The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-06-27
SILVER IS FALLING.
Cleveland and Carlisle Discuss
the Situation.
URGENT NEED OF QUICK ACTION.
4 ipsassA for the Repeal Of the shs1-
49, Lsv-smvsrisso Anased-ln-
Aia Stops Free Csissgs.

TasHrsGroy CirY. June cs.-President
Cieye. and. Secretary Carlisle and the
fnsncia! officers OF the government gem
ers.iy received the FIRST authentic news Of
the:s,artling action Of the government in
Inesia in suspcnding silver coinage through
thee press dispatches. When the report
CAME that this had been announced in the
British houses Of commons and lords.
the; gravity OF the situation was
~ Nncs apparent Carlisle Immediately
veat to the White House and for nearly
twq hours discussed the bearings OF the
action with the president The confer
enes Was renewed at the presidents sub
urban retreat later in the evening and pro-
trassed far into the night. The circum-
STAGES are regarded rs too serious to
permit Of any authentic expression OF
opiaion a. TO the future policy ofthe United
STAGES until oil the facts are fully digessed.
This much, however. can be stated with
abstlute confidence. that the action of the
Ins.ian government is regarded by the
United States as doing away with the
necessity tor reconvening the in,erna-
hofai monetary conference which was
10 . meet again in Brussels this
fall, l. 10 not believed that
thit action was taken without express or
ders from the British government. which
hai general supervision and control over
ln,.ian affairs. The action Of the Indian
go':ernment Is not altogether . surprise TO
tho treasury officials. though what its
effect may be on the future action Of the
United States cannot be easily gagged.
The market price Of silver today reached
o H. L.. L. ~ <hnt
product. On Saturday the London price,
which guides the director of the mint in
purchases for the government. was 3711
pe,lce. or about sis cents in this
country. This morning the price
in London was 50 pence. or about
7s.S cents in New York. The
catse Of the depression is assigned by Mr..
Priston. acting director Of the mint, a.
dug to rumor. which is probably true,
tn = India. one of the largest consuming
countries. Is about to close its minis TO the
white metal. The free silver coinage men
WHY open headquarters here in few days
fop the purpose of the dissemination Of
freq silver literature and the assignment Of
spaakers to advocate the cause in the
Western and Southern states. They in
terid TO make . hot fight for the white
metal.
CHICAGO. June 26-The following tsle.
gram was sent to President Cleveland to-
day. signed by thirty Eight OF the leading
business houses OF Chicago, and IL is un.
de stood that several others. who did not
sisn the message. will send private tele-
grisms Of similar import, in favor of the
message sent:
10 Presidest Ctereldnd: Believing that the
Sherman silver Law Is Que OF the most important
iacsors contributing to the present depressed
cosdition OF national finances. II 10 our earnest
rec uest that tho matter be discussed at the cabi
nei meeting next converting. In our opinion
an immediate rsreai OF this law would do more
to restore confidence than any ono thing.
m believing II to be q question of national
Importance, We bcsesch your favorable cousid.
srstion.
u is said that prominent merchants in
other Western cities have been urged to
tssks similar action.
NEW York, June 28-The cessation of
free coinage of silver by the government Of
India was fruitful source Of conversation
araong financiers today. Business was re-
sr,ned this morning with general
feSling Iof depression growing out
OF: . combination Of .unfavorable cir
parts of the country and stringent money
wsre good foundation for ann ouncement
Of the stoppage Of midas silver minis. A
piomineHt banker. who is also one of the
heaviest silver bullion dealers in Wall
ssSeet. said to reporter when the an
ntsunc ement came:
THAT 10 crushing blow 20 silver lts effect
WI be paraiyzIng npon the whole silver market,
aYyf II hiak R,fs
ten In this country is now at hand. The minss
hsi been opened for free coinage, aud such I'm
mtnsc quantities OF silver had been present ted
by private parties. ami tho circulation Of 5 liver
BECAME SO great that the price OF Indian silver
hsis been declining steadily Tor montha This
ehSushs about The suspension OF free coinage.
still another large bullion shipper said:
DO not see how the action OF the Indian gov.
efsmept N closing i,s mInts will much dimin-
ist the demand for silver in Iudia India Is q
ci:,dltor county, and DO not see how her bal.
tie old way--by imports of silver.
1t the rnin,s are closed tn private persons then
tie government Will rave 70 import silver for
c-:lnsse purposes In place OF private parties.
lae goyeTnmsn. will be compsile. 10 do sx the
isi!su banks DO. buy silver in the market Ia
I;ndou. The de0reeiation o. the rupee Is
sSppsd. bat beyond sen imen, DO not see tia,
NE silver marke, will lie Greatly affected.
:DExvss. June 2e.--Tae unprecedented
decline IN the price of silver today created
srprehensions in Colorado David II.
Mofstt. the largest mine owner in the
sEa,e. said this evening TO representative
as the Associated Press:
;rhs a.tustloa Is exceedingly grave | wires,
al my managers Ia come 60 Beaver al once
s.veaty-seyesi cea,s worth of silver Ia4aed ty
n,Fn wno are paid 8 day means loss IN the
E'sne owner who ass not iaaaiausiy rieh
Et1ae. Ny idea IA b propose 10 the faei. Ia my
cap oy that Instead Of receiving g they should
hi satisfied with two-;hiris ot that sum until
sfver shall return Ia a fairly reasonable price
i:thes % act scceus such proportion shall
B, compelled 70 sAa, down al my rropc,siea
Senator Wolcott said:
II al extra session % congress were 10 De
c. 81 today the sherman isv would not 10 re.
r-aicG rae t,U,s arc dark enough 70 indicate
tssi ssreaA ~ iieAI must break in from sosle
dsrVcuon 5000. fhis means immediate disaster
.: Western lnicrcsts. bU; = may s olessl Z :,
disSniso u - esH held on. II we saissr. tie
dssassss sutslicG II t.tes, Br}tsia 10 worse. and
sEeosiiuasd "a. ia the p-sev OF silver mGst torcs
ssms iatsraatsaas. agreement
:IoNno>. June si~-In the house Of io-ti,
i.scay the FAy, 81 Kimberly, secretary al
s;a.e Tor India. stated that the indian
sslaacA bal passed an act Tor the isngae,il.
s.te eios!n. oi the Indian In.nts 10 the free
~ mage ~ silver he addict ;hAs arrange
rtenis were icing made - issue rurees
is'org ths minis in exchange Gov sod 4; IN.
'ss;s 81 IL Tencs per rgree. and Tor recesy
lEs soVeFcsgns and h&.f soye.essns al
'sae TREASURES IN rsymea. 81 caes a.
&c same rate. lie further BAD ,As,iswn,
vateaded 10 in;sodncs the god standard
IN india ea; that gold IN ,Ae aesnsm.
Would nos he made ssr sole legal tender