Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-08-14
FOR SUBSIDIARY COIN
OFFERS TO SELL SILVER WILL
BE OPENED TOMORROW.

George E. Roberts. director Of the mint
will tomorrow afternoon open offers of
sale to. the government of silver bullion
under the recent announcement of the
treasury. Tenders Of silver bullion are to
be received up to l o'clock tomorrow af-
ternoon and every Wednesday afternoon
thereafter until further notice
''Silver is to be purchased from now on"
said Mr.. Roberts to Star reporter, "for
the coinage of subsidiary money The
growth of the country and the business
demands require that something over
$5.GO0,000 of small coin be put into circu-
iation each year. Since 1900, six years
ago, the coinage of subsidiary silver has
amounted to s33, GOO, 600. which is at the
rate of about $5.5oOOO year. We have
been out of silver bullion for some time
and it was absolutely necessary to do some
thing. Congress failed to take action on a
number of bills that were introduced pro-
viding for purchase of bullion to meet the
demands for subsidiary coinage, but the At
torney General decided that we had author
ity to make purchases under existing laws.
About 100000 Ounces a Week.
I'VE estimate that we will want about
100000 ounces of silver a week for a long
time to come, at least until Congress has
taken some action that may change the
present state of affairs. This will coin more
will make gross profit of something like
100 per cent on its purchase. We have not
the least idea how much silver Is to be Of
fered us tomorrow and how much II will be
offered for All we know is that We bought
some silver at private purchase prior to the
announcement of our intention to ask for
offers and we are in position to reject all
offers that may appear to be unfair or
above the market price. In other words
we are in position to prevent being
squeezed.
I'VE are not limited in the quantity Of sill
yer we Will buy at any one time. We may
buy 81 600 worth at any one time or we
may not buy any, depending entirely oD>the
prices. The silver we purchased at private
sale was on the London market London
governs the silver market Of the world
even the silver produced in this country
We prefer to buy in small quantities and at
frequent intervals, SO as not to disturb the
silver market of the world.
Cannot Use Worn Dollars.
mo. Congress did not give us authority to
use abraised silver dollars for coinage into
subsidiary silver. In fact, no provision was
made by Congress for recoining in any form
the worn-oht silver dollars. Nothing can be
done until Congress arranges .te matter.
To recoin them now would show a. loss to
the government as the silver dollars are
beginning to wear considerably. esp.c ally
those that have been in steady circulation"
Mr.. Roberts does not care 10 give an opin-
ion as to whether the silver market of The
world will be affected by the purchase of
silver by the United States, and the ap-
parent necessity that these purchases con-
tinue Indefinitely, so long as the growth OF
the country demands an increls u supply
of small coin.
Mr.. Roberts said that the mints at New
Orleans and Philadelphia we're prepared to
go right ahead with the coiaage of small
money. The different demon n tt'ols will
be coined as there Is demand for them
Just now 1O-cent pieces are greatly wanted
in the various cities Of the country and
several million of these will be turned cut
In the next few months.