The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-08-07
SILVER BULLIoN'S BIG SLUMP.
nrRECTOR OF THE MINT SEES NO
FUTURE FOR THE METAL.

The Decline Due Entirely to Lack of
demand for the Metal - The Conn
merciaI Ratio Between silver and
colJ Now 30.6 to 1 - Mr. Preston
Predicts a Decline to 40 Cents an
ouoce Within Six Months - Great
Britain's Reply to the American
Commission to Be Delayed Untn
october.
washington. Aug. 6.-"The bullion value
of tbe American silver dollar, according to
Yesterdays market price of silver, is just
g6 cents" said Mr.. Preston, the director
of the mint, to-day.
This makes the commercial ratio be-
tween silver and gold 1856 to l, instead of
is to ]. ." confined Mr.. Preston. "In order
to make our silver dollar equal to a gold
dollar at this rate, it would have to con-
tain $50 fine grains of silver. If alloy
we're added the total would be 953 grains"
How do you account for the recent de-
cline in siver?" Mr. Preston was asked.
Simply the lack of demand for it, 1 see
no future for silver whatever. Yesterdays
market quotations made it Sc cents an
ounce. Ny honest opinion is that within
the next six months silver will fall to 40
cents an ounce There is no demand for it
anywhere China is not buying any, ia
pan is out of the business, and there
seems to be no demand for it in any
country to any extent, even for use as
subsidiary coin. 1t is true that in the ba-
Ears of India it is traded for merchandise,
but the famine and hard times in that
country have reduced the demand to a
minimum
The output of gold is steadily increas-
ing l think that the worlds product for
this year will be about S24O, co., The
United States will contribute about $780,
10000 to the supply. I base my predic-
tons of an increased worlds output upon
the fact that the supply has not fallen off
in any country.
Here comes the Klondike with still
further additions to the gold supply of the
world. The extent of the Klondike's out
put is problematical, depending largely
upon climatic conditions"
London, Aug 6-The British govern
ment has informed the American bimetallic
commission that it will probably reply to
the proposals of the commissioners on be-
half of the United States in October.
The commissioners have been waiting in
London since their conference with the
cabinet and desiring to know the exact
position Of England before opening up ne
gotations with other governments. They
wrote yesterday to the cabinet inquiring
when they might expect a decision, as
they We're anxious to arrange their future
programme.
To-day Senator Wolcott received re-
ply from Sir Michael Hicks Beach, chan
eeHor Of the eXchequer in the course of
which the chancellor expressed a fear that
u'e British government was not yet in a
position to reply to the proposals of the
ENJOYS of the United States and the
French ambassador on the question of an
International agreement.
SIR Michael-Hicks-Beach said: "It is
uue both to the Importance of the sub
Jsll ana the manner in which it has
o'eh brought before the English ministry
~ tAe representatives OF the two coun.
ules that these proposals should be very
carefully examined and considered; and
"s process must be somewhat prolonged.
owing to the time necessarily occupied in
Communicating with the government of
4 India"
Inc chancellor of the excheduer adds
ud' ne cannot say with certainty how
'"s lhese communications will take. but
ae Hepes that the cabinet will be ready
+ meet 'he ENJOYS again early in October.
4 "AAe this postponement Of England's
S'on delays the work the American
"'osS do not consider it discouraging.
," 'ne contrary, they think Great Brit
aug interest in the question justiies them
!" expecting that the Indian mints will be
0PeAed. They believe that the Times in
posing the reopening Of the Indian
us does not represent the government.
rather The city financial circles. which
''r opposed to any change.
''p'rt made to the government from
sE.ir 'r-'t Is understood to be favorable to
4 49,, mead Quarters Of the commission viii
. Nof N London until October Senator
4 ami may visit Austria in the meantime
4 Nm. i.e tne way for negotiations with
.Iian government