The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-28
Mr.. Cleveland and His Advisers Agree
that Nothing Can BE Done al Present.
They Do Not Think 1t Necessary to Call Con-
gress in Session Immediately to Consider
the Latest Phase Of the Question.
Views of Congressman and Bankers on
midas StOppage of Free Coinage.
Denounced by Hon. A. J. Warner as Part Of
Conspiracy That Will End in Anarchy -
Another Drop in the Price of Silver.


WHAT TO DO WITH SILVER.
The Question Discussed by the Cabinet
Views of Congressnen-Mr. Warner speaks.
WASHINGTON, juno 27.-Two hours were
consumed By the Cabinet to-day in dis
cussing the new phase of the silver quss-
tion. and other matters. demanding atten-
ton. The two conferences yesterday after
noon and evening between Secretary Car
Isle and the President simpltied matters
to some extent. The discussion. it is ssid.
took Q wide range. IL was necessarily
brought back to the one i'm portant and un-
MANAGEABLE point. that the executive had
no power in the premises. Con ress alone
being able TO deal with the measures for
relief. It was plain TO the Cabinet that
she monthly purchase of silver must be
continued. or else Congress must be
convened In special session immediately.
As the President had declined TO call Con-
gress together in the early part of Sepsem-
Der to deal with the financial situation,
and manifested no intention of changing
his stated purpose, the project of an earlier
session of Congress. it Is understood. was
dropped. So far IS the continuance of the
purchase of silver bullion under the Sber-
man law was concerned il was pointed out
that little more than two months remained
before Congress would convene in extra
session. and during the intervening time
she silver lots purchased would be only
100000 ounces. q comparatively email
amount in view of the previous purchases.
That the best way TO deal with the ques-
ton was to await the course of events, for
two months longer. was generally agreed
TO. and il was with this view domipant
that the meeting adjourned.
Senator DOlpb. of Oregon. who 10 the
only Pacific slope Senator in the city, SAID,
this morning: II am opposed to my col
league, as you know, on the subject of free
coinage. and am in favor of maintaining
all the currency on par with gold, but it
seems TO me this action of she Indian gov
eminent Will diminish instead OF increase
the prospect of passing q reDeal of the
Sherman act. i think the effect will he to
make thoughtful men of Congress hesitate
before they further depreciate the value of
silver by suddenly throwing upon the mar
kets of the world the 4.5G0.0OO ounces of
silver. equivalent to nearly the whole
American product, now purchased and
stored by the government do not know
that anything better than the repeal of
the Sherman act can be done TO relieve the
situation, but am fearful that the repeal
OF the act would be disastrous to the
finances OF the government and TO silver"
VIEWS OF REPRESENTATIVES,.
Representative Anderson, of West vir-
ginIs. said the action of the Indian govern
ment greatly embarrassed the situation
here. He was free silver man, but he be-
leved the conditions at this time would
have to be considered in any legislation on
the subject; that We could not legIslate on
the conditions of ten or twelve years ago.
and that Congress would have to act in
accordance with things as they find them
and not npon theories. He thought q great
many or the silver men were disposed TO
agree to some com promise, but the matter
of detail could not yet be determined q pom.
Represen tative Meredith. OF Maryland,
said matters were complicated for the sill
Yer men. He thought the Sherman law
would be repealed. but be did not care to
guess as To the character of the substitute
for il.
This action on tho part of the govern
ment OF India" said Mr.. Boatner, of Louis-
lana. throws good many more ditfi-
culties in the way of free coinage. / have
no doubt that had not this been brought
about. Mr.. Cleveland would. during the
next session of Congress. have had a free
coinage bill presented TO him for his sane
tion or his veto. 4 cannot tell, and no one
can, as Yet. i think, how much the demon
etization of silver in India will affect the
situation. / have no question IN my mind
about the proprIety OF repeating the Sher-
man law. but We have got TO have some
means OF supplying money for trade and
commerce. The volume OF vold is not suf-
hcient and the deficiency has got to be su o.
Piled By another currency. | AIN not
welded to any particular scheme but
what the people of this country want is
sufficient money for business. and
1t has got TO be supplied. A
large number of silver men who
voted for the repeal of the sherman
law last Congress did 40 OH their faith that
at the beginning of this Congress the 10
per cent tax on State banks would b- re-
th" two things should not have been
coupled. L think that Congress should
have been called tozether IN April. and
now We should get together as soon as pos
sib!er
Representative Oates. of Alabama. says
be Is hopeful of a speedy settlement OF the
financial question when Congress meets.
he anticipates. OF course. that there will
be considerable trouble and that mem bers
Will be inclined to hold firmly TO theories
they have been presenting all along bat
that the common sense of the situation is
TO do something TO meet the condit lons q.
he thinks the most logical and common
sense thing Will be to repeal the Sherman
on State bank issues and to provide for the
free coinage OF silver at sucn q ratio as To
place &c at u parity with gold.
RADICAL sILvERITE TALKS.
A. J. Warner. of Ohio. president of the
American Bimetallic Leagne. said: The
stoppsge of the coinage of silver In Indis
10 the inauguration OF q new monetary
revolution. or rather the extension to the
far East of the revolution begun In 1872
in the Western world. It is the second act
In the same great conspiracy. 1t 10 move
ment deep-seated and will be fare &C b z
In it's consequences look upon this act
OF lndias. ny which the gateways OF the
Last are closed 30 silver together with the
determined purpose of the monome tallists
OF this country to repeal the Sherman act
ss svents frauGht with greater danger &C
man than any thing that has before tran
spired within the century. What becomes
now of the claim that the United States
must stop the purchase of silver In order to
force En- GLAND TO join Ia an interDationa a.
agreement. ENGLAND has determined. i:
possible. to force the repeal of the silver.
purchase law in the United States The