The record-union., 1893-07-22

we should naturally expect to hnd |
silver cheaper in the United States than |
London, and when we do not so find it /
we cannot help inquiring the cause. 1t
is because the Treasury is bound to fol- |
low the law. If those charged with max
ing the, purchases of silver for the
Treasury did not endeavor to ascertain
whether the prices offered agreed with
the market price, and if in that endeavor
they did not compare the offered prices
with the price in London, the worlds
silver market, they would be derelict in
their duty. American holders OF silver
bullion are well aware of the importance
OF the London silver Quotations. ind
this passage in the London Economist of
July Sth: 1T would appear now as If the
American producers interested in keep
ing up the London price of silver. as that
practically governs the price at which
the United States Treasury must buy its
quota of 100000 ounces of silver per
month, has been manipulating this
market, which, as it holds no large stock
of metal, is comparatively easily in
| fiuenced.' Now. if the London market IS
not to be considered in this matter, as
should any one on our side of the water
have felt interested in influencing it,"
SILVER IN INDIA.
| CALCUTTA, July q. = The exchange
banks have for the present refused the
offer of the Indian Government to pur-
chase silver rendered after the closure of
the minis to free coinage. 1t is under
stood the banks will dispatch delegate
/ to Simla to represent their case to the
| Government and ask that the offer be
left open meantime. The Pioneer, always
a steady supporter of the Government,
commenting upon the financial policy
regarding the sale of council drafts, says
if it were not imbecility that prompted
the course taken, it was affectation of
imbecility for the purpose of cOncealing
a motive that cannot be confessed.
LONDON, July 2l.-In the Commons to-
day, Gladstone, replying to a question,
said he did not agree with the assump-
ton that the new monetary policy in In
dia would create a large demand for gold,
which would possibly result in the fur
Their rise in the price OF that metal.
SILVER PURCHASES.
WAsHINGToN, July 2l.-The offers of
silver to the Treasury to-day aggregated
go, 900 ounces, Mt 70 cents to 7l4 cents.
Thirty thousand ounces were purchased
at 20 cents.
SILVER EXPORTS.
NEW York, July 2l.-Two hundred
and ninety-fve ounces of silver and 1000
Mexican dollars will be shipped to-mor-
row.
Z
WASHINGTON, July 2l.-The Comp
troller has received notice of the failure
of the First National Bank in Cheyenne,
Wyo., and the Farmers National Bank
at Henrietta, Texas.
FAILED To OPEN.
TACOMA (Wash.), July q. = The
} Traders Bank failed to open its doors
this morning.
The notice posted on the door states
that the bank is closed temporarily on
account of the dizziness of the money
market, the withdrawal of funds and in
ability to realize on assets.
sTRINGENCY IN NAPA COUNTY.
NAPA, July 21.-The financial string
: ency throughout the country is affecting
the manufacturing industries of Napa
owing 10 the lack OF ueulduu IOT ~
} manufactures the wooden mill has beer
compelled to reduce its force, and as sooI
as the present stock of raw material i
worked up, which will be about the frs
: of next month, themill will shut dowl
entirely until times get better, thu
? throwing out of employment about fit.
4 persons.
j AT the Sawyer Tanning Company til
force in the finishing department is beinI
reduced, and it is expected that by Satur
9 day night twenty-five hands will b
], temporarily let out. The other depart
Q ments Of the tannery are not affected, AM
L there will be no reduction of the working
y force except in the department named.
II McBains tannery is still running wit
the usual force, but it is intended to shu
< down as soon as the present stock o
II hand is worked off, which will be i
about two weeks.
Il 1t is rumored that the Carlett planin
u mill will temporarily close, and that th
IS main tannery may shut down until bette
times come. If so 400 persons, many
them heads of families, will be affected