Fort Mill times. [volume] (Fort Mill, S.C.) 1892-current, 1906-08-16
Government IN Market First
Time Since 1893
WILL MAKE SUBSIDIARY COIN
The Government Invites Tenders at
the Office of the Mint Begin
ming Wednesday Next-Anticipat-
Ing Temporary Market Disturb
snce Control Is Secured of Con-
siderable Amount for Future De-
livery.

the first time in 13 years the govern
ment announced its purpose to pur-
chase silver for coinage purposes.
Tenders are invited at the office of
the directory Of the mint in this city
on Wednesday, the 18th instant, up
to p. m. and every Wednesday
thereafter until further notice. These
tenders are to be for delivery at the
Philadelphia, New Orleans or Denver
mints, settlement to be on the New
York basis, of bullion guaranteed 999
fine. The Treasury reserves the right
to reject all tenders or accept such
part of any tender as may suit its
convenience. 1t is understood that
anticipating that its reappearancc as
a purchaser might temporarily dis
turb the market unduly, the Treasury
has obtained control of considerable
amount for future delivery, SO that
it is Il position to drop out of the
market for several months if desir-
able. The average requirements of
the Treasury throughout the year will
not exceed 100000 ounces per week
and it will be the policy of the De
partment, while keeping a reasonable
amount In hand, to so distribute lis
purchases throughout the wear that
Its demands will be uniform and not
an element of uncertainty in the mar.
ket.
Recoinage of Old Coin.
From the resumption of specie paw
ments in 1879 down to the wear 1900
the constant increase in the stock of
subsidiary coin required by the grow
ing population and trade of the coun-
try was supplied by the recoinage of
old and uncurrent subsidiary coins
which accumulated in the Treasury
under the resumption act. In 1900
as this stock was running low. au-
thonty was granted in the monetary
act of March ID to the Secretary of
the Treasury to divert bullion pur-
chased under the act of July IA. 1890.
ior the coinage of silver dollars to
the coinage of subsidiary pieces. Un-
der this authority about $4,000, 900
has been coined since 1900.
The stock of bullion in the Treas
ury was exhausted more than q wear
ago and since then no bullion has
been available for SUBSIDIARY use.
The Stock Low.
The stock in the Treasury had be-
come so low that it was apparent,
according to the Department, that the
demands of n constantly enlarginc
trade could not be met without addi-
1ional coinage. The Secretary of the
treasury was in doubt whether exist
ing statutes authorized him to buy
bullion for this purpose and more
over, was of the opinion that it would
be better policy to meet future de-
mands for subsidiary coin by the re-
coinage OF silver dollars in the Treas
ury, and SO recommended to Con
gress. Congress, however, having
1alled to act upon his recommenda-
tion Secretary Shaw requested an op-
inion from the Attorney General as
to his authority to purchase under ex-
isting law and received a favorable
reply, based on section 1896 of the
Revised Statutes. The policy now
announced was accordingly determ-
ined upon.
Ihe government has been out of
the market for the purchase of sill
yer since 1893 except as the agents
OF the Philippine government in the
purchase of little over thirteen and
one-half million ounces costing ST.
3|6,996, or an average of $O.54 1-2.
The lowest price for silver was
touched on December 3. 1902 whom
the price on the London market was
equivalent to $0.47S per fine ounce
the average for last year on the Lon
don market was 81 cents per ounce
and for the month of July last &C
cents per ounce.