The record-union., 1893-06-29

would not be restricted to exchanging
silver for gold. The Act adopted Mon
day by the Indian Government repealed
certain clauses of the Indian Coinage Act
Of 1870. but the power of the Indian Gov
ernmeni to purchase silver and coin
rupees whenever it thought fit was not
affected by the new Act.
RADICAL SILVER MEN DEFIANT.
WASHINGTON, June 2S.-The star says
the talk of the radical silver men since
they have got over the first shock of the
news from India is rather defiant. While
admitting that demonstration in India
is hard blow at bimetallism at the pres
ent ratio, they speak of it as conspiracy
and insist that it is more than ever i'm
portant that this country stand by silver.
They say they intend to fight with all
their might against the further degrada-
ton of silver. The more conservative Of
them. however, regard this as whistling
against the wind. Their best judgment is
that many who voted for free coinage be-
cause of their constituents will find in
the present situation reason for voting
the Sherman law off the statute books,
perhaps even without any sort of substi-
tute as compromise.
EASIER CONDITION AT NEW YORK.
New YORK, June 2S. - Bankers re-
ported an easier condition in the money
market this morning. There were no
extraordinary shipments, and the only
thing which was noticed out of the ordi-
nary was the large number Of demands
for rediscOunts from all over the country.
The Clearinghouse loan committee
issued s., ,330, 900 certificates, making the
total amount issued SG,36O, 600. The Sub
! Treasury transferred SlI5, 900 to San Fran
cisco by telegraph in return for gold de-
posted.
The free gold in the Treasury to-day is
just S96,OOO,0OO.
There is much talk i'll Wall street as to
| the reasons which prevented the Presi-
dent calling Congress together immedi-
ately. Intimate friends of the Secretary
of the Treasury, in conversation with a
reporter, said according to Carlisle a cam
vass of members of Congress two months
ago in behalf of Cleveland resulted in
learning that there was majority of the
House in favor of the repeal of the Sher-
man law, but in the Senate majority of
twenty the other way. 1t was believed
! however, that enough Senators eleven at
| least would be converted before Septem-
the upper house.
TALK OF NEW PARTIES.
INDIANAPOLIS, June Ex-senator PETER
of Kansas to-day, in an interview, said
The Sherman law will be repealed the
first thing when Congress meets. The
effect of this will be to destroy both the
old parties and build up a new one That
will be followed by new alignment OF
parties. Some new organizations are
| soon to come into existence. The Peoples
party is but the preliminary makeup OF
one which is to assume control. A new
organization is to be composed Of the
| Peoples party mostly, and it will receive
many recruits from both the other large
organizations. which are now closing
their careers. The Indian silver move
ment means general panic. Out of this
will grow much of the strength ofthe Peo-
ple's party. The silver question has been
giving us much aid all along"
| ANTICIPATED THE FALL OF SILVER.
KANSAS CITY, June 28.-August r.
! Meyer, President of the Consolidated
Kansas City Smelling and Refining Com
pany, said to-day the fall in price of sill
yer would have no effect upon the COM
pany's business. He said they anticipated
fall of silver a year ago. and thought
most smelters in the country had done the
same thing.
| CAUSE OF SILVER NOT WEAKENED.
! DENVER, June 2S.-A prominent mem
| ber of the Clearing house Association to-
| day, speaking of the silver situation,
said: 1.-The closing Of the mints to sill
yer coinage in India will precipitate a
| settlement of the silver question, and
viewed from this standpoint it is not to
| be regretted. 1t will not weaken the
cause of silver, nor will it shake the con
tidence of friends of free coinage in ulti-
mate success"
| CEYLON AND MAURITIUS TO FOLLOW SUIT
SIMLA, June 2S.-Sir David Barbour.
| financial member of the Vice Regal
! Council, said in an interview on the sill
yer question to-day that it was his opin-
| ion that Ceylon and Mauritius would be
| compelled to soon follow the example OF
India and close their mints to free coin
age of silver. The effect on Chinese trade
he said, is causing much justifiable
anxiety. 1t might be possible to ease the
situation through the introduction Of z
gold standard in Chinese treaty ports
but in any event the bulk Of about four
teen crores of rupees Q40, 600 would be
thrown on China. That China's foreign
trade relations would be to US disturbed
to an enormous extent is selt-ey ident.