The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-27

with our colleagues at the conference. every
use OF silver az currency, they are on no account
10 give any pledge that may interfere with the
complete freedom OF action OF the government
OF India in respect to any measure affecting the
currency OF India it might desire TO adopt.
In view of this announce cement at the con-
ference. the action of the Indian govern
ment to-day was not altogether surprise
10 the treasury officials. though what its
effect may be on the future action Of the
United states cannot be accurately gagged.
Information obtained from the Treasury
Department shows that the worlds product
OF silver during the last fiscal year was
152. 100000 ounces. of which the United
States purchased 81, 600 600 ounces outside
of the silver used In the arts. which Is
estimated at about 1000. 600 ounces. The
consumption by India was Is. 0c0. 900 ounces.
which was coined. This makes the United
States and India combined use 1O6.OO0.OOO
ounces OF silver. purchased last year. leav-
ing 100000 ounces of silver fer use IN the
arts in the other countries of the world.
The highest price ever sttalnos. by silver
in the United States was at the time OF the
passage of the Bland silver bill, Feb. rs.
1875. when the price was S1-22 per ounce.
The silver dollar WAS then worth % cents.
At no period since then has the silver dol
lar been worth so much. When the Sher-
man act went into effect, August. 1890.
there was q squirt In the price of silver and
il went up to sl.25 per ounce In the time
between the passage OF the Bland
law In 1878 ana the passage OF the Shernan
law In 1890 silver went to 92 cents
per ounee. which was q maximum price
during that period. Since August. 1890.
the price has gradually de clined. with
fluctuations until to-day it has reached
the lowest point on record. At to-day's
price of 100 per fine ounce the silver dollar
Is worth 60l3c as bullion. Since 1885 India
has coined silver free. During the last
calendar year the Indian governments
coined 46.OO0,OO0 ounces Since the passage
of the Bland and Sherman acts the United
States have coined 900 dollars of
silver. OF the amount OF silver purchased
under the Sherman act. 127 600, 900 ounces
remain uncolned In the vaults Of the treas
ury.
Treasury officials opposed TO the free
coinage of silver, w lille admitting that this
radical action by India will temporarily re-
suit 70 her disadvantage. believe that with
O rich soil and 250, 100000 people fairly pro-
duotive. after the reaction Ia over India
Will recover from the shock. 1t is pointed
out that her exports OF merchandise and
cereals largely exceed her imports. and
now that the value OF the rupee. the cur
rent money OF the country, Is definitely
fixed at one shilling and four pence t32 cents
In our money. the loss which she has suffer-
cd heretofore in the fluctuations in value of
the rupee, will be done away with. and by
many 1t is believed that the large hoardings
OF gold known TO exist in India will soon be-
gin to be brought from their hiding places
and be converted into coin. During the
last fifty years the net ports of gold into
India aggregated about $500. 600. 600. In q
report made TO the Fiftieth Congress by
Mr.. Edward Atkinson. of Boston, Mass.
upon the present status OF bimetsllism in
Europe, touching upon the import of gold
into British India. be says:
or the import OF gold very small amount has
been coined into domestic coin. The total coin
age for the fifty years since 1885 amounts to no
more than 2, 1885,, 1893 rupees the rest OF the gold
about !. 276 900, 900 rupees-has been used for
ornament or has been boarded in the form of
British and Australian sOVerelgns by the richer
natives and in the treasures of Indian princes.
The gold that once has flowed to India Is lost,
almost without exception. to trade The natives
have not failed TO note that In recent times the
value or silver at the bazars has become less as
compared with gold. Ornaments and boards of
silver less highly priced than In former
years. In India, as elsewhere gold Is taking the
place OF silver.
These views, of course represent only
the anti-silver side of the question. The
suddenness of the sprin ging of this action
has hardly Yet given the silver advocates
time 70 be heard. Senator Stewart is at
the present time almost the only prominent
silver man in Washington. There Is no
question that this matter will come up for
extended discussion in the Cabinet meet
ing tomorrow. All the members except
Secretary Gresham are In the city.
The market price of silver to-day
reached the lowest point in the his
tory of the product. On Saturday
the London price. which guides the
Director of the Mint in his purchases for
the government. was 37l5 pence or about
S1.S cents In this country. The price this
morning In London was 80 pence, or about
7s.S cents In New York, drop of three
points The canse of this depression was
ASST gned by Mr.. Preston. acting Director of
the Mint. as due TO the fact that india one
of the largest slver-consuminR countries
has closed her minis TO free coinage of the
white metal.
The free-coin AGE men will oman headouar.
ters In q few days for the purpose OF the
dissemination of free-silver literature and
the assignment of speakers to advocate the
cause in the Western and Southern States.
They intend TO make hot hight for the
white metal.
Views O New York silver Dealers
NEW YORK, June 26-The cessation of
the free coinage of silver by the govern
ment of India was a fruitful source of con-
versation among tnsnciers to-day. Bust
ness vas Resumed this morning with gen.
eral feeling of depression growing out of q
combustion of unfavorable circumstances.
Fresh failures from various parts Of the
country and stringent money were q good
foundation for the announcement of the
stoppage of the Indian silver mlnta A
prominent banker who IL also one Of the
heaviest silver bullion dealers Wall
street. said TO a reporter W hen the announce
ment came: 1T Is a crushing blow to sill
ver The effect will be psralyziDg upon
the whole silver market and i think
the settlement of the silver Ques-
tion in this country is now at hand.
The basis OF the currency of India is sill
YER The mints have been open for
free coinage and such immense
quantities of silver have been presented by
private parties and the circulation OF sill
yer became great that the price of the
indian rupee has been declinging steadily
for month. This has brought about the
. suspension of free coinage. 1t has been done
by the official class of the country. Their
pay Is In the Indian rupee and they were
beginning to suffer seriously from its de-
probation in value"
STILL another large bullion shipper had
this TO say: IL do not see how the action
of the Indian government, In closing the
mints will much diminish the demand for
silver In India India is a creditor country,
and do not see how her balance of trade
Is to be settled save in the old way-by iIn-
nf all 4 Ia m re- ar aaH N