The record-union., 1893-06-29
Special to the REooRD-UN1ox.

isles mail this morning was loaded
down with letters from bankers, COM
mercial men and Others calling on the
President to convene Congress at once in
extra session to consider the financial
legislation. The pressure is great, but
there is semi-of1icial authority for the
statement that Congress will not be con-
vened before September.
A Cabinet officer, speaking Of the finan-
cial situation, said this morning there
was no doubt in his mind the repeal of
the Sherman law would bring about
much needed relief, whether temporary
or permanent, time alone could demon
Rtrate. Still there was no certainty even
now that Congress would repeal the Sher-
man law. The House must be more
favorable than it seems to be. He init
mated that if the President were con-
vinced Congress would Immediately re-
peal the Sherman law that body might
be convened in extra session before Sep
tember, but, he concluded, ''the leaven
is working"
According to Treasury advices silver
continues to decline, the price in London
Today being 34d per ounce, or $0.739 of
our money. This makes the silver dollar
worth to-day as bullion fifty-seven cents.
Since the Treasury went out of the
market as a purchaser of silver, June
DIST, the price has declined from S0.S22 to
S0.739 per ounce. July Sd is the time for
the next purchases to begin, but it is
limited at the Treasury Department that
purchases may be delayed until July 9TH
or 7th. Secretary Carlisle is giving close
attention to the situation and will have a
special conference with the President on
the silver question tonight.
BLAND's FAITH IN SILVER.
ST. LOUIS, June 2S.-Congressman r. P.
Bland, the great silver advocate here,
while reviewing the silver situation as
affected by the action of the Indian Gov
crnment, said: Heroic measures will be
required on the part of this Government
1or the reconciliation of silver. Most
emphatically do not think it a knock
out for silver in this country. On the
contrary, / think if Congress does not
adopt some measure looking to a BIZ
metallic standard it will make the battle
of the standards the coming issue in this
country. This battle will disrupt the
political parties and cause contest be-
cultural districts of the country. Free
coinage of silver is demanded by the
laboring classes, and this is what the
free-silver men viii now demand of
Congress.
The demonetization of silver is con-
spiracy between the banking institutions
OF England and the Eastern portion Of
the United States, and the suspension of
silver coinage in India is part of this con
'piracy to bulidoZe the Congress of the
United States to the adoption of the single
gold standard.
Il do not believe they will succeed. If
the Democratic Congress stands true to
its pledges, this conspiracy will not sue
ceed.
The low price of silver is due to the
fact that this and other Governments are
discriminating against it, and that the
money interests in this and other coun-
tries have fought it. No important com
mercial country has recently had a mint
for the free coinage of gold and silver
An effort has been made to dam up sill
Yer and prevent its free exchange in the
commerce of nations. That the United
States by free coinage can restore silver
10 its former value is practically ad-
mitted by the British Royal Commission
of lSSS, consisting of twelve members
six of them uncompromising gold mono
metallists. They admit that France alone
could maintain the parity of the two
metals at a ratio OF l5k to l. This country
Is stronger in material wealth, developed
or undeveloped, than France and Eng
land combined"
THE FEELING IN MEXICo.
CITY OF MEXICO, June 2S.-The tre-
mendous drop in the price of silver,
bringing exchange on New York to to
per cent, has created much discussion
among Mexican bankers. They gener-
ally regard the present situation as offer
ing good opportunity for the United
States to force bimetallism upon Europe.
1t is suggested by one that the United
States might issue a gold loan of 5000. =
OUo,0JO Il per cent bonds, which, it Is
said, would be Immediately taken up in
Europe, where all other Government Sc
curiues would Immediately drop heavily.
not beng able to compete with American
bonds. Then, according to the theory.
gold would flow into the United States,
and in a short time bimetallism would
have TO be adopted by Europe, and the
enormous quantity of silver held by the
American Treasury would rise in value.
the whole transaction being immensely
profitable TO the United States. 1t is said
here if nothing is done to bring about bi-
metallism all the silver-usIng countries
will begin manufacturing for themselves
aud the United States and Europe viii
lose enormously in foreign trade. The
United States, it is urged, could afford to
undertake this gigantic financial opera
ton, being able to feed it. and has now a
wonderful opportunity to settle the sill
Yer question permanently.
LEGAL QUESTION To BE RAISED.
BOMBAY, June 2S.-The newspapers
generally approve the action on the sill
Yer question. but express the hope that
the Government Will compensate the
banks. the holdings of which are largely
silver. 1t is stated the banks intend to
raise the legal question as to whether
talepraphic intimation of a change in the
law is sufficient to change the law and to
Justify the mints in refusing the silver
rendered them on Monday.
POWER OF INDIA To COIN RUPEES.
LONDON, June 2S.-Gladstone gave fur
,ber reply in the House of Commons to-
day to a question asked yesterday by the
Ripht Honorable George J. Goschen, as
IN the power of the Indian Government
to coin rupees as the need arose. Glad
stone said doubtless the Indian mints