatives
a letter explanatory OF his silver purchase policy.
He says In part:
ION August g. 1890. the date the act OF July H.
1890 went into effect. the equivalent OF the London
price for silver 900 fine in United States money
was Hl2I The amount OF silver offered to the
department on this date was $1,000 ounces, AT
prices ranging from sll3 to STA per ounce. fine
or this amount $4,000 ounces were accepted at
Nl3
THE practice Of accepting the lowest price as
fixed by the bidder which was almost without
exception In excess OF the prices Quotec by the
daily press continued until June H. lN5. when
the system OF making counter bids In cases where
the prices asked by bidders were regarded as more
than the market price was inaugurated. the
dopartment completed the purchase OF $4,000
ounces for the month OF June on the 2lst day OF
that month. and announced that no further pur-
chase would be mado until July. After this an
nouncement II appears that dealers In silver bull
ion In New-York commenced to sell very ireeV
In London for future delivery.
AS IL well known. on June r. the legislative
councils OF India enacted bill closing their mints
AGAINST the free coinage OF silver. Upon this act
becoming known. there was great pressure 10 sell
silver and the market became completely disor-
ganized the price in LONDON declining from -
pence 10 30ib pence. and in New-York from SpN 10
81 62 per ounce.
ION July tho offers OF silver aggregated llN'-
on speculative buying American account. uniil
on the IN tho rr'ce I'm Ton1on "as "1''" ~
30 1894 while certificates for silver deposited with
m. Mercantile. Trus: ,oinp.u; OBJ NrW "." wr'r
quoted at 80 - per ounce. Offers aggregating 5@00
ounces at prices ranging from S.IJ5 10 S.iS were
made AZ the department this day but owing TO the
unsettled condition OF the market and tho BELIEF
that the price had been bid up for speculative pur-
poses In anticipation Of the resumption OF pur-
chases by the department. II was difficult TO fix
n price and all offers declined. and no counter
bids were made.
ION July It'll the offers OF silver aggregated LIS
no ounces, at prices ranging from @'2 TO NI'.
The equivalent OF the London price was N7is The
quotation for bullion certificates in newborn was
81 72ss. An offer for 10000 ounces at s012 was
accepted and the rate rendered for the re-
naming io7ScC0 the offer OF the department being
accepted for $4,000 ounces. on August g. 1879.
the London rate was equivalent 10 @.I655 per ounce
fine and the New-York rate as quoted ranged
from SO7Git to sO.7Gil The offers this day agsre-
gated $4,000 ounces. at from 500 to @I6t per
ounce, all OF which were declined. and ~'o'.
rendered which rate was accepted by bidders for
4i6 900 ounces It is difficult to Fix the market price
OF silver. especially the prices vary constantly
from day TO day and In fact. almost hourly. and
when the sellers dealers themselves differ 80
widely In the rates at which they offer silver to
the Government.
I'm view OF these facts. 1t seems emnently prop
er that, as the Government of the United states
is the largest purchaser OF silver In the world the
Secretary OF the Treasury, after an examination or
the offers and quotations OF each day, should de-
termine what In his judgment Is n fair market
price. especially as the act OF July H. lS"' cN-
pressy provides for the purchase OF iJDWI ounces.
or so much thereof may be offered In each
month at the market price thereof. There II no
valid reason why the Government should pay for
silver bullion higher prices than are paid by IN
dlyluaIs or why one reiner dealer should re-
ceive a price for his silver greater than that paid
10 another on the same day and In the same
market with two exceptions only the department
haa been able purchase or less silver on It's
counter offers every purchasing day. thus cstab-