At the instance of a number of crackpots, speculators, inflationists, amateur economists and the Senators from six Western States, the U. S. embarked upon a silver-buying program. To date the most conspicuous result of the Administration's silver policy is that the Treasury in a little more than four years has purchased about 1400,000,000 oz. of a metal whose prime characteristic is its futility. And much of it was purchased at prices considerably above last week's quotation of 44¾ per oz., which is an entirely artificial figure since the U. S. has been...
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