New-York tribune., 1906-08-15
PRICE OF SILVER RISES.
Treasury VII Bag Only Enough to
Meet Urgent Needs.
Lrrom The TrIbune Rureau.l J

Washington Aug 14-WIth the United States
Treasury in the market for silver, the price Of
the white metal has gone up since The Tribune's
announcement on July II Of its prospective pur-
chase by Secretary Shaw that none may be
bought beyond most urgent necessities until the
price falls to a reasonable figure.
Offers for sale to the government are TO be
opened by the Director Of the Mint tomorrow
afternoon and there is every indication that the
price viii be above the normal In anticipation
Of the sale there rise Of nearly three
quarters of a point in the market to-day. The
London quotation. which governs the world, was
6615 cents ounce. When the United States
Treasury purchased silver for the Philippine
currency three years ago the prevailing price
was So cents. It will cost the government.
therefore 1O1a cents an ounce more to purchase
silver bullion now than when it was In the mar
ket three years ago. Treasury officials, how
ever. feel secure against any further undue rise,
because Of the precaution recently taken to buy
at private sale a sufficient supply to tide over
present needs before announcing the intention to
make still further purchases. This supply is
enough TO last several months, and in case the
tenders tomorrow are exorbItant in the opinion
of the officials, purchases will be made. The
tenders are to be received up TO p. m. to-mor-
row. and every Wednesday afternoon thereafter
until further notice. The silver is to be used
for the coinage Of subsidiary money. Of which
there is a shortage in the Treasury. and 1t Is
estimated that the government will need about
100000 ounces a week for a long time to come.
1t said at the Treasury to-day that the
price Of silver has been high for long time.
The Director of the Mint said that there has
been material increase in the supply for ten
years, while the demand has been steadily grow
ing, silver being used more and more in the
arts
Silver is to be purchased from now on" said
Mr.. Roberts to-day, for the coinage of sub
sidiary money. The growth Of the country and
the business demands require that something
over S5.0O0O00 Of small coin be put into cir
cUlation each year. Since 1900 the coinage Of
subsidiary silver has amounted to S33.000.O0O.
which is at the rate Of about S1,JO0.0O0 a year.
We have been out of silver bullion for some time,
and ii was absolutely necessary to do some
thing. Congress failed to take action on num-
Der Of bills that We're introduced providing for
purchase of bullion to meet the demands for
subsidiary coinage. but the Attorney General
decided that had authority to make pur-
chases under existing laws We estimate that
week for long time to come: at least until
Congress has taken some action that may change
the present state of affairs. This will coin more
than 100000 in money. and the government
viii make gross profit of something like 100
per cent on its purchase. We not limited in
time. We may buy S1O0OO0O worth az any one
time. or we may not buy any. depending en-
tirely the price,
Mr.. Roberts said that the lnints at New Or
leans and Philadelphia were prepared TO go
right ahead with the coinage of small money.
The different denominations will be coined as
there is demand for them. Just now 1O-cent
pieces are greatly wanted IN the cities Of the
country. and several millions Of these will be
turned out III the next few months