The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-03-07

HAMMOND EXAMINES MINES
DALY-WEsT POSTS DIVIDEND OF
100000.

Daniel Guggenheim, president OF the
American Smelling q Refining com
pany; S. p. Guggenheim, member OF
the executive board; S. w. Eccles, vice
president and traffic manager, and 81
mon Guggenheim have reached Denver
on their annual tour of inspection OF
the various plants and business enter
prises of the company It is the inten-
tion of the party TO spend this week In
Colorado, and leave for Salt Lake on
Monday next. Here they will be Joined
by John Hays Hammond. Interviewed
"a Denver on Monday, Daniel Guggen-
helm. after telling what would be done
In Colorado, stated that Mr.. Hammond
was to make an examination of silver
and copper properties in this region for
the American company, but he declined
TO say what properties he had IN mind
or their location. He availed himself
Of the opportunity to pour a little not
shot into Secretary of the Treasury
Leslie NJ. Shaw for the latter'S evasion
of the law with respect to the purchase
of silver
Why Silver Is Low.
II believe" said Mr. Guggenheim,
that if Secretary Shaw had followed
of the government, silver would now
be worth 20 cents an ounce. 1t is worth
60 cents. A law was passed by congress
stating that all Of the silver bullion in
the hands Of the government should be
coined into silver dollars. When the
time came that the government needed
silver for subsidiary coins, Mr.. Shaw,
contrary to the law, used the silver
bullion in the treasury for this pur-
pose. If he had bought silver as he
should have done under the law, the
government would have had to pur-
chase silver.
Foreign Governments Scared.
There is a need for silver by the
government right now, but the secTe-
tary refuses TO purchase it. What is the
result of all this? It is simply this:
The foreign governments see the cOun-
try which produces silver go out of its
way to keep from buying it, with the
result that the foreign countries come
TO the conclusion that it is not a good
thing to buy.
"If Mr.. Shaw had purchased silver as
he should have done when the govern
ment actually needed it, the moral re
suit would have been very great, and
the demand for silver would have been
so great that the price must have risen.
Mexico. you remember, sold $40, 900 900
worth OF silver not so very long ago,
and I am confident that if the United
States had bought silver when it needed
it the Mexican government would not
have sold that amount. The result of
the whole matter has been that foreign
states have come to the conclusion that
it is not a good thing to buy silver.
Secretary of Treasury censured.
IF Mr. Shaw had coined all the sill
yer bullion into silver dollars at the
rate of S1,500,0O0 a month, as the law
required, silver would have risen in
value. The foreign governments are
melting down their large silver coins
and they are converting them into sub
sidiary coin, when they would, in all
probability. have been in the market
for new silver.
II believe that the secretary of the
treasury should be censUred for thus
evading the law. He is continually
insisting on not buying silver and he
is trying to have a law passed that will
prohibit its buving I think that the
matter should be called to the atten-
ton of the senators and representa-
tives of the western states, and that
they be Informed of the precise situa-
ton. I think too, that the western
people generally should take up this
agitation TO have the government buy
silver when it needs it, and to pro-
hibit the secretary of the treasury from
evadfng the law to give silver a black
owe