Mountain Home maverick. [volume] (Mountain Home, Idaho) 1906-1911, 1906-11-08
WORLDS DEMAND
FOR SILVER BIG
Price Higher Than for
Many Years Past
and is Rising
Rapidly.

nland for silver for mint purposes
there is much in the statistical DO
sition of that important metal to
account for the recent advance in |
prices. Not since 1898 has this
metal cost over 80 pence per
ounce in London, or 20 cents at
New York. Probably the figures
were expanded somewhat by gov
eminent purchases at the rate of
about 1000, 900 ounces recently,
deliverable at the PHILADELPHIA,
Denver and other mints; but the
great pressure this year has come
from India, which has taken about
SOL, 800, 600 worth from the London
market, that is more than the total
shipments to all far eastern coun-
tries in any preceding full year,
with the exception of 1877 and
1857. The latter year covered the
Indian Mutiny and generally dis
turbing conditions, and the great
femme in India occurred in 1877.
In other words, the demand from
India aolne rises far above all nor
NAL years, and shipments by De-
cember 81 may even exceed those
two periods of special stress.
The fact is prices are now high
er than at any time since the re-
peal of the Sherman act authoriz-
ing purchases that produced the
excessive accumulation of about
168, 900, 600 ounces in the govern
ment vaults. That enormous stock
has been coined and circulated,
either as subsidiary coin or stand
ard silver dollars, against which pa
per money is now in circulation.
Present prices appear less inflated,
however, when it is realized that
they are lower than the yearly ave-
rage at any time prior to 1894, the
London average in 1898 being $50
pence per ounce and 50. 81 pence in
1877, the year of largest movement
to India. Prior to that date the
annual average price was about 90
pence per ounce at London. The
claim that the market value of the
white metal would be seriously de-
pressed by the extension of the gold
standard has been flatly refuted by
the events of recent years, an actul
rise of about 10 cents an ounce
being. at present recorded from the
low record touched in 1902, de-
spite the long strides toward estab-
fishing the civilized world on a
uniform gold basis. For a time
Mexico was able to realize a profit
by the sale of its silver pesos as
bullion, but is now actually seeking
silver from abroad for subsidiary
coinage. Demand is also noticed
for minis in many Leading European
nations.
The question of the moment is
whether production can be increased
sufficiently to check the advance in
price, as consumption gives no evil
dence of curtailment. Possibly the
demand for use in the arts may fall
prospect of reduction in the esti-
mate of 90, 900, 900 ounces annual
ly, particularly with leading ma
tions SO prosperous. The world
yield is placed at 40, 600, O0C
ounces for 1906, a slight increase
over every year since 1901, and E
further gain should follow the at.
tractive level of quotations, while
the United States should certainly
regain the small estimated decrease
from its high-water yield of o..
500, 600 ounces in 1892. Low-gradt
ore that has not been profitable t,
work will again attract attention,
and reopening of old mines may re
suit from the discovery of new de
posits heretofore overlooked.
At the lowest point on record tn,
bullion value of our standard silve
dollar was not quite 30 cents. l
is now much less flat in character
but this tluctuation may disorganiz,
the coinage systems of new nations
that, in order to put silver money OF
a fair basis, issued it at a ratio O
80 to /. AS this is no longer tn
proportion, there is danger tina
those countries may find sive
coins going out as exports of bull
lion. and one remedy may be tn
reduction of bullion value in silve
coins. Yet any effort to seek tn
maintenance of intrinsic. value, in
stead of merely subsidiary fis
coinage with the nations credt
back of it, must lead to endles
complications. Scientific Amer
can.