The record-union., 1893-06-27
Special to the REcoRD-Ux1oN.

hOIuS I-dI1 AlInDerIS, secretary OF Ine
| State for India, stated the Indian Council
had passed an act for the immediate clos
! ing Of the Indian mints to the free COIN
! age of silver. He added that arrange
ments are being made to issue rupees
from the mints in exchange for gold at
| the rate Of l6d per rupee, and for receiv-
ing sovereigns and half sovereigns at the
! treasures in payment for dues at the
same rate. He further said it was in
tended to introduce gold standard in
India, but that gold in the meantime
would not be made the sole legal tender.
In the Commons Gladstone gave in
| formation similar to that in words by
Kimberly. He added that gold would
not be made legal tender at present.
GRAVE SITUATION.
| WASHINGTON, June 26.-The Presi-
dent, Secretary Carlisle and the financial
officers of the Government generally re-
ceived the first authentic news of the
startling action of the Government of
India in suspending silver coinage
through press dispatches. When the re-
port announced in the Commons and
Lords was received the gravity of the sit
uation was at once apparent. Carlisle
Immediately went to the White House.
and for nearly two hours discussed the
bearings of the action with the Presi-
dent. The conference was renewed at
the Presidents suburban retreat later in
the evening, and was protracted far into
the night.
| The circumstances are regarded as too
! serious to permit of any authentic ex-
preston of opinion as to the future
policy of the United States until all the
| facts are fully digested. This much,
however, can be stated with absolute
| confidence, that the action of tile Indian
Government is regarded by the United
| States as doing away with the necessity
tor reconvening the International none
tary conference, which was to meet again
in Brussels this fail. 1t is not believed
! that the action was taken without express
orders from the British Government.
which has general supervision and con-
troll over Indian affairs.
The action Of the Indian Government
to-day was not altogether a surprise to
the 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 to-day
reached the lowest point III the history of
that product. On Saturday the London
price, which guides the Director of the
Mint in his purchases for the Govern
ment, was 371 pence, or about ST. in this
country. This morning the price in Lon
don was &c pence, or about 1873 in New
York. The cause Of the depression is
assigned by Mr.. Preston, Acting Director
of the Mint, as due to the rumor, which
| is probably true, that India, one of the
| largest silver consuming countries. is
about to close her mints to the white
metal.
| THE NEWS IN WALL STREET.
New YORK, June 26.-The cessation of
the free coinage of silver by the Govern
| ment of India was fruitful source of
conversation among fnanciers to-day.
Business was resumed this morning
with a general feeling of depression
| growing out of a combination of unfayor-
able circumstances. Fresh failures from
various parts of the country and stringent
money were a good foundation for the
announcement of the stoppage of the In
dian silver mints.
A prominent banker, who is also one of
the heaviest silver bullion dealers on
Wall street, said to reporter, when the
| announcement came, that it was crush
ing blow to silver. The effect will be
paralyzing upon the whole silver market,
and think the settlement of the silver
question in this country is now at hand.
rt,o to, ho.o
age, and such immense quantities Of
silver have been presented by private
parties and the circulation of silver has
become so great that the price of the In
dian rupee has been declining steadily for
months. This brought about a susDen-
sion of free coinage"
Still another large bullion-shipper had
this to say: 81 don't 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 l do not see how her balance
/ of trade Is to be settled save in the old
way, by imports of silver. If the mints
are closed to private persons, then the
Government will be compelled to import
silver for coinage purposes in place of
| private parties. The Government will
be compelled to do as the Indian banks
! do, i. e., buy silver in the market in Lon
| don. The depreciation of the rupee is
| stopped, but, beyond sentiment, we do
not see how the silver market will be
greatly affected"
! At the Sub-Treasury to-day payments
of interest on United States 4 per cent.
| bonds due July lst began. The total pay
ment will amount to $4,000, 900, and the
| prepayment Of this sum will, it is said,
| have very beneficial effect. But as one
bank president put it, although the boil
has burst, the sore place Will not be thor
oughly healed until the Sherman silver
law has been repealed.
During the day the highest rate quoted
| for money was 40 per cent. AT ? o'clock
| it was offered at per cent.
clearinghouse certificates to the amount
of $3.50, 900 was issued to-day.
Telegraphic transfers of SI2O, 900 to San
| Francisco were made through the Sub
Treasury to-day. After the close of busi-
ness an application was received for the
transfer of So. .000 in addition to $3.50. 900
| incurrency sent by registered letter and