The Helena independent., 1893-06-28
NOT BEFORE SEPTEMBER.
The Cabinet Thinks That Is Early
Enough to Call Congress
Together.
India's Viceroy Explains tho Stop
page OF Free Coinage of
Silver.
Now York bankers Have Reports That
Inspire Confidence, and Say tho
Outlook In Brighter.

WAsHINoToN, June 27.--Two hours were
consumed by the cabinet to day discussing
the new phase OF the silver question. Tbs
conferences yesterday afternoon and even
ing between the president and Secretary
Carlisle simplifled matters to somo extent.
Although tho discussion. 1t Is said, took .
wide range it WAS necessarily brought back
to the one important unmanag cable point,
that the executive had no power In the
promises. coDgresa alone being able TO deal
with measures for relief. 1t was plain to
the cabinet that the monthly purchase OF
silver n,ust be continued or that congress
must be convened in special session imms-
diately. AS the president has decided to
call congress together in the early part Of
September to denl with the financial situa-
tioD and hos manifested no inte ntion of
changing his stated purpose. tho
project OF On earlier session of congress, IL
is understood, has been dropped. So far AZ
the continuance of the purchase of silver
and the Sherman law are concerned IL was
pointed out that little more than two
months remained before congress woul
convene in extra session. and during the in
tervsninR time the silver purchased would
be only 100000 ounces, com mparatively
small amount in view Of the previous pur-
chases. That the best way to deal wish the
question was to await thu course of events
two months longer was generally agreed to
and 1t was with this view dom inant that
the meeting adjourned.
A. j. Warner, of Ohio. president OF the
American Bi-Metslllc league, said: "Ths
stopping Of the coinage of silver in India
has inauRusated new monetary revolu-
ton. It is movement deep-seeted and
will be far reaching in ita consequences.
The closing of the mints Of Bombay and
Calcutta is part of gigantic conspiracy
to seize upon the present opportunity to
finally and forever make single gold
standard and to extend it over the world.
The immediate consequences will be that
ailver will fall and gold will increase In
value faster than ever. Prices will fall
everywhere as gold rises. Every advantage
will inure TO creditors and the creditor
nations. England has set out to subdus
the world, not with arms but with gold.
What is there left to do but for the western
continent, under the lead of the United
States. to unite aud act independently.
and to establish a financial system founded
on equity and calculated TO secure stability
in value and one which will keep an even
balance between debtor and creditor not
one calculated to rob with impunity the
debtor for the benefit of the creditor" The
national convention of tho American BIZ
Metallic league has already been decided
upon for the latter part of August, at st.
Louis or Chicago.
Representative Bates says he is hopeful
of a speedy settlement of the question when
congress meets. He thinks the most log
ical and common sense thing will be the
repeal of the Sherman law and the law levy
ing a ten per cent tax on state bank our
rency, and to provide for the free coinage
of silver at such = ratio rs 10 place it on =
pa ity with gold.
Secretary Carlisle, in response to are
quest TO express bis views on the financial
situation as affected by the action of India
on silver. politely declined. saying that
under the circumstances he had nothing to
say for publication and did not care to in
dulge in speculation as to the future.
since June 6 the treasury dspat tment has
gained SO, LOG, 544 in gold. tho net gold to-
day being $95. G95, 907.