337
today is 80-1-8, and 29-8-8 for forward delivery: so above cal- -culations are of little value.
When you fixed the rates between Gold and
Silver at about 32 to 1 you virtually said to your great silver product, "thus far shalt thou go, and no farther". had you adopted
a more liberal policy regarding your valued friend we think silver would have gone to 700 per ounce or higher.
Your large sales of Pesos do not chance the situation so far as silver production is concerned, but your eagerness to accumulate gold at about the melting parity of the
peso causes a temporary large supply and leads one to think that
you have not much confidence in the future of silver.
Your continued gold coinage will give the
market so much replaced silver.
We note you have about two millions unused
Pesos of the old die for sale. We hops, later on, to be able to
make you a fair offer for the lot.
is it your idea, later on, when you have
a sufficient supply of gold coin and gold certificates in circulab-
-ion, to restrict the amount of silver coin as legal tender Y
Yours etc.,
(sd.) . h. harries,
Agent.