The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-27
INDIAN MINTS CLOSED.
THE GOTERNWENT STSPENDS TIE
FREE COINAGE or sTLVER.
How the Action VIII Affect the United
staies-Mr. Carlisle Holds a Long Con-
ference With the President.

| LONDON, June 26-In the House OF
Lords to-day the Earl of Kimberly Lord
Of Council and State for India. stated
that the Indian council had passed an act
for the immediate closing Of the Indian
mints TO the free coinage of silver He
added that arrangements are being made
TO issue rupees from the mints in eX-
change for gold at the rate Of sixteen
pence per rupee, and for receiving SOW
ereigns and half soyereigns at the treas
uries in payment Of dues at the same
rate. The Earl Of Kimberly further said
that it is intended 10 introduce the gold
standard In India, but that old gold in
the mint will not be made the sole legal
tender.
In the House OF Commons Mr.. Glad
stone gave information similar to that
given In the House Of Lords by the Earl
Of Kimberly. He added that gold would
not be made a legal tender at present.
Regarding the silver now on the way to
India, Mr.. Gladstone said that the Coy
ernment Of India had been instructed
that it was open to it 10 admit this sill
yer to the mints IL il thought tit.
Mr.. Goschen, formerly Chancellor Of
the Exchequer. asked If the admission
10 free coinage of the silver now going
to India would not establish great in
jury or effect the destruction of such
silver as was I'm the hands Of the ma
tives Mr.. Goschen said that the value
Of the silver possessed by the natives
amounted % one hundred million rupees.
Mr.. Gladstone replied that he was not
in possession of precise information, but
ha Indian IaVarpp1apf
would not make discriminatory arrange
ments to the disadvantage OF the natives
holding uncoined silver Doubtless most
OF the uncoined silver referred 10 by Mr..
GosChen was in the form Of ornaments
worn by the native.
aow "a. AcIon wan Affect Us.
WASHINGTON, June 26.-The Presi-
dent. secretary Carlisle and the financial
officers OF the Government generally re
cei\ed their nrst authentic news OF the
startling action OF tie Government OF
lndia in suspendins silver coinage
through the press dispatches. There had
been runors on the subject earlier in the
day but they were passed upon as rumors
only, though their substantial accuracy
was not doubted. When the reports OF
Mr. Gladstones announcement in the
House of Commons and Lord Kimberly's
'Nt+N-AiANttN AtA AtlF AADANt VI IOAuH were
received the gravity of the situation be-
came at once apparent. Mr.. Carlisle inn
mediately went over 20 the White House.
and for nearly two hours discussed the
bearings Of this action with the President
without reaching any positive conclusion
as 10 a line OF action 10 be adopted. The
conference was renewed at Woody, the
Presidents suburban retreat. later in the
evening and was protracted until far In
the night
The circumstances are regarded as too
serious 10 permit OF any authentic ex-
preston OF opinion as TO the future policy
Of the United States unil all thN facts are
fuzzy digested This much. however, can
be stated with absolute confidence, that
the action OF the Indian Government in
closing the India mints 10 the free coin
age OF silver is regarded by the United
states ds doing away with the necessity
Tor reconyening the International None
tary Conference, which was to have met
again in Brussels this fall.
IL IS not believed that this action was
taken without express orders from the
English Government, which has general
supervision and control over Indian al
fairs During the session Of the Inter
national Monetary Conference at Brus-
sells last December. General Strachey.
the delegate Of British India, in an ad- |
dress delivered before the conference, |
said: As an indication Of the strange con. |
dltiOn of affairs, Il may be <urtAer men |
toned that there has lately arisen in |
India a serious agitation on this subject. |
and that pressure has been put on the |
Government TO take direct action for the |
purpose Of applying remedy TO the num- /
erous evils, which are regarded as being |
due TO the fall In the value OF the rupee, |
not only the public finances and |
bat with equal severity |
commercial, Industrial and So
cial interests, and among the remedies
and strongly advocated by
many influential persons and authorities
Is the adoption by India Of a gold stand
ard and the suspension Of the free coin
age Of silver al the Indian mnts.
'In these circumstances, the delegation
II India have been instructed that while
studying with the greatest care and good
will. I'm concert with our colleagues at the
conference, every practical proposal sug-
rested 20 assure wider use OF silver as
currency, they are on no account 10 give
my pledge that may interfere with the
complete freedom Of action Of the Gov
'rnment Of India in respect 20 any meas
Ire affecting the currency Of India Il
night desire TO adopt"
In view Of this announcement at the
the action OF the Indian Gov
rnment to-day was not altogether |
urprse 10 treasury officials, though what
IS effect may be on the future action Of
he United States cannot be accurately
'auged.
NEW YORK, June 2s.-Silver certih-
ates have dropped 10 II l-2c., CONNER
ial bar silver 10 TIC. and Mexican dol
ars 10 e0c The break Is 1ue 70 cables
rom London reporting the suspension Of
purchases of silver for Indian accounts,
nd the closing Of the Indian mint 4
elief that the Sherman silver bill will
q repealed adds TO the bearish feeling on