The Mena weekly star., 1906-08-16
NIL PURCHASE SILVER.
Treasury Department Announces Its Readiness to Receive Tenders of
 the White Metal
TIE FIRST TIME IN THIRTEEN YEARS.
About 100000 Ounces Will be Bought Each Week Beginning Next "Wednesday --BuIiion Is Needed for Subsidiary Coin age Secretary shaw Would Have Re coined Silver Dollars.

Secretary shaw Would Have Re-
 coined Silver Dollars.
 Washington, Aug. ll.-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 15 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 hints, 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. It is understood that, anticipating that it's reappear- ance as purchaser might tempoar, fly disturb the market unduly, tho 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 II 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 oi the country was supplied by the re coinage of old and uncurrent subsidi ary coins which accumulated in the treasury under the resumption act In 1900. as this stock was running low, authority was granted in tho monetary act of March 14 to the sec retary of the treasury to divert bul lion. purchased under the act of Jul, l4, 1890, for the coinage of silver dol lars to the coinage of subsidiary piec es. Under this authority about $33. 00O,OC0 has been coined since 1900.
 The stock of bullion in the treasur, was exhausted more than a year agt aud since then no bullion has been available for the subsidiary use
 r,k q hol come so low that 1t 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 It 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 recommenda- 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 a favorable reply, based on section 3526 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 72 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 13 1-2 million oun- ces, costing s7.376,9s5. or an average of s0.54 1-2. The lowest price for silver was touched on December ,, 1902, when the price on the London market was equivalent to s.O47s per fine ounce; the average for last year on the London market was 6l c~nts per ounce and for ehe month of July last 66 cents per ounce.