The representative. [volume] (St. Paul, Minn.) 1893-1901, 1896-06-10
SILVER MOVES UPWARD.


"Silver certificates were unusually active
today, the sales aggregatng $4,000, and
the price moving up from SO to 691a." Such
is yesterdays morning report from Wall
street.
Another report reads: "The advance
was due to speculative purchases. The
changes In prices were due to statements
and assumptions regarding the political
probabilities. Apparently the brokers have
been reading the Oregon returns.
Another Wall street dispatch says: This
movement is based on the idea that the
political situation may develop something
OF advantage to silver in speculative
SENSE
This mornings dispatches chow that sill
yer advanced in both Wall street and Lon
don yesterday beyond Wednesdays adj
vance One report reads: THE dealings
in silver certificates were on a large scale
and a further advance of "a per cent was
recorded on speculative purchases based
upon political forecasts. A sharper demand
was also noted for foreign account. The
transactions were s236,9OO, with block Of
100000 selling at the top figure"
The New York Posts London cab,egram
says: 1.-THE cabled news Of the progress Of
the free silverites IN the United States in
duced a heavy speculation for raise N gil
yer and in silver stocks here. The recent
success of the silverites comes as all the
more an unpleasant shock, because all the
American correspondents for weeks past
have indicated otherwise" II the election
returns Of one state produce sucn Stimula-
ton in the silver market, where Will be that
deprecated silver dollar" when the re-
turns are in from As states?
The gold press harps on the variation be-
tween the market price Of silver. SO cents
an ounce, and the coinage value, s. 29 and
then goes into tantrums on the subject os
80 cent dollars" Do our gold-bug friends
appreciate what the value Of silver would
be by the time free coinage law could go
into effect? Let us briefly examine the
conditions.
In the first place, there cannot be free
coinage law until there .s elected free
coinage president and two free coinaga
houses of congress. The next president is
not :naugurated until March 4, 1897. The
congress elected next November does not
st until December, 1897. That congress
must first organize then introduce bills, dis
cuss and amend. and by the time the free
coinage bill could pass two houses and re-
ceive the presidents signature 1t would be
February or March, 1898. Now what would
silver be doing in the markets all this tine?
Let us see.
If free coinage carries in November that
result will be forecast IN the events of the
campaign. What will be the effect of those
events upon the price of silver? AS promi-
nent men announce themselves on the side
of free coinage, as newspapers and large
factions and districts go over to the cause
as the movement gathers strength from now
until November in scores of directions, s:l
yer will steadily rise in the market. AS the
election returns favorable to free coinage
begin to come in, silver rises sharply. When
congressman after congressman is reported
elected on a free coinage platform, silver
goes on rising. When It begins to look as
though the lower house were going to be
favorable to silver, the white metal takes
boom. When the complexion Of the eecto-
raj college points to the election of free
coinage president. silver moves up strongly
toward the 1929 mark. When it is assured
that both houses of congress and the presi-
dent are reliably free coinage, silver Will
not be far below 1929.
Then there is the period from the Novem-
Der election to the March Inauguration, in
which silver viii be establishing its place in
the markets of the world on basis in ante
ipat.on Of free coinage legislation. During
that period other nations are liable to come
into the free coinage column with the United
States, and silver becomes monthly
stronger. Then comes the Inauguration and
the free coinage message and free coinage
cabinet, and the New York bankers and
financial interests generally begin to trim
and get more friendly to the coming finan-
cal system which they see Inevitable
But there is still the period from the
March Inauguration to the December ses-
sion, and during this period the financial in
st.tutions OF the country will find It to their
Interests everywhere to support the coming
financial system in order to strengthen their
business holdings at home and In the eyes
OF investors abroad, and all of these natural
adjustments are pushing silver up to 1929
the coinage basis.
Then the session opens, free coinage CON-