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About The commoner. (Lincoln, Neb.) 1901-1923 | View Entire Issue (Aug. 17, 1906)
.l H 16 ' i The Commoner. yOLUME 6, NUMBER 31 i, .11' ilhlWV mttt uso'tj, ifc I' M!i J- i V.V i I ii 1 1"m i r at, b - r at . & m! M .risJU.I . ' IK? 1 )! h i.v.t'. : MYt . i ' ..i i i. M w; in m JW . , ; i, c W: . lh . 1ft.., i ,.'., f VI .) , ? vfi; 1 r. i v i ' l, . ?.. I ' 1 4, ' ' . T.,t t iff .. i. , i '-. Ar-- J ' i 2 "Jlr iv 1 III 1 -V : f ' u r ''V !f f f II n 1 : J;i I i i!Li l- J, !". T, V NT tf&t w mV 8k X '' j.nr. 'I' m iy I : " I 5m ii . m: i V HU ' ' y , fir S ft. SECRETARY SHAW WILL BUY SOME SILVER JJndor date of Washington, Aug. 9, tho Assoclatod Pross carried the fol lowing dispatch: "For tho first time In thirteen years tho government announced today its purpose to purchnso silver for coin age' purposes Tenders are invited at the office of! 'the direcLor of the mint in this cittf;on Wednesday, the 15th inst., up to lb'clock p. m., and every week day thereafter until further no tice. The tenders are to be for de livery at the Philadelphia, New Or leans or Denver mints, settlement to bo on the Now York basis of bullion guaranteed 999 fine. The treasury reserves the right to reject all ten ders or accept such part of any ten ders as may suit its convenience. It Is.'underst6od that, anticipating that its reappearance as a purchaser might temporarily disturb the market un cjuly, the treasury has obtained con trol of considerable amounts for future delivery, so that it is in posi tion to drop out of the market for several months If desirable. ' "The average requironients of the treasury throughout the year will probably not exceed 100,000 ounces per week, "and it will be the policy of the department, while keeping a reas onable amount on hand, to so distrib ute Its purchases throughout the year that its demand will be uniform and not an' element of uncertainty in the market. "From the resumption of specie payments in 1889 down to the year 1900 the constant increase in the , stock of subsidiary coin required by the growing population and trade of , the country was supplied' by .the re coinage of old and uncurrent coins which accumulated in' the treasury under the resumption act. In 1900 as ' thte stock was running low, au thority was granted in tho monetary act of March 14, to tho secretary of the treasury to divert bullion pur chased under the act of July 14, 1890, for the coinage of silver dol lars to the coinage of subsidiary spe cie. Under this authority about $33, 000,000 has been coined since 1900. "The stock of bullion in tho treas ury was exhausted more than a year ago and since then no bullion has been available for the subsidiary use. "The stock in the treasury had be come bo low that it was apparent, ac cording to the department tfiat the demands of a constantly en larging trade could not be met without additional coinage. The secretary of the treasury was in doubt whether existing statutes au thorized him to buy bullion for this purpose, and, moreover, was of tho opinion that it would be a better pol icy to meet future demands for sub sidiary coin by the recoinage of silver dollars In the treasury and so recom mended to congress. Congress, how ever, having failed to act upon his recommendation, Secretary Shaw requested an opinion from the attor ney general as to his authority to purchase bullion for this purpose un der existing law, and ' he received a favorable reply, based on section 3526 of the revised statutes. The policy now announced was accordingly deter mined upon. "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 currency issuod during and fol lowing the civil war, 'it began in Jan uary, 1875, a series of purchases, end ing In February, 1878, which aggregate ed 31,603,905 fine ounces, which cost $37,571,148 in gold, or an average of $1,188 per fine bounce. The next ap-. .pearance of tho government in the sil ver market was under the Bland-Allison act of February 28, 1878. The first purchase under this act was made at $1.21 5-16 per fine ounce, and the total expenditure for bullion under this act was $308,279,260. The total amount of bullion required was 291,272,018 fine ounces or an average price for the whole of $1,058. "The Bland-Allison act . was suc ceeded by what is popularly known as the Sherman act, approved July 14, 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 168,674,682 fine ounces, costing $153,31,602, an average of $1,924 p6r puncev Tho 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 gov ernment has been out of the market for the purchase of silver except aa the agent of the Philippine govern ment in the purchase of 13,000,000 costing $7,376,199.05 or an average of $0.54 1-2. "The lowest price for silver was touched on December 3, 1902, when the price on the London market was equivalent to .478 per fine ounce, tho average for last year on the London market was 61 cents per ounce, and for the month of July last, 66 cents per ounce." ' THE PRIMARY PLEDGE I promise to attend all the primaries of my party to be held between now and the next Democratic National Convention, unless unavoidably prevented, and to use my influence to secure a clear, honest and straightforward declaration of the party's position on every question upon which the voters of the party desire to speak. A. J A IS Signed Street Postofuce County , , . . .i. State .Voting precinct or ward Fill out Blank and mail to Commoner Office, Lincoln, Nebraska. The Commoner &" First Voters11 i ii A Lexington, Ky., Reader writes to The Commoner as Follows: "7" notice that the American Protective Tariff League is sending out circu lars which read: Kindhj give us the name and address, etc., of one person who will cast his first vote in the congressional election of 1906. We wish to forward literature on the subject of protection. Ash your neighbors to co-operate in the work? "JSfow, I suggest that every Commoner reader make it his duty to send, to The Commoner office the name of one person $uho, at the next election, will cast his first vote, then a sample copy of The Commoner could be sent to that person. u I also suggest that every Commoner reader make it his duty to secure at least one of these -first voters1 as a yearly subscriber to The Commoner. If we can gel these youngmentoread The Commoner regularly weneed notfear for their political future." The Commoner hopes that this suggestion will be acted upon by Commoner readers generally. It is important that the "first' voters" be impressed with the value of democratic principles in popular government. In order to encourage the campaign among "first voters" The Commons will be sent for sixty cents to anyone who is to cast his first vote at the congressional elections of 1906 and whose name, accompanied by the subscription price, reaches The Commoner office prior to election day in November, 1906 , Any one desiring to avail himself of this opportunity must state in his letter that the one in whose name the subscription is forwarded will cast his first vote at the 1906 elections, and is therefore entitled to this rate. Address All CommunicatWms to ItWIIIIIlll I i.i. i, i N THE COMMONER; LINCOLN, NEBR. K(i alBiiiliyiirJBrttfv'"-LM .Att.feaa-. .w.