Every evening, Wilmington daily commercial., 1922-09-09

C1eveland's insistcncs, repealed
The Sherman law compelling tho row
70 purchase . large amount
silver bullion each month"; cop
to tho silver mining interssts-later
legislation rsnswsd the business re-
Of the government with the
silver miners. Under an act now in
force tho government u purchasing.
and will continue to purchase until
January 4. 1924. $4,000. 00o with of
silver a month At one dollar per ounce,
regardless Of the market price OF
silver. which At present 10 70 cents an
ounce. This It Will b seen. ia good
business for tho silver men.
But there IL an obstacle to tho con-
tinusd success Of this scheme to give
profit to the silver men. 1t IL their
meal ticket" a. they sell to our gov
eminent only when the market rates
gro loss than a dollar an ounce. wher
this rate goes above 4 dollar, the,
sell in tho higher market and let thei,
government obligations go. Interest.
Ing information on this point is fur
nished by tho Washington correspon,
dent OF the Philadelphia Record. Eng
land had been buying silver from ou'
government during the war. for us,
in the silver coinage in general use 1,
India. stoppaee OF which would hav,
created great trouble in India at
time 1t would have most embarrasse,
England. The Law was quickly modi
fed so as to allow this transaction
Tho sequel is thus set forth by tn
Record correspondent:
fright there came n bit OF In
side history not generally under
stood to this day: While silver
was then selling on the world
market at about so cents, the sud
den demand for $50, 900, 900 ounces
would send tho price sky-high.
1t would have doubled in price
over night. The silver mine in
terests were dazzled by their OPP
portunity to speculate on the mar
ket, yet they could not deliver SUI
ncient quantity to relieve the war
crisis. England agreed to pay 81
an ounce to our government for
not to exceed $780, 600. 900 ounces,
and the silver Senator'S agreed to
consent to support the asu
but only on condition that our
government would buy American
silver under terms laid down IN
the Pittman act, and would pay
81 an ounce for Il. regardless of
market price. The government is
still buying silver under that I'M
Outstanding, all profit going to
silver producers.
However, the market price OF
silver went above 81 an ounce IN
1870 and stayed there for several
months, during all Of which time
not an ounce OF silver was offered
TO the treasury, for the 81 ar
ounce did not work both ways; 1t
did not require the mine interests
10 sell to the government, but gave
them that privilege when il was to
their interest 10 do so. Now sill
yer is quoted at about 20 cents an
ounce. and all the mines can pro-
duce is rushed into the treasury
at 81 an INC The rake-off of
the silver interests on silver al
ready purchased is between $1o,-
600, 900 and s25. 1000, 600.
England did not finally buy all
Of the $50, 900, 900 ounces agreed
as the maximum to be taken, ask
), ing for only 27o. 0oo. 900, leaving
so, 900, 900 ounces, for which Grea,
Britain has an option Of purchase
at 81 an ounce, which will not be
exercised"
Silver Senators in Washington 6
now in conference TO devise means
meeting the situation thus created a
= keeping up the good government bu
ness for the silver miners. So th'
is no telling how the silver quest
may figure In the near future. II
, hoped, however, It will not become
political issue once more. Mr., Bry
silver's great champion, is still in
field. but it is doubtful II even s,
a magnetic leader could popularize
silver question in its present 70
into a burning national issue. IT
now a bare proposition OF cert
profit to the miners OF silver.