Evening star. [volume] (Washington, D.C.) 1854-1972, 1891-02-13

THE SILVER COINAGE NEARING.
New Yerk Board Of Tr.d. Commits. to
Come O~--Psris Aaakers' Views.
Chairman wickhsm this morning laid the
following telegram from Charles s. Smith of
New York before the House coinage commit
tee:
Application has been made today TO assay
Office for q, e0o, 900 in gold for shipment to-
morrow. Clearinghouse banks have today
more than GO, 900, 900 in excess of legal tender
reserve. Mon v on call is drug at per cent
per annum. Currency in shape Of bills is now
accommodating in New York banks far in excess
| of demand
He also laid before the committee letter
from Darwin r. James, secretary Of the New
York board Of trade and transportation, stating
that the bard had appointed a committee OF
five members to present the viows of the
board upon the pending free coinage bin
be able to grant the hearing desired. Repre-
sentative Tracey had personal letter suggest
| ing Tuesday as the day which would be
agreeable to the members Of the board,
| be heard on that day. Mr.. Bartine
moved to substitute Monday. and, after the
usual interchange of words between the CON-
mitteemen, Mr.. BartiEes motion was carried
with but one dissenting vote-that of Repre-
sentative Walker-Mr. Vaux voting with Mr..
Bartine.
NE. RHoADEs SENDS HIS ANSWERS
letter was received from Joen II. Rhoades
of the New York chamber of commerce in reply
to questions asked him when he appeared be-
fore the committee but which he did not answer
at the time. Mr.. Rhodes letter was to the effect
| that France did not now send her
silver TO India because the price
OF bullion at present was too low to permit II TO
be done without great loss, but if silver rose to
sl.29 France would send her silver to India, as
she and all other European countries would
send their silver to the United States IL this
country were to arbitrarily raise the price of
silver from 81 to sl.2s an ounce.
PARIS BANKERS AGAINST FREE COINAGE.
The following extracts from letter from
Seligman, Freres & Gle, bankers in Paris, to
Representative Hit Of Illinois were also laid
before the committee: The late silver bill !
consider splendid law. but its beneficial
| effect will only be gradually felt
and not before several years have elapsed. mas
much as =, 500 900 per month is insufficient for
the time being to prevent these artificial and
periodical tight snaps. hope and pray that a
free-coinage silver bill will never pass
an American Congress- 1t would posi-
lively cause mot long after its pas
sage ruin and desolation throughout
4 ~
booms-yery danRerous booms-but the end
would positively be crisis such
as the +. promoters Of free coinage
can have no idea Of A country
| like the United States, the FIRST and foremost
| nation of the world, must have q lasting,
honest currency. Free coinage would
| be hailed with Joy in Europe.
France, with five and half to
six hundred millions of dollars in the bank and
among the public would feel grateful to Won
were the unlimited free coinage bill to be-
come a law You would get from France
alone $500. 600 OO0 and that quickly / know
| that when silver was quoted at SAL a short
time ago in London, high-placed officials in
the bank favored sen,ing a part of the banks
silver to you. Germany has an immense
stock of silver bars which YOU would get; 80
have Italy and several other countries in Eu-
rope India would send YOU immense amounts
of silver, instead of sending the same to China.
England would be greatly benefited by il.
| With unlimited free coinage for YOU London
| with a gold standard would become more than
ever the center of the worlds banking business
| cannot, and no sane man in Europe can. be-
lieve that the Congress of the United States
will vote such a bill with its unavoidable dis
astrous consequences
|