The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-07-04
FREE SILVER ABANDONED.
STARTLING ACTION OF THE GOV.
ERNMENT OF INDIA.
Free Coinage of Silver Discontinued
and the Gold Standard Introduced.


LONDON, June 26..In the House o
Lords to-day the Earl OF Kimberly
stated that the India Council hat
passed an act for the Immediate clos
ing of the Indian mints to the free
coinage of silver. He added thai
arrangements are being made to issue
rupees from the mints In exchange
for gold at the rate of sixteen pence
per rupee, and for receiving sovereigns
and half soyereigns at the TREASURES
In payment Of dues at the same rate
The Earld OF Kimberly further said
that 1t Is intended to introduce the
gold standard in India, but that the
old gold in the mint will not be made
the sole legal tender.
In the House OF Commons, Mr.. Glad
stone gave information similar to that
given In the House of Lords by the
Earle Of Kimberly. He added that
gold would not be made legal tender
at present. Regasding the silver
now on the way toeandia, Mr.. Glad
stone said that the government of India
had been instructed that 1t was open
toit to admit this silver to the mints II
it thought fit.
Mr.. Goschen, formerly Chancellor OF
the Exchequer, asked IL the admission
to free coinage, of silver now going to
India would not establish great injury
or effect the DESTRUCTION of such silver
as was In hands of natives. Mr.. Co
possessed by natives amounted to 100,
100000 rupees.
Mr.. Gladstone replied that he was
not in possession Of the precise infor-
nation, but he assumed that the
Indian government would not made dis
criminatory arrangements to the dis
advantage OF natives holding uncoined
silver. Doubtless most of the uncoined
silver referred to by Mr.. Goschen was
natives.
WASHINGTON, June 26.-The Presi-
dent, Secretary Carlisle and the
financially officers of the government
general received their first authentic
news OF the startling action of tho
government Of India in suspending
silver coinage through the press dis
patches. There had been ruDQrs on
the subject earlier in the day, b4s,they
were passed upon as rumors e>nly,
though their substantial accuracy
was not doubted. When the reports
OF Mr.. Gladstone's announcement in
the House of Commons and Lord Kim
berly's statement in the House of Lords
were received, the gravity OF the situa-
tion became at once apparent. Mr..
CaIiisio lhueuldCoiy "oHb Ofor 10 inc
White House, and for nearly two hours
discussed the bearings of this action
with the President without reaching
any positive conclusion as the line OF
action to be adopted. The conference
was renewed at Woodley, the Pre-
sident's suburban home, later in the
evening, and was protracted until far
into the night.
The circumstances are regarded as
Bon 20 80 ,,AL
expression of opinion as to the future
policy of the United States until all
the facts are fully digested. This
much, however, can be stated with
absolute confidence, that the action of
the Indian government in closing the
Indian mints to the free coinage of
silver is regarded by the United States
as doing away with the necessity for
reconvening the international none
tary conference, which was to have
met again in Brussels this fall.
1t is not believed that this action
was taken without express orders from
the English government, which has
general supervision and control over
Indian affairs.
WASHINGTON, June 27.-One effect
of the action Of the government of
India has been to renew the demand
this view of the situation was pre-
sented to Secretary Carlisle this morn
ing by many of his Congressional
callers and by numerous kilograms
from all sections of the country
Before going to the cabinet meeting,
Secretary Carlisle received a cable
gram from London announcing q
further decline in the price of silver to
35pence. At this price, silver dollar
is worth 584 cents.
Two hours were consumed by the
cabinet to-day in discussing the new
phase of the silver question and other
matters demanding attention. The
two conferences yesterday afternoon
and evening between the President
and Secretary Carlisle simplified mat
ters to some extent. Although the
discussion, 1t is said, took wide
range, it was necessarily brought back
pOint-that the Executive had no
power in the premises, Congress alone
being able to deal with measures for
relief. 1t was plain to the cabinet that
the monthly purchase of silver must
be continued, or else Congress must
be convened In special session imrne-
mediately.
AS the President had decided to call
Congress together in the early part of
NoOPOObhbOi w uOot "iUh Uho hhdhCtai
situation. and manifested no intention
of changing his stated purpose, the
project of an earlier session of Con-
gress, it is understood, was dropped.
So far as the continuance of the pur-
chase of silver bullion under the Sher-
man law was concerned, 1t was pointed
out that little more than two months
remained before Congress would con-
vene In extra session, and that during
the intervening time the silver to be
purchased would be only 5000, ,000-a
comparatively small amount, in view
of previous purchases. That the best
way to deal with the question was to
await the course of events for two
months longer was generally agreed
to, and it was with this view dominant
that the meeting adjourned.
SIMLA, India, June 27.--In explain.
ing to the India Council the bill provi-
ding for the stoppage of free coinage
of silver and other monetary measures,
the adoption of which was announced
yesterday, the Marquis of Landsdowne
Viceroy OF India, said he hoped the
government would not be criticized
for disposing Of an important question
at q single sitting. The keynote OF
the scheme was rather to prevent o
further fall In the exchange than tt
raise the value OF the rupee. The
fixing of the provisional rate of ex
change at ia dd nr0vidad n II, anto,, a IN