The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1893-06-28
THE DOWNFALL OF SILVER
A Further Slump in the
White Metal.
The Cabinet Holds a Session on
the Question.
Appeals for the Repeal of the Sher.
man Act Pouring In.
Nothing VIII Be Done to Ease the eitu
alton Till Congress Meets in Sep
tember-Gossip in New York
and Washington.


BY the Associated Press.1
WASHINGTON, June 27.--One effect che
action of the government of India has
been to renew the demand for an early
session OF congress. This view was pre-
sented to Secretary Carlisle this morn
ing by many OF his congressional callers
and numerous kilograms from all Sec
tions of the country.
Before going to the cabinet Carlisle re-
ceived cablegram from London an
nouncing further decline in the price
of silver, to So pence. At this price q
silver dollar is worth 5S24 cents.
THE CABINET MEETING.
Two hours were consumed by the cabi-
net today, discussing the new phase of
the silver question and other matters
demanding attention. The conferences
yesterday afternoon and evening be-
tween the president and Carlisle had
simplified matters to some extent. Al
though the discussion took wide range,
it was necessarily brought back to
one important unmanageable point.
that the executive had no power
in the premises, congress alone being
able to deal with measures for relief. IL
was plain to the cabinet that the
monthly purchase of silver must be con-
tinued or congress must be convened in
special session Immediately. AS the
president had decided to call congress to-
gether in the early part of September to
deal with the financial situation, and
manifested no intention of changing his
stated purpose, the project of an early
session of congress, it is understood, was
dropped. So fer as the continuance of
the purchase of silver bullion and the
Sherman law were concerned, it was
pointed out that little more than two
months remained before congress would
convene in extra session, and that dur
ing the intervening time the silver
purchased would beonly 9,000, 900 ounces
a comparatively small amount in view
OF the previous purchases. That the
best way to deal with the question was
70 ew ait the course of events two months
longer, was generally agreed to, and it
was with this view dominant that the
meeting adjourne5.
SENATOR DoLPH TALKS.
Senator Dolph Of Oregon, the only
Pacific slope senator in the city, said
this morning: "I am opposed to my
colleagues, you know, on the subject of
free coinage, and am in favor of main
tanning all the currency ON par with
gold, but it seems to me this action of
the Indian government will diminish
instead of increase the prospect of pass
ing the repeal of the Sherman law BY
the senate. / think the effect will be to
make the thoughtful members of con-
gress hesitate before they further de-
preciate the value of silver by suddenly
throwing upon the markets the 4 500, 600
ounces of silver, equivalent to nearly
the whole American product, now
purchased monthly and stored by the
government. do not know that any
thing better than the repeal Of the
Sherman act can be done to relieve the
situation, but / am fearful the repeal of !
that act would be disastrous to the
finances OF the government and silver"
The senator further desired to correct
the published statement that he said in
substance that Cleveland would not be
able to command the presence of con-
gress at the special session, and that
for himself, he should not come TO Wash
ington prior to September 30th. He
might have said congress should not, on
account of the hot weather, be convened
earlier than the 10th of September, and
that he did not expect to be in Wash
ington until the Goth, but he said moth
ing indicating any opposition to Cleve-
land, or that he would not be on hand
whenever congress was called. He
would probably be better supporter of
Jleveland's financial measures than the
majority of the Democratic senators.
CONGRESSMAN oATEs's OPINIONS.
Among the opinions obtained regard
ng the situation effected by the action
If the Indian government are the follow
ng:
Representative Oates says he is hope
nj OF spettlement of the question
when congress meets. He thinks the
most logical and common sense thing
will be the repeal of the Sherman law
md the levying 10per cent tax on state
bank currency, and to provide for the
rec coinage OF silver at such ratio az
o place it at parity with gold.
A BIMETALLIsT's VIEWS.
A. J. Warner OF Ohio, president Of the
American Bimetallic league, said: "The
toppsge of the coinage of silver in In
lis has inaugurated new monetary
evolution. 1t is q movement deep
eated, and will be far-rsaching in its
The closing of the mints
f Bombay and Calcutta il part OF a
tgantic conspiracy to seize upon the
PRESENT opportunity to finally and for
yer establish q single gold standard
nd to extend it over the world. The
consequences will be that
liver will fall and gold will increase in
'alue faster than ever. Prices will fall
as gold rises. Every ad-
antage will ensure to creditors and
reditor nations. England has set out
o subdue the world, not with arms but
Fith gold. What was there left to do
'us for the western continent, under
ne lead OF the United States, to unite
nd act independently and establish
nancial system founded upon equity
nd calculated to secure stability in
ol, ovA one 81, null kaon axo.