Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1906-08-16
SILVER PURCHASES
Will Be RESUMED
UNITED STATES TO BUY BULLION
IA FOR COINAGE AT ITS VAR
IOUS MINTS.
Bids for Weekly Delivery Invited by
Director Of Mint, to Be Sent in
Each Wednesday Until Further
Notice.

i, Washington, Aug. 1O.-For the frs
time in 13 years the government an
tncunced Thursday it's purpose to pur
chase silver for coinage purposes
Tenders are invited at the Office of the
director of the mint in this city on
Wednesday, the 18th instant, up to
one o'clock p. m. and every Wednes
day thereafter until further notice
These tenders are to be for delivery
at, the Philadelphia, New Orleans OF
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 temperance as a purchaser
might temporarily disturb the market
unduly, the treasury has obtained
control of considerable amounts for
future delivery, SO that it is in posi-
ton to drop out of the market for sew.
eral months if desirable. -.
The average requirements of the
treasury throughout the year will
probably not exceed 100000 ounces
per week, and it will be the policy Of
the department., while keeping a rea-
sonable amount in hand, to so dis
tribute it's purchases throughout the
year that it's demands will be uniform
and not an element of uncertainty in
the market
Stock of Bullion Exhausted.
For the resumption of specie pay
ments in 1879 down to the year 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 I'm.
der the resumption act. In 1901, as
this stock was running low, authority
was granted in the monetary act of
March II to the secretary of the
treasury to divert bullion, purchased
under the act Of July IA, 1890, for the
coinage of silver dollars to the coinage
OF subsidiary pieces. Under this au-
thority about S33,OO0,O0O has been
coined since 1900.
The stock of bullion in the treasury
was exhausted more than a year ago
and since then no bullion has been.
available for the subsidiary use. :
Demand for Coinage.
The stock in the treasury had be-.
come 50 low that it was apparent, &C:
cording to the department., that the
demands of a constantly charging
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 future de-
mands for subsidiary coin by the re-,
coinage of silver dollars in the treas,
ury, and so recommended to congress.
Congress, howeeNyer, having failed to-,
act upon his ADMINISTRATIONS, Secre,
tary Shaw requested an opinion from
the attorney general as to his authori-
ty to purchase bullion for this purpose
under existing law and he received a
favorable reply, based On section g.
626 of the revised statutes The pol
icy now annoounced was accordingly
determined upon ' Z z: ss;