The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1893-07-08
WORLD TALKS silvEn.
Ind,a's Action Regarding the Wilt,
Metal Causes "a Stir.


New York, June 2s.-Henry w. Can
nol, president of the Chase National
Bank and one OF the American dele
gates to the international monetary
conference recently held in Brussels,
says regarding the silver question::
''The closing of the mints of India
against the free coinage of silver cam
not fail TO depress the price of that
metal and the az ton of the Indian
government should conclusively settle
the question OF the repeal of our silver
purchase act. India has for many year Q
absorbed enormous quantities of silver.
In fact, silver money is the onlv
money used in that county to any
extent The TALL in the price of silver
has seriously affected the trade be-
tween Great britain and her depend
ency-lndla and early last fall a com
mittee was appointed under Lord
lie schell Lord High Chancellor of
England) ca, efully To examine into
Ind an monetary and currency affairs
and to report upon the whole subject.
The proceedings of.jhe committee
were suspended ON account Of the m, et-
ing OF the international monetary con-
ference at Brussels, and two Of the
members OF the Herscnell committee
were delegates to that conference.
the peculiar position of India to-
ward silver was freely discussed by the
mem bers of the conference, publicly
and private V, and both Gen. Strachy
and Berlram Curr!e the mem bers OF
the Herschell committee were strongly
in favor of the adoption of the gold
standard for India if an international
agreement could be made fixing the
status of silver as money metal.
Therefore, the report of the commit
tee is not surprising under the circum.
sian eS.
The Importance of the action of the
government of India in dropping the
coinage of silver cannot be overesti-
mated at this time. 1t was the only
country, with the exception of Mexico,
in the world, the mints of which were
open to the coinage of silver without
limitation. Therefore, at the present
time the only countries in the world
which are continuing to produce silver
leital-tender money are the United
States and Mexico and it must be
clear, even to a casual observer, that
it is impossible for the United States
safely TO continue the coinage of silver
or the issuance of money against hui.
lion purchases.
'In all Europe silver is dishonored
and gold is becoming the only money
of full debt-paying power. The course
of the United States is clear. We
must Immediately stop the fur ther
purchase of silver and the issuance OF
silver legal tender money. If this
course is ursued there is very little
doubt that the other nations will be
brought to realizing sense of the
condition of monetary affairs and the
place of silver as money metal
the world will be settled
within a reasonable time. Our gov
eminent is pledged to maintain all
our m ney on gold basic, and some
action should be taken at once to re-
move any feeling of distrust or dis
comfort"
Henry Clews was of the opinion that
the suspension of silver coinage in In
dia ought to prompt President Cleve-
land to call Congress together earlier
than September. He said:
There is every reason why Congress
should be brought together at the
possible day. The houses that
were engaged until lately in shipping
gold became SO Jealous in that enter
PRISE that they tried to outstrip each
other The result was that more
gold was actually shipped than Europe
required The natural result must APP
pear in a return of the surplus thus
Exchange is now fallen in
deed to the specie-importing point.
AS soon as our crops ripen there will
be inevitably return of good deal
Of gold to this country.
One of the potential arguments in
favcr of the repeal of the Sherman law
mas been that the baser metal has
1riven the finer metal out of the
In little while. with gold
returning to us, the strength of that
argument will be Slapped. An early i
session of Congress would leave the
argument still in full force"