The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-27
IT SURPRISED WALL s7REEE
surmise About the Reasons and Eject OF
the Indian GovernnenIs Order.

IT SURPRISED WALL s7REEE
surmi.e About tho Reason. and Eject OF
| the Indian Governinonps Order.
To the great majority OF people in Wall
| street tho news received from London early In
the day that tho Indian Government had de-
| termined to close it's minis to the free coinage
OF silver. was a complete surprise. At first tho
| street generally was inclined to doubt
| the accuracy OF tho news. and when
later cables confirmed It absolutely the
| situation was not plainly understood
| This is not surprising. since the cables left
| much to conjecture and inference. A few peo-
| pie who are familiar with foreign financial az
| fnirs and the drift Of events abroad were pre-
| pared for the important announcement that
| came from London. They were in position.
also to explain to a considerable extent what
the action Of the Indian Government means.
Press dispatches received later in the day.
and containing the presentation Of the subject
to Parliament tend to clear up the situation !:
nevertheless. fuller information is desirable
| Tho action OF the Indian Government is doubt
| less based upon the report OF the Hcrschell
| Commission. which has not yet been made
| public. That Commission. as may be re-
membored. was appointed to study and
investigate the monetary system Of India
with the view Of recommending changes that
| might be deemed desirable or necessary
The Commission has been in existence many
| months, and for number of weeks past it has
agree upon report. Within few days pas.
abroad have been Of the opinion that the Com
| was adverse to silver.
| The statements printed above OF the pre-
Parliament. confirm the views expressed by
bankers familiar with Indian finances. that
L not sad Of tho to
which the silver money, q India is to be
teen pence English money, that is. gold. !
the commercial value Of silver and hereafter
the only silver that will be coined will I've that
the new system is similur to the old Bland aw.
. That correct nnderstandinC 81 Indian
no
With h9 great HIk Of Its ss9 vo1s
it's imports from that country. although
Is p.sp consumer Of the p5od
between the two countries havo hitherto been
settled in this way: The Indian Council.
don OF the indian Government sells every
year certain amount OF exchange on India
Gress e ier nf fnserest on
which is the Indian Goyernment bond Me r.
oaatn.s ana onners na'ihs Le rndncts hnV
tRsssss SiIls .4a and ssnd them t. 1T ths!s
council sells bills in excess Of what are called
Its budget requirements for any one year il
great ssIE, q he adverse sSaas bslsIss J, h" =
SoE III shis VII e eSsnsed The merchant
his M no 2efe and
ship It to India M for hi goods
certainty that he Win i. dIIs to sci
ter how low it might buy the silver. viii coin
It into rupees having u mint value OF
in f London the Fupee Would not actually
be worth 1 put bout - y, less
whereas it would have to 10 49 pence to
ment Will make the difference and the
Unless. Of course. the GoEernment undertakes
to maintain the parity OF the silver rupee with
gold II 1t does not do SO the English n MAN, u
India will be placed at tho same disadvantage
that the inhabitants OF that country are.
new system the Indian Council will sell It's
ouired in the settle ment OF balances duo India
and buy and ship the silver to cover whatever
auirements This Would give It virtual con
| troll OF the London silver market.
Bankers who have studied the, silver ques-
| regarded the action Of the Indian Government
| as a serious setback to the silver movement in
this country. India has lately been taxing an
has come from this country The weekly ship;
ments Of late have been between 10000 and
700 900 ounces. The only shipment to-day
With the olosn e q the mints of India to free
| coinage those Of only one country. Mexico. re-
| the price Of silver both at London and in this
market. dealers in bullion, apparently formed
the at that the sbe
| consumption Of the metal in that country. Sill
yer sold In this market on Saturday at 81 =
at e close shh
81 the way: very few are ,ssSSined now:
wi viii "o enable the United States Govern Govern
mont to buy next Monday when It begins pur-
eome cheap metal to average that which it las
bought all tho way down from 81. 20 per ounce.
The price yesterday was the lowest at which
the metal has sold since statistics regarding 1t
~ The drop il the price. Of silver helped to dc.
press the stock market. though active money
The most serious effect, however. was COM
plete Generalization OF the market for foreign
a ums.e the TS5S of this new do
parture BY the English Government. for .
Great Britain Is really responsible for d What
clined to express an opinion.
The most that those whose opinion Is worth
having would say was that IN the,r 1adigtene
OF silver or 1t might prove so radical step as
to bring about a universal reaction.
MRS. sPECHERs VICTIM DIES