The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-28
SILVER DOLLARS A SHAM.
The Coin Worth Only IS 3-4 Cents
Despite In God We Trust"

Congressman And The Whole Country
Crying For an Early Session to Re-
peal The Sherman Law-Congress
Not Apt to Meet Before September,
However-A Better Feeling in India
AS The Result of The Suspension Of
Free Silver Coinage.
Washington, June 27.-One effect of the
action of the government of India has
been to renew the demand for an early
session Of congress, and this Wow of the
situation was presented to Secretary Car
Isle this morning by many of his congress
sional callers and by numerous kilograms
from ali sections of the country. Before
going to the cabinet meeting Secretary
Carlisle received a cablegram from Lon
don announcing further decline in the
price of silver to 35 pence. AT this price
silver dollar is worth 5S94 cents.
MEETING OF THE CABINET.
Two hours were consumed by the cabi-
net to-day in discussing the new phase of
the silver question and other matters
demanding attention. Two conferences
yesterday between President Cleveland
and Secretary Carlisle simplified matters
to some extent Although the discussion
it is said, took wide range, it was neces-
SdAlA1 OLOuSAb BdCh 10 Olb Important
and unmanageable point-that the eXecu-
tive had no power in the premises, con-
gress alone being able TO deal with meas
ures for relief. 1t was plain to the cabinet
that the monthly purchase of silver must
be convened in special session immediate
ly AS the president has decided to call
congress together in the early
part of September to deal
with the financial situation and
I'd l.
stated purpose, the project Of an earlier
session of congress, it is understood, was
dropped. So far as the continuance of
the purchase of silver bullion under the
Sherman law was concerned, it was
pointed out that little more than two
months remained before congress would
convene in extra session, and that during
the intervening time the silver to be pur-
chased would be only a million ounces, a
comparatively small amount in view Of
the previous purchases. That the best
way to deal with the question was to
await the course of events for two months
longer was generally agreed to, and 1t was
with this view dominant that the meeting
adjourned.
CINCINNATI BANKERS MEET.
Cincinnati, o., June 27.-At a confer
ence of the bankers and board of trade and
transportation last night on the silver
question, resolutions were adopted favor
ing an early session of congress, lmmedi-
ate repealaofs the rSsherRan.sshill and the
putting in of 100 cents of silver in the dol
lar. A majority of the leading bankers
of the city were present. A go-slOw with
reform sentiment was expressed outside
of the resolutions.
GOOD EFFECT IN INDIA.
Calcutta, June General satisfaction
= l.. Al.
the currency taken by the India council
yesterday Government securities rose
rapidly.
LANsDowNE's EXPLANATION.
Simla, India, June 27.-In explaining
to the Indian council the bill providing for
the stoppage of the free coinage of silver
and other monetary measures, the adop-
tion of which was announced yesterday,
the marquis of LanSdowne, Viceroy Of
India, said he hoped the government
would not be criticized for disposing of
the important question at single sitting.
The keynote of the scheme was rather to
prevent further faA in exchange than to
raise the value of the rupee. The fixing
of the provisional rate of exchange at Is.
4d. provided an automatic means of pre-
venting the closing of the mints and vio-
lent disturbing Of exchange rates. The
rate of exchange has been fixed high
enough TO relieve the govern
ment of its most pressing necessities,
while it was well within the
limits of recent fluctuations. There
should be no mistake, the viceroy said,
about the facts. 1t was not proposed to
substitute gold for silver currency, ,sand no
attempt would be made at present to fix
legal tender price for gold While the
ratio of value was mentioned, it was only
provisional, In conclusion the viceroy
expressed the governments sense of the
gravity of the step it was about to take.
Personally, he was averse to all attempts
to give meney commodities a fictitious
value, but the time had arrived when to
remain inactive was impossible. The gov
ernment would be unworthy of the name
if it left things alone. 1t had not taken
the momentous step with light heart
He hoped its action would be fruitful in
good results, and that sufficient reserve
of gold would be accumulated to make
an affactiuA uyoId standard t1oceibla