The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-06-30
REACHED A CRISIS.
Democracy Is Threatened
With Wreck.
CAST ON A SILVER ROCK.
Secretary of the Navy Herbert Sees
the Peril Though He Suggests
No Remedy.
CAST ON A SILVER ROCK.
Special to THE MORNING CALL.

WASHINGTON, June 29.-Secretary of the
Navy Herbert, who is thoroughly familiar
with she Populist movement in the South,
said to-day that he thought the Populists
were not now making any progress in the
country, and the teachings of those en-
gagged in the agitation would not have any
Influence in shaping the policy of the
Democratic party.
Speaking of silver the Secretary said:
i'I think the stoppage of the free coinage
of silver in India is the greatest blow ever
given the Sherman law and free coinage.
The free coinage of silver in India has
been pointed to as an object-lesson by the
advocates of free coinage in this country.
Now that the coinage of silver is thus
voluntarily stopped with the consent of
India it tumbles both the arguments that
silver currency was a benefit to the farm
ers of India, and that the exchange was on
a system for the benefit O England"
''Do you think the silver question pre-
sents serious danger to the Democratic
party at this time?"
81 think we have reached a crisis, and
the party in power will be judged by the
wisdom itashows In giving the nation a
sound currency"
The consultations between Cleveland
and the members of his Cabinet to-day
caused considerable gossip. The report
spread that Cleveland was consulting with
reference to the advisability of calling an
extra session earlier than September. but
there is no foundation for the story. There
is reason, however, to believe that Cleve-
land intends leaving the city within a few
days for a long stay at Buzzards Bay. and
be and the members of the Cabinet were
merely arranging matters preparatory to
his departure.
Secretary Carlisle received Numerous
callers, among whom were many members
of Congress. With all these the silver
question formed the principal topic of con-
versation, ana the continual decline in the
price of silver was naturally adverted to.
The Secretary had received a cablegram
stating the price of silver to-day in London
was 6S1a cen IS per ounce, at " hich rate
the silver dollar as bullion is worth 53
cents. Nevertheless. the point of course
was apparent that the purchasing power
of the silver dollar, with silver bullion at
681a cents per ounce. was as great to-day
rs when silver was worth 81 % per ounce,
and the bullion value of silver 90 cents. IL
ghouid be equally obvious that this is so
because it is known that the credit of the
United States is behind its silver money,
as it is behind ALI other forms of money
and without W hich none of them, except
gold coin and gold certificates, can be
worth par in the money markets of the
world. This fact was several times en-
phasiZed at the last session of Congress,
when ex- Secretary Sherman and others
repeatedly declared during the Senate
debates that there was in the treasury
bullion to the gold value of every silver
certificate issued by the Government.
NEW YORK. June 29.-There was no
stay in the decline in silver values. From
London the price OF silver was reported to
be 31%d. an extraordinary fall Of 27a d from
Wednesday.
In this city the commercial price of bar
silver fell 10 81 cents an ounce. against 69A
cents uominaly at Wednesdays clase.
The silver market continues demoralized
with dealers fearing to buy even at a de-
cline of 10 cents an ounce from last Sat-
urGay.
Atthe Stock Exchange dealings in silver
bullion certificates amounted to 245, 900
ounces. Prices opened at 65 cents, against
6SB cents the day previous declined to 90
cents and then rallied to 65 cents, closing
al 63 cents.
There were 5000 shares of silver stocks
dealt in at the Consolidated Stock and Pc
troleum Exchange. Bodie fell from 20 to
10 cents a share, Breeze from 80
to %. Belmont from % to 10, Ell
Cristo from 80 10 3d. PhGnix from 40 to 20.
Sierra Nevada from 90 TO So Chollar from
so to 45, Hale q Norcross from 40 TO 80,
Con. Cal & Virginia FROM 81 45 to 81 %,
Ophir from 81 % to 81 i.