The record-union., 1893-06-28

American Bimetallic League, said: "The
stoppage of coinage Of silver in India has
lnaugurated a new monetary revolution.
1t Is movement deep-seated, and will
be far reaching in consequences. The
closing of the mints of Bombay and
Calcutta is part of gigantic conspiracy
10 seize upon the present opportunity to
finally and forever force a single gold
standard, and to extend it over the world.
The immediate consequence will be that
silver will fall, and gold will increase in
value faster than ever"
Secretary Carlisle, in response to re-
| quest to express his views on the tinan-
cial situation as affected by the action of
India on silver, politely declined, saying
under the circumstances he had nothing
to say for publication, and did not care to
indulge in speculation as to the future.
NO RELIEF TILL CONGRESS MEETS.
| WASHINGTON, June 27.-Two hours
were consumed by the Cabinet to-day
discussing the new phase of the silver
question, while other matters were de-
manding attention. The conferences yes
terday afternoon and evening, between
the President and Mr.. Carlisle, simplified
matters to some extent.
| Although the discussion, it is said, took
wide range, it was necessarily brought
| back to the one important and unman-
ageable point that the Executive had no
power in the premises, Congress alone
being able to deal with measures for re-
lief. 1t was plain to the Cabinet that the
monthly purchase of silver must be con-
tinued or Congress must be convened in
! special session Immediately.
| AS the President has decided to call
| Congress together in the early part of
September to deal with the financial situ-
alton and has manifested no intention of
changing his purpose, the project of an
| earlier session of Congress, it is under
| stood, was dropped. So far as the con-
tinuance of the purchase of silver bullion
and the Sherman law were 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 lots
purchased would be only 1900, 900 ounces,
a comparatively small amount in view of
previous purchases, and that the best
way to deal with the question was to
await the course of events two months
longer. This was generally agreed to,
and it was with this view dominant the
meeting adjourned.
SITUATION IN WALL STREET.
New YORK, June 27.-The situation in
Wall street is further complicated by the
latest developments in silver. This
started renewed liquidation yesterday,
and riveted attention on the attitude of
the incoming Congress regarding the
Sherman silver purchase law The great
majority of Wall-street people are anti
silverites. Their interest lies in the re-
peal of the law. They argue that the
compulsory purchase of silver monthly
must be abolished before there can be any
lasting improvement. Meantime specula-
ton on the Stock Exchange is at a very low
ebb, and the variations in prices from day
to day, save perhaps for the closing out
of the account of some beIated bill, sim
ply reflect the operations of the profess
sional element. Conservative houses are
doing everything in their power to limit
trading, for the reason that leading firms
do not care 10 charge clients more than
the legal rate of interest on transactions;
nor do they care to pay the difference
between per cent. and IS to 40, which
were the rates yesterday. After review
ing the situation Wall street is content to
go slow until Congress shows wav in
the silver matter and the money market
returns to something like its normal
condition.
While, according to bank officers to-
day, there was no change in the condi-
tions to warrant any marked increase in
the Stock Exchange prices, there was not
lacking reports Of a character calculated
to inspire confidence, as well as some
facts which justified the belief that the
outlook was brighter to-day than yester-
day. The rate of exchange to-day amply
warranted the imports of gold, if there is
enough exchange obtainable at the figures
quoted but it is not believed enough bills
are offering to cause imports of gold at
this time.
The Sub-Treasury paid out a large
amount of interest to-day, its debtor bal
ance at the clearinghouse this morning
exceeding 81, 100000, most of which was
for interest.
Early this morning $4,000 in gold was
deposited at the Sub-Treasurvsfor tele-
graphic transfer to San Francisco. and it
is expected 100000 more will be sent in
the same way tomorrow. 1t is said also
that there are some inquiries for similar
transfers of money to New Orleans. No
currency shipments to the country were
reported at the Sub-Treasury to-day. but
the banks shipped 100000 or S4O0. 900 to
San Francisco direct, and also various
small sums to banks in Buffalo. The in
dications are that currency is returning
to this city from the West. One bank
received S250. 900 from bank in Chicago
to-day.
Generally speaking, the bankers to-day
reported the financial situation somewhat
easier everywhere, but qualify the state
ment by saying that the demands for re-
discount, while no larger, were very gen
eral all over the country.
No Clearing certificates were
issued to-day. A very serious state of
affairs has developed in Philadelphia
Several big banks there are practically
unable TO remit to the banks of this city
balances due them for remittances. and
Philadelphia exchange was practically at
a premium to-day in this CITY. The
Philadelphia banks say they are unable
to procure New York exchange. and can
not get gold or currency to ship. one
bank in this city has $1,000 locked up in
three Philadelphia banks in that way. Of
course it could send down there and de-
mand cash, but is unwilling to do so. The
probability is that there will be larger
issue of Clearing certificates in