Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-27
FREE COINAGE TALK.
The Men Who Advocate It Some
what Excited and Embarrassed.
THE FINANCIAL SITUATION DISCUSSED.
Something Must Be Done, and That
Very Quickly.
CONGRESS MAY BE CALLED.

Inc news OF the stOppage OF 1ree cOInaSe VI
silver in India has caused considerable excite
ment among the free coinage men here and
provoked very general discussion OF the
financial situation among the men who. in the
next Congress, will be called upon to fix stable
currency for this country. This action on the
part of the.government Of India has intensified
the situation, and there is a very general feel
ing now that something must be
done here, and done very quickly. BY
the stoppage of free coinage in In
dia a large supply Of the worlds money is cut
off and Uncle Sam is left standing almost alone
with the burden Of silver on his shoulders. 1t
is believed that this situation makes it greatly
more pr obabie than before that the Sherman law
will be repealed, and large number OF the
public men here believe that it will hasten the
meeting OF Congress to date considerably
earlier than that named by Mr.. Cleveland as
when he intended to convene Congress to-
gether.
REPRESENTATIVE ALDERsoN's VIEWS.
Representative Anderson of Wes. Virginia
said to a representative OF The STAR today
that the action Of the Indian government
greatly embarrassed the situation here. He
said that he was a free silver man, but that he
have to be considered in any legislation on the
subject; that we could not legisate on the con-
ditions of ten or twelve years ago. and that
Congress would have to act in accordance with
things as they find them, and not upon theories.
He said that he thought that great many Of
silver men were disposed to agree to some COM
promise, but the matter of detail could not yet
be determined on. Something, he was certain.
would have to be done.
Representative Meredith of Virginia said that
he thought matters were complicated for the
silver men and that some action would have to
be taken. He thought that the Sherman law
would be repealed, but he didn't to guess
as to the character of the substitute for it.
DIFFICULTIES IN THE WAY OF FREE COINAGE
"This action on the part of the government
of India" said Mr.. Boatner Of Louisiana.
"throws a good many moro difficulties in the
| way of free coinage. / have no doubt that had
not this been brought about Mr.. Cleveland
| would during the next session of Congress have
had free coinage bill presented to him for
his sanction or his veto. l cannot tell. and
| no one can as yet, l think. how much the de-
monetization Of silver in India will affect this
| situation. l have no question In my mind about
/ the rropriety of repeating the Sherman law.
| but we have got to have some means of supply
|
ume Of gold is not sufficient, and the deficiency
has got to be supplied by another currency. l
| am not welded to any particular scheme, but
| what the people of this country want is suf,i-
| cient money for business. and it has got to be
supplied large number of silver men who
voted for the repeal Of the Sherman
law last Congress did so on their
faith that at the beginning of this
| Congress the 10 per cent tax on state banks
would be repealed. For my part. saw no rea-
son why the two things should not have been
coupled, and was not willing to trust to the
| future for action on the bank tax and voted
| against the repeal Of the Sherman law. 1t is
not silver per sc that the people want. but it is
q sufficiency of sound money. l think that
| Congress should have been called together in
April. and now We should get together AS soon
as possible"
REPRESENTATIVE OATES HOPEFUL.
Representative Oates of Alabama says that
he is hopeful of speedy settlement of the
financial question when Congress meets He
anticipates, Of course. that there will be con-
, siderable trouble and that members will be
inclined to hold firmly to the theories they
have been presenting all along. but that
the common Of the situation is
| to do something to meet the conditions
which canl conquer regardless OF all theories. He
says that he does not know, of course. wha.
| Congress will do, but that the most logical and
common sense thing will be to repeal the Sher-
man law and the law levying 10 per cent tax on
| state banks currency and to provide for the
free coinage of silver at such a ratio as to place
| it at parity with gold.
at is claimed by the silver men," he said
''that the reason silver is not now at parity
| with gold is that it is discredited by our laws
Now we can grant Just half this argument and
see what will come Of it. The present ratio OF
| coinage is sixteen to one, silver to gold. The
| actual difference now is twenty-four to one.
49,
which would be just half way between the lega
ratio of today and the actual ratio, and then
| provide for free coinage"
| SENATOR DoLPH's POSITION.
Senator Dolph OF Oregon. who is the only
Pacific slope Senator in the city, said this
morning:
II am opposed to my colleague, as you know
on the subject Of free coinage and AIN in favor
| of main tanning all the currency on a par with
gold, but it seems to me this action of the In
Iian government will diminish instead OF
ss tepea tns p ss sherman
by the Senate. 1 think the effect will
be to make thoughtful members of Con-
gress hesitate before they further depreciate
the value of silver by suddenly throwing upon
the market of the world the 4,500.000 ounces OF
silver, equivalent to nearly the whole American
product now purchased and stored by the gov.
ernment do not know that anything better
than the repeal of the Sherman act can be done
to relieve the situation, but am fearful tha
the repeal of that act would be disastrous to thu
finances of the government and to silver"
The Senator further desired to correct
published statement that he had said in sub
stance that Mr.. Cleveland would not be able t.
command the presence of Congress at thu
special session and that for himself he shoult
not come to Washington prior to September 80
He might have said that Congress should not
on account of the hot weather, be convened
earlier than September 20, or that he did no
expect to be in Washington until the Goth, bu
he had said nothing indicating any opposition
to Mr.. Cleveland or that he would not be ol
hand whenever Congress was called. n
senator, he said, WAS more constant in attend
ance or more willing to do his share of tn
work than he was and he would probably be
better supporter of Mr.. Cleveland's financia
measures than the majority of democrati
senators.
THE ANTI-sILvER MEN.
Among the ardent anti-silver men the situa
ton is regarded a ripe one in their cause an
talk of an early convening Of Congress to tax
immediate action on the Sherman la'
is spoken of by them. The more cor
servative. however, believe that India
action does not demand session of Congress
at an earlier day than that already announce
by the President and, though the more rabbi
anti-silver men advocate a session in the nea