The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-28

ranged between S35 O0O. 900 and 100000 900
year. IL gold Is henceforth 70 take the place
OF silver In the settlements as must follow the
cia world may we'll prepare at once Tor anon
currency question" as has never yet engaged
attention.
Henry Clews was of the opinion that the
suspension OF silver coinage In India oughs
10 prompt President Cleveland TO call Con.
gress together earlier than September. He
said:
There is every reason why Congress should be
brought together at the earliest possible day.
The houses that we're engaged until lately in
shipping gold became Jealous in that enter
prise that they tried 70 outstrip each other. The
result was that more gold was actually shipped
THAI Europe required The natural result must
appear in a return OF the surplus thus exported.
Exchange mas now fallen. indeed. to the specie
importing point As soon as our crops r1pen
there will be inevitably return OF good deal
or gold TO this country. One or the potential ar
gurnents in favor OF the repeal of the sherman
law has been that the baser metal has driven
the finer metal out or the country. In little
while. With gold returning TO us. the strength ar
that argument will be sapped An early session
OF Congress would leave the argument still In
full force
The sharp decline in the price of silver threat
ems 10 remove silver certificates from the stock
Exchange for the purpose or speculation. Only
two years ago there were 5.5UO.0OO ounces or
silver on hand in tnis city. against about 100000
ounces now. The present small supply is hardly
ample to make il worth while TO deal In silver
certificates the Exchange. or late all the sill
yer produced las been absorbed by the govern
ment or by private purchase, and the supply has
been steadily decreasing. As against a product
annually OF about 90. 000.0 900 ounces 1t Is now
doubtful il the annual product is much beyond
what the government mad been buying. The
suspension OF free coinage In India leaves this
government almost the only large coiner OF
silver. should think that with coinage stopped
in India the Brussels conference would be forced
to make an international agreement
Frederick T. Tappen. president of the
Gallatin National Bank and chairman of
the clearinghouse loan committee, said:
The clearinghouse balances were small to-day
and well distributed. and everything looked easy
and comfortable / think that there will Do a
great Improvement in the situation after the
July disbursements have been made. do not
expect TO see any great shrinkage in values on
the Stock Exchange. / do not see on what any
one can base al expectation OF shrinkage. In
my opinion the shrlDkage has already taken
place. The action OF the Indian government on
the silver question is the most important piece
OF news published this week Ii leaves this coun-
try as the only one in which there is a market
for silver. and is undoubtedly strong argument
in favor OF the repeal OF the Sherman silver pur-
chase law.
silver situation:
4 think the action of the Indian government
will have tho effect here OF Fastening the repeal
OF the silver law. consider that law as "done
for now. What disposition To make OF the
great amount or silver which the government
has on hand and to place some fixed value upon
IL are the questions now.
Jesse Se!igmsn said that one result of the
Indian governments action will be to bring
about an immediate establishment OF an
International monetary basis on a fixed
ratio. 1t will have as much effect on Eng
land and other European countries as In
the United States IL will also be strong
argument in favor of the repeal of the
Sherman act. Unless this was done better
times would not Do effected.
No Market for Colorado Silver.
DENVER, Col. June 2z-The Denver
shelters feel very sore over the drop in
silver. The local smelters have on hand an
average of about 500. 600 ounces each. enough
TO last for several months without making
any new contracts. but the trouble is there
Is now absolutely no market for silver. and
if the smelters cannot dispose of the prod.
uct Of their work IL will be an impossible.
ity TO continue running them. lie Is esti.
mated that the shelters here and through.
$685. on ore bought last week. and which
has fallen so greatly In value In the past
two days. Ex-Governor James Is. Grant.
vice president of the Omaha and Grant
Smelling Company. says his company will
make no more contracts until the silv 81
market is settled. In case the smelters
should close many thousands of men will
be thrown out of employment, but there Is
an impression prevalent that before this
action becomes necessary favorable turn
will occur In the silver market.
Cinoinnatians Want Congress Called.
Special TO the indianapolis Journa'.
CINCINNATI June 21.-CincInnati bank
ers. fnancIers, capitalists and Others met
In consultation with the directors of the
Board of Trade and Transportation. upon
invitation of the latter. TO discuss the
present strlngency In the money market
and TO devise ways and means Tor Its re-
lief. After free expression OF the views
of those present. a resolution was intro
duced and unanimously adopted that II
was the sense of the meeting that the
President be urged to call special sessio on
OF Congress at once. If practicable and
that other cities be invited to unite with
Cincinnati TO insist upon the early atten.
tiOn of Congress being given to the SUI b.
ject. The meeting adjourned to Thursday
submit to the Board of Trade TO be for.
warded to the Secretary OF the Treasury.
Bar Silver Drops to 10 Cents.
NEW YORK. june 27.-Silver was weak
again to-day. The best bid for certificate,
at the Stock Exchange was TO- against q
| sales at the close yesterday. COmmeroIa
bar silver dropped TO 73 cents por ounce
while Mexican dollars were nominally q
cents. Brokers prefer, however, not t.
| give q quotation for the latter.
The Posts London financial dispatch
says: Nothing was discussed to-day ex.
cept the silver question. Rupee paper rose
to II. ex. dividend. which equals 7Ol4 net
according to the peculiar reckoning here
Bar silver fell penny. TO 35 pence, al
which there was buying for the continent
There was no demand for bar gold in the
| open market. Eighteen thousand pounds
were bought by the Bank. aud one hun
dred thousand came in from Egypt"
THE yICERoY EXPLAINS.
Why the Indian Governments Stopped Free