The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1893-06-29
SOME SILVER INTERVIEWS.
What Prominent Financiers Think
of India's Action.

what Prominent Financiers Think
of India's Action.
New YoRK, June 2S.-The Tribune
prints the following interviews on the
silver question:
Henry w. Cannon, president of Chase
National bank, and one of the American
delegates to the international monetary
conference recently held in Brussels,
said: The closing of the minis of India
against the free coinage of silver cannot
fail to depress the price of that metal,
and the action of the Indian govern
ment should conclusively settle the
question of the repeal of our silver
purchase act. India has for many years
absorbed enormous quantities of silver.
The fall in the price of silver has Sc
riously affected the trade between
Great Britain and her dependency
midland early last fall a committee
was appointed under Lord Hesrchell
Qord high chanellor) of England,
carefully to examine into Indian none
tary affairs. The proceedings of the
committee were suspended on account
of the meeting of the international
monetary conference at Brussels, and
two of the members of the Herschell
committee were delegates to that con-
ference.
The Peculiar Position of India
towards silver was freely discussed by
the members of the conference, publicly
and privately, and both General Straka
and Bernard Currie (the members of
the Hersche11 committed were strongly
In favor of the adoption of the gold
standard for India if an international
agreement could not be made fixing the
status of silver as a money metal.
Therefore, the report Of the committee
is not surprising under the circum
stances. @
The Importance of the action of the
government of India in dropping the
coinage of silxer cannot be over-esti-
mated at this time. It was the only
country, with the exception Of Mexico,
in the whole world, the minis of which
were open to coinage of silver without
limitation. Therefore, at the present
time the only countries in the world
which are continuing to produce silver
legal tender money are the United
States and Mexico, and it must be clear,
even to a casual observer, that it is i'm
possible for the United States safely to
continue the coinage of silver or the
issue of money against bullion pur.
chase.
The course of the United States is
clear. We must Immediately stop the
further purchase of silver and the issue
of silver purchase money. The govern
ment is pledged to maintain all our
money on gold basis, and some action
should be taken at once to remove any
feeling of distress or discomfort.
Edward o. Leech, cashier of the Union
National bank, and for several years
director of the mint at Washington.
and who is regarded as an authority on
coinage, after reviewing the situation
in India, said: It is warning to the
United States that we cannot safely go
farther in the absorption of a depre-
ciated and depreciating metal into our
currency without seriously embarrass-
ing our financial system.
As Seen by President Andrews.
President Andrews, of Brown univer.
sity and who was one of the American
delegates to the Brussels conference, in
an interview in regard to the action of
the Indian government stopping the
free coinage of silver said: s.It is i'm
possible that this scheme should bring
any relief to the silver situation in
England. As for America, believe
this action will be fortunate. Silver
win drop in gold prices and it may be
necessary to repeal the Sherman law.
1t will then drop still more, and Great
Britain will then be forced to take con-
certed action with other nations.