Salt Lake Tribune | 1908-10-02 | Page 2 | Uncle Sam Resumes Purchase of Silver

UNCLE M BESUVES PBBCHASE CP Slffl j Demand for Dollars and Subsidiary Sub-sidiary Coins Shows Better Business Conditions. WASHINGTON. Oct. 1. Director of (ho Mint .Leach announced today that ho would this wco! resume tho purchnso of flno silver for Buhaldlary eolntigc. Ho slatfs that ho oxpeets to purrhnse about 125,000 ounces each week for an Indefinite period. Tho first purchase may not bo made until early next woek. Director Leach said ho was confident lh purchases would be made oh long an then' wnn an active demand for tho coin. The mint now hna on hand only about R, 000,000 ounces of lino Hllver. and this supply would soon be exhausted at the present rate of demand. For several months prior to the late financial stringency strin-gency the demand for subsidiary coins was so active as to necessitate the operation oper-ation of tho mints to their full capacity, but the demand foil off until there whs an accumulation In the treasury In April last of about $27,000,000 In standard dollars dol-lars and $26,000,000 in subsidiary colnn. Early In the summer the call for silver dollars bocume more nctlve and soon the supply wos practically exhausted. Attention Atten-tion was then directed to the halves and other subsidiary coins, with tho result that now' tiiore Is only about $221,000 available, notwithstanding- tho fact that in September $634,000 In silver subsidiary was coined and added to tho slock on hand. Mr. Leach expects .a still stronger demand when the cotton crop begins to move, and tho decision to purchase more silver is In anticipation of this demand.