The Chanute times. [volume] (Chanute, Kan.) 1897-1913, 1906-08-17
Will BUY SILVER
For First Time in Thirteen Years
United States Will Purchase
the White Metal.
100000 OUNCES PER WEEK
Needed for Subsidiary Coinage
Secretary Shaw Wanted to He
coin silver Dollars, But Was
Prevented from Doing So.

Prevented from DOING So
Washington, Aug 11.-For the first
| time in thirteen years the govern
ment announced Thursday it's purpose
to purchase silver for coinage purpos
es. Tenders are invited at the office
of the director of the mint in this city
on Wednesday, the Is instant, up to
l o'clock D. m, and every Wednesday
thereafter until further notice. These
tenders are to be for delivery at
the Philadelphia, New Orleans or Den
yer minis, 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 on any tender as may suit
it's convenience. 1t Is understood
that, anticipating that its reappear-
ance as a purchaser might tempoar-
lily disturb the market unduly, the
treasury has obtained control of con.
siderable amounts for future delivery,
so that it is in position to drop out
of the market for several months if
desirable. The average requirements
of the treasury throughout the year
will probably not exceed 100000 ounc-
es per week, and it will be the policy
of the department, while keeping a
reasonable amount in hand, to SO dis
tribute it's purchases throughout the
year that it's demand will be uniform
and not an element of uncertainty in
the market
From the resumption of specie
payments in 1879 down to the year
1900 the constant increase in the
stock of subsidiary coin required by
the growing population and trade OF
the country was supplied by the re-
coinage of old and uncurrent subsidi-
airy coins which accumulated in the
treasury under the resumption act.
In 1900, as this stock was running
low, authority was granted in the
monetary act of March IA to the Sec
rotary of the treasury to divert bull
lion, purchased under the act of July
IA, 1890, for the coinage of silver dol
lars to the coinage of subsidiary piec-
es. Under this authority about $780,
100000 has been coined since 1900.
The stock of bullion in the treasury
was exhausted more than year ago
and since then no bullion has been
available for the subsidiary use
The stock in the treasury had be- 4.
come so low that it was apparent.
according to the department, that the
demands of a constantly enlarging
trade could not be met without addi-
tional 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 1t
would be better policy to meet fu-
ture demands for subsidiary coin by
the recoinage of silver dollars in the
treasury. Congress, however, having
failed to act upon his recommends
ton, Secretary Shaw requested an
opinion from the attorney general as
to his authority to purchase bullion
for this purpose under existing law,
and he received favorable reply,
based on section 1926 of the Revised
Statutes. The policy now announced
was accordingly determined upon.
The last purchase under the act of
1890 made on October 30, 1893, was
at " cents per ounce. From that
date until the present the government
has been out of the market for the
purchase of silver except as the
agents of the Philippine government
in the purchase of Is IL million oun-
ces, costing $7,976,995, or an average
of $O54 1-2. The lowest price for
silver was touched on December ),
1902 when the price on the London
market was equivalent to $.O47S per
fine ounce; the average for last year
on the London market was 81 csats
per ounce and for the month of July
last &C cents per ounce.