The daily morning journal and courier., 1906-08-10
GOVERNMENT ID BUY
 SILVER FOR COINAGE
THE FIRST TIME IN 4 PERIOD OF THIRTEEN
 YEARS.

Tenders Invited at the Office of the Di.
 rector of the Mint in Washington-
 Hundred Thousand Ounces a Week
 Required-Care to be Taken in the
 Distribution Not to Disturb the Mar
 ket-Demand Caused by Increasing
 Population.
 Washington, Aug. 9.-For the first time in thirteen years the government announced to-day it's purpose to pur- chase silver for coinage purposes. Ten ders are invited at the office of the di- rector of the mint in this city August 15 up to o'clock p. m. and every We'd nesday thereafter until further notice. These tenders are to be for delivery at the Philadelphia, New Orleans or Dem 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 of any tender as may suit it's conven- fence.
 It is understood that, anticipating that it's reappearance as purchaser might temporarily disturb the market unduly, the treasury has obtained con- siderable amounts for future delivery, so that it is in a position to drop out of 4he market for several months, if desir- able. The average requirements of the treasury throughout the year will prob ably not exceed 100000 ounces per week, and it will be the policy of the depart ment, while keeping a reasonable amount in hand, to so distribute it's purchases throughout the year that its demands will be uniform, and not an element of uncertainty in the market.
 From the resumption of specie pay ments in 1879 down to the year 1900 the constant increase in the stock of sub- sidiary coin required by the growing population and trade of the country 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, authority was grant ed, In the monetary act of March IA, to the secretary of the treasury to divert bullion, purchased under the act of July IA, 18sO for the coinage of silver dollars, Ito the coinage of subsidiary pieces. Un- der this authority about $33 100000 has been coined since 1900.
 The stock of bullion in the treasury ,was exhausted more than a year ago.
 Secretary Shaw requested an opinion from the attorneys general as to his au- thority to purchase bullion for coinage under existing Jaw, and received a fa- vorable reply.
 The United States government has been in the past an important factor in the silver market. In preparing for the resumption of specie payments and the redemption of the fractional paper cur rency issued during and following the civil war it began, in January, 1875, a series of purchases ending in February, tS7S which aggregated 31,69S,9O5 fine
 nces, which cost $37, ,571, ,14S in gold, or
 average of $11SS perw ounce fine.
 The next appearance of the govern
 ent in the silver market was under
 le Bland-Allison act of February 2S, S7S The total expenditure for bullion ander this act was $30S, ,279, ,260. The to- tal amount of bullion required was 291,- a72.018 fine ounces, an average of $1O58. The Bland Allison act was succeeded by what is popularly known as the sherman act of 1890, which enlarged the purchases of the government to four and one-half million ounces per month.
 The total purchases under this act amounted to 16S,674,6S2 fine ounces, costing $155, ,9S1 ,6O2, or an average of SO.924. 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, except as the agents of the Philippine government ln the purchase of little over thirteen and one-half million ounces, costing $7,376,995.
 The lowest price for silver was touch- ed on December 3, 1902, when the price on the London market was equivalent Ito $0.47S per fine ounce; the average for last year on the London market was ol cents per ounce, and for the month of July last 6S cents per ounce.