The Wallace miner. [volume] (Wallace, Idaho) 1907-current, 1919-05-08
FIXED PRICE Of SILVER
HAS BEEN ABOLISHED
ALSO EXPORT EMBARGO RAISED
--MEANS HIGHER PRICE
FOR METAL.

If the predictions of those who are
best informed on the silver situation
prove true, the raising of the ban on
silver for export and the abandon
ment of the price fixed by the govern
ment will result in advancing the
price of the metal. some even predict
ing that 1t will go to $1.29 per ounce
That was the price of silver prior to
its decentralization in 1873, and it was
the demand for it's restoration as q
money metal that made it the issue
of the campaign in 1896, the demand
for "the free and unlimited coinage of
silver at the ratio of 16 to l." that Is,
16 ounces of silver should be main
tanned as the equivalent in value of |
ounce of gold, thus fixing the value of
silver practically at 1929 per ounce.
Whether silver now ADVANCES to that
figure remains to be seen, but 1t
seems certain to go far above the fig
August
substantial increase in the price
of silver means more profits for the
mines of the Occur d'Alene district,
Last year. which was a comparative
ly lean one for the lead silver produc-
ers, this district produced in round
figures 100000 ounces Of silver On
this basis an increase of 25 cents per
ounce would mean a clean added pro-
fit Of $2,22500O
Will the Government Buy2
The war has created a tremendous
demand for silver. particularly in the
oriental countries, and it Is claimed
that the prompt action of the United
States in melting up the silver dollars
in the vaults of the treasury and ship
ping it to India upon the urgent re-
quest of the British government is all
that saved a revolt in India that
might have changed the result of the
war. Under the terms Of the Pitt
man law which authorized the send
ing of this silver to India, the gov
ernment was authorized to run into
bars $50, 100000 silver dollars for ex-
port and to purchase silver to take its
place on a basis of 81 per ounce. The
amount to be melted was afterwards
increased to 35O,O00.00O, but as the
emergency is passed 1t is understood
that the melting process stopped at
something less than 250,000,000 AL
though the Pittman law specifically
provides for the purchase Of silver to
take the place of that melted and ex-
ported, the fact that the government
has raised the embargo on silver for
export and removed the restriction
or the price would indicate that that
part of the law is to be ignored at
least for the present for it is not the
policy Of the government to deiber-
ately encourage a higher price for a
commodity it is going to buy.
Encourage Silver Production. .
But whether the government enters
the market or not, the demand for
silver appears to be far in excess OF
the supply, and the situation Is GER
tain to bring about a great revival in
silver mining and stimulate the pro-
duction of mines, such as the lead
silver of this district, which have sill
yer as a byproduct. Old silver camps
in Idaho, Nevada and Colorado will
feel the beneficial effects of the free
market for silver and the prospectol
will be encouraged to look for silver
mines to an extent that has not beer
witnessed since the "crime of 49,