Show GREAT SHORTAGE IN WHITE METAL APPARENT U. U S. S to Melt Silver Siver Dollars to Scarcity for Exporting I I I I Tho acute situation ton with wih I regard to supplies of oC sliver silver siver is readily evidenced b by bythe bythe the the- announcement recently made that the government o proposes to melt molt slIver silver r dolar dollars no now In tho the United States Slates treasury aury In order t to provide silver siver bullion buton for fot- export says the Now New ow York Mining p A Age Age- ge Up to the present time of or silver siver has been een coined and against th the metal held heIdi hel In tho the tr treasury asur in silver certificates has been issued siver The Tho plan Ian now proposed to be e crded carried out In will furnish bullion to relieve the I demands of tho the allied nations abroad and it Is proposed erl further according to the announcement to replace the wIt withdraw withdrawals draw draw- I al ala als by purchases throughout hout the year Tho The export o of this thie metal meta will wl result in establishing a credit credi balance In favor of I this country and involve our allies alies In the tho I absorption of silver for monetary puri purposes pur pun i po poses s without discrimination In the ex export cx- cx I port bal balance nce in favor of or either gold I eX-I or orI I slIver silver AI While not equivalent to bimetal bimetal- I this action AcHon would assure an nn int International international Inter Inter- r- r j i national standing for tor silver siver that would prevent the forcing of gold to a premium j jand antI and the thc withdrawal of gold from this countr country In exchange o for tor silver as would I happen if it th the States should at attempt attempt attempt at- at tempt single hande According to one authority the plan would appear to b be 1 to enlarge the International international international inter Inter- I national hard mono money basis basl for credit without the dangerous formality o of monetary monetary mon mon- etar r treaties SHORTAGE FORESEEN FORESEEN As alread already Indicated the further Importance importance Im Im- im- im to the sliver silver siver producers is the fact that the thc allied governments f foresee a n shortage of silver siver metal which can only be bo relieved by bv taking tho the stock of metal now accumulated in the United St States treasury treasur and converting It to the tho use al already already al- al l- l rend ready set out The Tho statistics of or silver siver production in inthe inthe the United States for 1917 li show a a smaller output than for the previous year ear On I tho the other hand hand It was a matter mater of great surprise when a few days das a ago o the of official official official of- of I records of Mexican exports to this country were published to learn Icam lear that in I excess s of ounces of oC silver had I been received recel In this coun country tr from Mexico during 1917 oi This shows among other I things that tho the Mexican output In 1917 was practically at 50 per cent of It- It and that even en e granting the further further further fur fur- ther Increase during 1918 1915 due to an active re resumption of ot mining operations b by a number of silver mining mining companies r re relief re- re hot lief lef from the shortage now existing cannot cannot can can- not hot bo ho looked for from our southern neighbor I SUPPLY IS INADEQUATE It I has hR be been n well known amon among the silver siver producing interests that tho the ordinal ordinary har nary nal source soui co of oC Supply could not be relied on to furnish sufficient metal to meet the ther r requirements of 01 the allied aled nations There ThEre have been active conferences at V Washington Wash Wash- Bh- Bh ington between tho the silver mining interests inter inter- eats ests and th the treasury department I officials officials of of- looking toward towar a price fixation for or silver siver bullion bulon Circumstantial C stories have emanated from rom Washington from time to time that the government was about to announce that the price prie of or 1 S an ounce would be bc fixed for lor silver for 1918 but up to the present time this announcement announcement announcement an an- has not been made It I Is evident o that If Ir silver sl er prices were to be allowed to respond to the ordinary law Jawor of supply and demand a price much higher than 1 would be witnessed within tho the next fe few months Melting a part of the treasury's hoard of metal I is u a wa way of or stopping a sudden rapid rise In price which would carr carry quotations to exorbitant exorbitant exorbitant tant levels le Furnishing the metal now not required In the manner d described will wl act nc aa au a n safet safety valve alve and allow a a more moro or ordeny orderly or- or derl deny derly trend in the thc silver siver market but will wl not overcome overcome the demand In man many quarters the subject of bi bimetallism hl- hl is a again ln being actively r mooted but It does not seem likely that this wl willbe will willbe be resort resorted d to because of or the tho necessity of reaching an international agreement on the subject and the tle difficulties Inherent in inherent In- In herent In arriving at such basis Making I a price of or 1 an ounce would satisfy Ush tho the silver siver industry IndustrY as lS profit on the operations operations operations opera opera- and stabilizing prices in such a way that mining operations could be planned out on a a proper scale to secure the maxImum maximum maximum max max- |