Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-27

ment does here on every silver dollar coined.
The depreciation Of the rupee, however, is
steep. The recent fall in silver has been in
anticipation Of this action. We do not see that,
beyond sentiment, the silver market viii be
greatly affected"
PRKsIDKNT ANDREWS OPINION.
New York Herald dispatch from Provi-
dence, R. L, says: President Andrews OF
Brown University, 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:
at is impossible that this scheme should
bring any relief to the silver situation in Eng
land. 1t viii make the condition Of foreign OK
change . little more stable as between the
traders of England and the big merchants and
exchanges OF Bombay and Calcutta. That Is to
say it will arrest the fall in the intrinsic value
Of coin silver in India and give stability be-
tween the present money Of India which is
silver, and the gold money Of England Butin
doing SO 1t will cause q break between the value
Of Indian silver as money and Its value as
bullion, just such as exists between the silver
money Of the United States and France and the
corresponding bullion.
1.-THE result of the system If persisted in
would be to impose on India full prices, such
as prevailing over the entire gold-using world.
Further, the value OF silver in the rupee be-
ing SO much greater than the value of the same
silver there would be an overwhelming tempta-
ton to introduce the rupee from other coun-
tries. 1t could be copied exactly and made Of
the same weight and fineness. 1t would be as
good a coin In every respect as the one minted
India.
another difficulty arises in connection with
the habit Of the Indian people Of turning their
savings into ornaments Of silver for themselves,
wives and children. A native Indian does not
speak Of these as worth SO many rupees, there
being no difference in his mind between the
silver in the form of an ornament and in the
form of = coin. Bracelets are often used for
money. 1t is said these trinkets in India amount
to $1,000 900 in value. Now. suppose these
minis closed TO silver. this vast property is at
once deprecated, and it is hardly possible that
such a scheme can be carried into effect with
out riot and bloodshed.
''As for America / believe this action will be
fortunate. Silver will drop in gold prices and
it may be necessary to repeal the Sherman law.
1t will then drop still more and Great Britain
will be forced to take concerted action with
other nations"
SENATOR woLcoTT.
NEW YORK, June ga special from Denver,
Col, says: 'In al interview on the financial
| situation Senator Wolcott said: "If an extra
session of Congress should be called today
| the Sherman law would not be repealed. The
| times are dark enough to indicate that streak
| of light must break in from some direction
| soon 1t means immediate disaster to
western interests, but it may be a blessing in
disguise if we can hold on. Much as we suffer
the disaster entailed to Great Britain is worse
and q continued fall in the price OF silver must
force an international agreement"
THE SITUATION IN WALL STREET.
| NEW YORK, June 27.-The situation in Wal
street has been further complicated by the
latest developments in silver. This started re-
newed liquidation yesterday and received at
| tention on account Of the action OF the coming
| Congress on the Sherman bill.
In the meantime speculation at the stock ex
change is at a very low ebb and the variations
| in prices which occur from day to day, save
perhaps for the closing out Of the account o.
some belated bull, simply reflect the operations
Of the professional element. II the genera
public was disposed to enter the market ms buy
ers the lack OF money for borrowing purposes
| would prevent ventures.
Conservative houses are doing everything II
tLeir power to limit trading, for the reason tina
the leading firms do not care to charge thel
clients more than the legal rate OF interest OF
| their transactions. Neither do they care to pay
the difference between per cent and 35a40 PEI
cent, which we're the rates yesterday. For
time these fancy rates did not bring out an.
money to speak of.
Orders to purchase outright naturally ar
not refused. but the absorption OF the securi
ties from this source at present is insignifican
and confined chiefly to stocks selling at lo'
figures and which have been cut in two SO IA
as price is concerned during the past six month
or so.
The clearing house banks have not taken on
loan certificates in sufficient amount to infu
ence the market to any appreciabie extent, an
| it Is hardly to be expected that they will con
!, suit the wishes of stock spectators In this re
spect especially when distress prevails In tn
commercial community. 1t il true that ship
ments Of currency to the interior have falle
of, and the only urgent call now is from CAL
fornIa points.
The feeling at Chicago is also distinctly easie
and the indications point to a return flow {
currency this way. Still no great relaxation
, rates can be looked for until some time in Jul!
after the semi-annual interest and dividen
. payments have been made.
. the Generalization Of the sterling exchange
, This holds out the hope Of gold import
) Today il was rumored that about o., 900 900 hs
D been engaged in London for shipment to Ne
. York. Here, again, money comes In as an In
! portant factor. as the wide fluctuations In rat
brings in an element Of doubt
With money at one minute and IS or 40 u
next, the shippers are apt to 60 slow befo
ordering this way, as the profit at best is q sms
4 one.
In reviewing the situation Wall street is vii
. ing to 60 slow until Congress shows the way al
y the silver market and the money market T
v gains something like q normal condition.
:, Cincinnati Bankers Favor Repeal.
v CIScISNATI, June 27.-At a conference
Is the bankers and the board Of ira
It and transportation last evening on
Q silver question resolutions were adopt
70 fayorinR an early session Of Co
n gress, the immediate repeal OF t
Q Sherman bill and the putting in Of 100 cents
e silver in a silver dollar. A majority Of I
q leading bankers of the city were present
u '.go slow with reform sentiment was express
Is outside of the resolutions.
IN