The record-union., 1893-08-04

Silver is the poor mans currency and
has been for ages and always will be. !
| believe that when the commercial world
understands that the United States is not
going arbitrarily to bull the price of sill
YER they will very soon call halt and
ask what legislation can be brought
about to use silver in way to be of the
greatest benefit to the great mass of
people throughout the world, whose cur
rency, as l have said, it always has and
always will be.''
BALFoUR FOR DOUBLE STANDARD.
LONDON, Aug. 3.-A meeting was held
to-day at the official residence of the Lord
Mayor to consider the financial and busi-
ness situation. 1t was presided over by
the Lord Mayor The gathering was very
largely attended. Among those present
were the Right Hon. A. j. Balfour, Right
Hon. Henry Chaplain, formerly Presi-
dent of the Board of Agriculture; Right
Hon. Sin John Lubbock, of the firm of
Lubbock Il Co., bankers; Hon. Thomas
f. Bayard, American ambassador to
Great Brilain; Dana Hurtoh, and most of
the leading bankers of London.
Balfour made an address. He dis
claimed political motives and alluded to
the anxiety felt throughout the business
world connected with the currency
changes in India and the action that
might be taken by the United States Gov
ernment. The gold standard, BaIfour de-
clared, would never satisfy the CONNER
cial wants, while the double standard
alone would prevent dangerous oscilla-
tons in trade. He condemned isolated
action on the part of individual States,
and recommended an international agree
ment. fixing the ratio of the value be-
tween gold and silver. In the course of
his address Balfour denied that the advo-
Gates of bimetallism aimed at initiation of
the currency. This might be true, he
said, OF some bimetallists connected with
| the Western States of America, but it did
not apply to bimetallists of Europe, who
believe the adoption of Dimetallism would
prove the safest commercial policy. In
event of a European war the double
standard would, according TO Balfour, be
found very advantageous.
The meeting adopted a vote of thanks
to Balfour for the address.
GOLD COMING BACK
SOUTHAMPTON, Aug. 3.-The steamer
/ Normannia sails hence tomorrow for
New York, with s., 100000 gold for Amer
| lean houses.
| LONDON, Aug. s. Two and a half
millions of gold were taken from the
Bank of England for the United States
to-day.
\ PRIVATE BANKER FAILS.
| CHICAGO, Aug. 3.-Lazarus Silverman,
well-known private banker, has sus-
pended; liabilities, 100000. The assets
are said to be greater. Cash on hand,
$1,000
Silverman was one of the largest oper-
| ators in northwestern iron properties.
He was interested to considerable ex-
! tent with the Schlesinger syndicate. In
the absence of Silverman, a representa-
/ tive of the house claimed the embarrass-
ment was only temporary. The deposits
are estimated at SS00.O10 and were mostly
made by Hebrews engaged in small busi-
nesses. Other liabilities are estimated
from 100000 to 100000. The assets are
of the nominal value of $1,000, 900, Of
which 500, 900 is real estate.
A SENSATION AT NEW. YORK.
New YORK. Aug. 3.-W Woerishoffer &
! Co., bankers and brokers, Exchange
| Place, furnished sensation to-day that
kept Wall street busy gossiping all day.
When the members of the firm reached
the office this morning they found the
big safe locked and the clerks waiting for
some one TO open it. Only two employees
knew the combination and both were
missing, and neither sent an explanation
of his absence. Finally the bankers sent
for an expert, who succeeded in opening
the safe. The occurrence was soon uoised
about the street and all sorts of rumors
were rife.
1t was said that experts were put to
work on the books. An explanation was
given at the Office. As soon as the Clear
ing-house opened the firm sent word it
would be delayed making settlement,
and pledging the firms honor that every
thing was all right.
THINKS NO CRISIS WILL OCCUR.
LONDON, Aug. 3.-In the Commons to-
day Sir Ellis Ashmead Bartlett (Ccnserv-
ative) asked the Government whether
since the stoppage of free minting OF
silver in India there had been, as stated,
a depreciation in the value OF securities
held in England to the amount of $780,
100000; whether the supply of gold was
not insufficient to the monetary re-
quirements of trade, and what measures
the Government proposed to take to
avert financial crisis.
Prime Minister Gladstone replied that
be did not know how to ascertain the
truth OF the assertion of decline to the
amount referred TO take place in the value
OF securities held in England. He did
not believe the supply of gold INSULT
clent for trade requirements, and could
not announce measures to avert a crisis
that he did not believe would occur.