The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-27
DEATH TO SILVER.
Indian Minis Closed to
Free Coinage.
EFFECT IN THIS COUNTRY.
Cleveland and Carlisle Wrought
Up About 1t.
EFFECT IN THIS COUNTRY
LONG AND SECRET CONSULTATION
Opinion Is Divided, but Bullion
Dealers Are Inclined to Take
Gloomy View.
Special TO THE MORNING CALL.

LONDON. June 26.-In the House OF
Lords to-day Earl Kimberly, Secretary Of
State for India, stated 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 exchange for gold at the rate of 16d pep
rupee, and for receiving sovereigns and
half-sovereigns at the treasures in pay
ment for dues at the same rate He fur
ther said it was intended to introduce a
gold standard in India, but that gold in
the meantime would not be made the sole
legal tender.
Rupee paper has risen 2. About so lacs
have already been sold at the average
price of Is 315d.
According to advices from Bombay, the
Indian Council at Simia to-day, beside
stopping the minting of silver on private
account, fixed the rate OF exchange at Il.
In the Commons Gladstone gave infor-
nation similar TO that given in the Lcrds
by Kimberley, and he added gold would
not be made the legal tender at present.
WASHINGTON, June 26.-The checks In
payment anticipated of the July interest
Morgan late SATURDAY. night.
New YORK, June 26-The cessation of
the free coinage of silver by the Govern
ment of India was fruitful source of con-
versaton among financiers to-day. Busi-
ness was resumed this morning with a
general feeling of depression growing ont
Of combination of unfavorable circum-
stances. The fresh failures from various
parts of the country and stringent money
were a good foundation for the announce
ment of the stoppage of the Indian silver
mints A prominent banker, who is also
one of the heaviest silver bullion dealers
on Wall street, is said to have remarked
when the announcement came that IL was
a crushing blow to silver.
THE effect will be paralyZing upon the
whole silver market" he went on, land l
think the settlement of the silver question
in this country is at hand. The min IS
have been opened to free coinage and such
immense quantities of silver have been
presented by private parties and the circu-
lation of silver has become 50 great that
the price of the Indian rupee has been de-
clning steadily for months. This brought
about the suspension of free coinage"
Still another large bullion shipper had
this to say: 81 don't see how the action of
the Indian Government in closing its minis
will much diminish the demand for silver
in India. India is a creditor country, and
| do not see how her balance of trade Is to
be settled save in the old way. by imports
of silver. If the mints are closed to private
persons, then the government will have to
import silver for coinage purposes in place
of private parties. The government will
be compelled to do as the Indian banks do,
that is, buy silver in the market in Lon-
don. The depreciation of the rnpee has
been stopped. but. beyond sentiment, we
do not see the silver market will be greatly
affected"
At the sub-treasury to-day, the payment
of interest on United States four per cent
bonds, due July l, was begun. The total
payment will amount to S6,000,000. and
the prepayment of this sum Will, il Is said,
have a very beneficial effect. But, rs one
Of the bank presidents put it, although the
boil has burst, the sore place will not be
thoroughly healed until after the Sherman
silver law has been repealed.
During the day the highest rate quoted
for money was 40 per cent. At o'clock it
was offered at s per cent.
Clearinghouse certifir ates to the amount
of S450,000 were issued today and Uele-
graphic transfers of S12O. .0O0 to San Fran
cisco were made through the sub-treas-
ury. After the close of business an
application was received for the transfer
of S25,000 in addition to $3.50, COO in cur
rency sent by registered letter and express
to the Pacific Coast.