New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-27

silver, and for days at time no quotations nav Nv"
| made.
The policy which the Indian Government lh'choS
to follow. and the particular means by which 1t pro
poses TO change the monetary standard OF mat couh-
,rv were not indicated In the brief ciSpa'ch's """
! London Yesterday. Consequently bankers were un'
willing to express positive opinions rs 10 'he Paoc
| ability Of making such an important reversal Vi
| Motley without Immediately disastrous results nor
| were they prepared to say how they thought Tue
change would be accomplished As to the general
de,irali,y Of the policy and the action that should
he taken by the United States Government, they were
more free to talk.
A TALK WITH II. ". CANNON.
| Henry W. Cannon president Of the chase Na.'oh"i
Bank and OF the American delegates 10 the i''ei
national Monetary Conference, recently heiu III DiuS
| scls said
The closing OF the minis Of India against the free
coinage Of silver canno. fail to depies' the price oil 'a'
metal and the action Of Indian Government Shoua
conelusivcy settle tho question OF the repeal OF cur o,r
purchaoc act India has for many years absorp'u 'V'
minus ouauttc. Of silver. In TACT. silver money Is III.
only money used in that country to any extent %
fall in the price silver has seriously Affected inc "'u
between Britain and her dcp"ueneS- , "
! co,lv last fall a committee appointed under Loiu
iIcr Schc Lord High Chancellor Of Eng'nd) e'rio' "
x.,ino into Indian monetary and currency ahar- a"
"a rcpor. uyol the whole subject Inc rocccu'"s, "
he con uittco were suspended account OF inc ncc'"
Of tn International Conference at brussels anu
|
gates to tina: conference. .,
The reculiai position OF India toward sN'r "u' NJ
scu.sd by the members Of the conference puD'N o"u
uri,a;ely and both General Stacbcy and Beiram Our
rio ,,be member, Of the IIerechell comniticc) were
strongly in Of the adoption Of the goa s'huaiu LOT
India If an International agreement eo'"a DE maui IN
ing the status Of silver as money mc'" i"V'r'o' Wv
rel, oft Of the committee not surprising under inc "'
cuinstanccs
The uni ortance Of the action Of the Government oil M
dia in dropping the coinage of silver cannot w % '
mated at thi. time 1t the only country WIN ''
execution OF Mexico the world the minis of "hch W.T.
omen TO the coinage silver without limitation i"c-
fore at the present time the only countries III "e "ou
which are continuing produce silver lcSaLtenucr o"N
ar, tho United and Mexico and IL must De e''r'
even TO casual observer, that Is Impossible LOT Inc
United States safely continue the coinage OF silver OF
IN issuance Of money against bullion purchase''
I'm all Euops silver Is d>honolcd and gold is fast De-
coming the ONLY money Of full debt-payng power Inc
cour-c Of United State. T. clear We must im''.
acv stop the further purchase Of silver and the issuance oil
silver lccalendcr money II this course il puisu'u'
there i very doubt tina, the other nations VIII D.
thought to a realizing OF the condition OF monetary
affairs and place Of svr money metal throughout
the world will settled within reasonable slime our
Government l. pledged TO all our money oil gold
basis and some action should lie taken at once 70 rehoN
any feeling OF dstrust and discomfort
VIEWS OF THE Ex-DIRECToR OF THE MINT
Edward O. Lccch, cashier OF the Union National
pank and for several years Director OF the Mint al
Washington, who is regarded rs an "u'"o''' vi
coinage said
When was in London last November as an advising
member II the delegation this country TO the Bu
sells Conference. the IIerschcl Committee was IN session
but II took to await the action oil The CONFER
ence Two the members OF the licrechcIi committee
were delegates to Brussels Conference and OF course
the subject OF what the Herschell Committee "oue
probably do freely DISCUSSED Ii IN OF th'se fc'
cmcn favored gold standard for India without eo'a
currency and it generally believed that such plan
would be rcport,1 If, a, ! informed the committee
has reported in favor Of the closing OF the mints III
India TO the unrestricted coinage Of silver for iniNiaas
IL means a very blow TO silver aud stu further
depreciation Of the value Of the white metal presume
the proposition is charge seicnioraG" equivalent 10
the difference between the market price and the coming
rate Of silver which would mean, az the present uue
n difference OF from so 70 90 cents al ounce.
such action should be adopted by Parliament would
Of course greatly restrict the flow Of silver 10 India, and
| throw more on European and American markets lm-
viii have tendency to reduce the price. At the same
tine a limitation the coinage OF Indian rupees "hch
are never exported for recoins2c should IN time nav
the effect Increasing the exchange value oil sueh CONS
Silver well known is the only leea'enacr none!
| in that vast empire OF over 2Oo'ooo'ooo SOUS ~ -
estimated there Is in circulation about slooooVou'"
n, suve, I'm India II forms the entire circulating
! medium Of the country, for while there 10 some P'He
money in circulation in Bombay Madras ana ir"
large cities there are banks. substitutes for money
like checks etc. throughout the country ana eVerNh"
I'm tho fhape OF money consists Of silver rupees anu
fractions a rupee. Gold Is not eraiehoer III i"'a
although the gold mohur and divisions oil IL are co''
| The ratio IN Indian coinage bet"ecu goa anu e"' -.
about 10 to l. lhoia nae ''""! ~a,.oro ., 81,
silver sink Oh inc mvIu ,%ora t m actual demand
"i I' - IN COINAGE more silver than any other
-, t. tho world about $4,000 600 aanualy. Th.
| 'o"""' -" W "a. =, ,ro ,.emendous effect the
| TACT VIII PlNc sun ~ ,u,.n ooi,acc u true
closing Of the Indian mints to silver coinage II Wv"
| ,vu have upon the price OF the white metal IL u
W =. 40 voted States that we cannot safely 60
warning " INC ''''1 1onroc,.,. and de.
further In the ai~orp'o" VI P -, .criou.lv
prcclaung metal IN our currency "''ho'' F
| srha,r,ssinr our financial system.
| - - .,.,,rxcv rpON CHICAGO.
| FLOW OF CuIhENOi INV"
n, much moro Immediate effect on the financial
VI " - ,,, ,ho ouostion Of India
| SITUATION yesterday "''i VI. .,. a.. CURRENCY
monetary standard was the fact ui"' 'ht '"','
movement IN the West with the exception OF the iunN
| =. a. ru,or,,, almost ceased In fact reports
sent TO 'aNiorhla' ai"'os' ' -. rh,ch
| from Chicago Indicated that some OF inc "o''e' "
| 80 rocor,,y conc West had already begun TO now
n'' '','l. a., ,co cor,or,tons which have their
| In