New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-10

GOVERNlIENT IN M4RKET
WtH Purchase Bullion for First
Time IN Thirteen Years.
LII nc Trlbune Rureau. !


washington. Aug. 9.-For the first time since
me repea! of the purchasing clause Of the sher
man act, on November l. 1883. the VJnitefs States
is IN the market for silver bullion For Soma
uine Secretary Shaw has been quietly hu,irg
shVer to be made into subsidiary coin 81 tba+
'ne treasury now has enough on hand 70 last for
seVeraI months Having taken this precaut,on
ee%,,isl ouliing the market the Secretary ma ses
pubic his desire for tenders OF silver b,,Ili xr
purposes the prices being right 20 o,,.o,aso
iVV'VOV ounces week for the time which NAV
De necessary to supply the demand for dimes
quarters and halves. Silver bullion rendered 10
'ie government must be 500 fine
Aeiiuers are invited at the office of the
u'iector OF the mint in this city on Wednesday
august To- up TO p. m. and every Wednesday
thereafter until further notice These tenders
are 10 De Tor delivery at the philadelphia New
orleans or Denver mints, settlement 70 ba ON tto
NJ" ork oasis Of bullion guaranteed 9s9 fine
: ne treasury Department reserves tbe right IN
reject all tenders or accent s,,c,, -. 81. Es - =
Ueiuer as may suit it's convenience. The aver
age requirements Of the Treasury throughout tho
year VIII probably not exceed one hundred tbo,,-
"Hu ounces week. and it will be the nolicv 90
lhe department, while keeping n rAasora,,a
amount on hand, to distribute ITS n,,rc,,asos
throughout the year, so that its demands u,,I, ,o
uiilioIm ana not an element of lIncertain+,, IN
the market '''iii'S IN
Inc STOCK Of bullion in the Treasury was ex-
+.,,.' oIe than a year ago and since then no
ouiiloh mas been available for the subsidiary ,,se
The stock has become so low that q ,,,.u -,
parent TO the department officials that 4ha do
ihaNos OF constantly enlarging trade corId NOT
oe met without additional coinage The score
tary OF the Treasury was in doubt whether ex
isting law authorized him to buy bullion for this
purpose ana was also Of the opinion that it
would be better policy to meet future demands
Tor subsidiary coin by the recoinage OF silver
uoliars IN the Treasury. and he so recommended
TO Congress. Congress. however. having failed
10 act on his recommendation. Secretary shaw
requested an opinion from the Attorney General
as TO his authority TO purchase bullion for ttis
purpose under existing law and received a IA
VOIaDie reply, based on Section 1926 of the Re-
VlSed Statutes. The policy nov announced was
accordingly adopted
The United States government has In the past
been an important factor in the silver market
In preparing for the resumption of specie nav
ments and the redemption of the fractional
paper currency issued during and following tho
Civil War, it began in January 1875, a series OF
purchases ending in February. 1878 which ag-
gregated 800 fine ounces. which cost S37.-
571,14S in gold, or average OF S1.1Ss an ounce
fine.
The next appearance of the government in the
silver market was under the Bland-Alson act
OF February 2s. 1878 The first purchase under
this act was made ar 81 2l 5-16 a fine ounce and
the total expenditure for bullion under this act
was S30S2I9260 The total amount Of bullion
required 291,2 ,272.O1s fine ounces at an
average price for the whole OF S1O5S.
The Bland-Alison act succeeded by what
is known as the Sherman act. approved July a.
1890 and repealed in 1893 which enlarged the
purchases of the government 10 100000 ounces
a month The purchases under this act amounted
to 1GS,674,6S2 fine ounces, costing S155 931 602,
or an average Of S0924 an ounce. The last pur-
chase under the act OF 1890, made on October
80, 1893 was at 70 cents ounce From that
date until now the government has been out Of
the market for the purchase OF silver, except as
the agents of the Philippine government in the
purchase Of little more than 13.J00OO0 ounces,
costing $7,376,995. or an average of J41a cents,
The lowest figure for silver was reached on
December g. 1902 when the price in the London
market was equivalent to AIS cents fine ounce.
The average for last year in the London mar
ket was 81 cents ounce, and for July last 66
cents an ounce.