The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1906-08-17
UNCLE SAL AFTER sILVER HOW
FINDS THAT HE CAN'T GET
ALONG WITHOUT IT.
Governments to Buy 100000 Ounces
Week.-Mrs. Bought
Since 1893.

Washington, Aug Sit was an
nOunced at the treasury department
today that the department would at
once resume the purchase OF silver
bullion for the subsidiary coinage
Tenders are invited at the Office Of the
director OF the mint on Wednesday,
August IS, up to o'clock p m, and
every Wednesday thereafter until fur
ther notice. Tenders are to be for
Delivery at the Philadelphia, New
Orleans or Denver minis, settlement
to be made on the New York basis OF
bullion guaranteed 999 fine
These are the first purchases made
by the government since the repeal Of
Of the purchasing clause Of the Sher-
man act, November 1, 1893
The treasury reserves the right to
reject all tenders or accept such part
OF any tender as may suit its con-
venience 1t IS understood that, an
ucipatng its temperance as q pur-
chaser might temporarily disturb the
market unduly, the treasury has OBJ
tanned control OF considerable amounts
for future delivery, so that II is in pO-
sition TO drop out OF the market for
several months if desirable.
VIII Keep Considerable in Hand
The average requirements Of the
treasury throughout the year viii
probably not exceed 100000 ounces
per week, and II Will be the policy Of
the department, while keeping a rea-
L
butte its purchases throughout the
year that its demand will be uniform
and not an element Of uncertainty in
the market
From the resumption Of specie pay
ments in 1879 to the year 1900, the
constant increase in the stock Of sub
sidiary coin required by the growing
population and trade Of the country
was supplied BY the recOinage Of old
current subsidiary coins which accu-
INFLATED in the treasury under the re-
sumption act In 1900, as this stock
was running low, authority was grant
I ed in the monetary act Of March IA
to the secretary Of the treasury to di-
vert bullion, purchased under the
act OF July IA, 1903, for the coinage
Of silver dollars to the coinage Of sub
| sidiary pieces. Under this authority
| about S33,OOO,OOO has been coined
| since 1900.
| The stock Of bullion in the treas
ury was exhausted more than a year
| ago, and since then no bullion has
/ been available for the subsidiary use.
Shaw Wanted to RECON- Dollars
| The stock in the treasury had be-
( come so low that it was apparent, &C
| cOrding to the department, that the
/ demands Of a considerable enlarging
/ trade could not be met without add
| tiOnal coinage The secretary Of the
| treasury was in doubt whether exist
ing statutes authorized him to buy
\ bullion for this purpose, and, more
]
/ be a better policy to meet future de-
l mands for subsidiary coin by the res
| coinage OF silver dollars in the treas
ury, and so recommended to congress.
/ Congress, however, having failed to
/ act upon his recommendation, Secre-
| tary Shaw requested an opinion from
| the attorney general as to his authOri-
/ ty, to purchase bullion for this pur-
pose under existing law, and he re
| ceived a favorable reply, based on
section 1926 Of the revised statutes
| The policy now announced was &C
| cOrdingly determined upon
/ The United States government has
been in the past an important factor
| in the silver market. In preparing
I for the resumption Of specie payments
and the redemption Of the fractional
paper currency issued during and fol-
| lowing the civil war, It began In jan
uary. 1878, which aggregated 81
! sos, sos fine ounces, which cost $37,-
| 571,142 in gold or an average Of ST.
I 18S per ounce fine
| Under Bland and Sherman Acts.
/ The next appearance Of the govern
ment in the silver market was under
I the Bland-AllisOn act Of February q,
1873 The first purchase under this
/ act was made at S1-21 sis per fine
| ounce, and the total expenditure for
bullion under this act was $3OS,2T9,-
ESQ. The total amount Of bullion re-
| quired was 291, ,O1S fine ounces, or
an average price for the whole Of
/ e4rU1o-
/ The Bland-AIlisOn act was succeed
/ ed by what is popularity known as the
Sherman act, approved July IA, 1890,
j which enlarged the purchases Of the
/ government to four and One-half mil
i lion ounces per month The total
/ purchases under this act amounted to
16S.674.6S2, fine ounces, costing $685.
/ 931, 500, or an average OF $1r9Z4 per
/ ounce. The last purchase under the
act Of 1890, made on October 30
1883, was at y cents per ounce. From
\ that date until the present the gov
! eminent has been out Of the market
| for the purchase Of silver, except as
\ the agents Of the Philippine govern
ment in the purchase Of a. little over
\ I3-5OO.OOO ounces. costing S7,376,99
/ or an average Of 54h cents. The
/ lowest price for silver was touched on
/ December 3, 1902, when the price on
\ the London market was equivalent to
/ AIS per fine ounce; the average for
/ last year on the London market was
1 81 cents per ounce, and for the month