Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-06-28
DEFIANT TALK .
What the Radical Silver Men Say of
the Situation.
WILL FIGHT TO PREVENT DEGRADATION.
Must Maintain the White Metal as
a Money Standard.
ARKET PRICE SINKING.

M ARK EFT PRICE SINKING.
The talk of the radical silver men since they
have got over the first shock of the news from
India Is rather defiant. Most Of them declare
that they are more than ever determined to
maintain the white metal as a money standard.
While admitting that the deInonetization in In
dia is a hard blow at bimetalism at the present
ratio, they speak Of 1t a conspiracy
and insist that it is more than ever important
that this country should stand by silver. They
claim to be frmer than ever in their position
and say that they intend to fight with all their
might to prevent the degradation of silver
being any greater.
The more conservative men, however, regard
this as whistling against the wind. The best
judgment is that many Of those men who are
known as moderate silver men, whose votes for
silver in Congress have given to silver the
strength which it has had against thejrepeal Of
the Sherman law, will be induced to look upon
the question differently under existing condi-
tions, and that, while the radicals will
Tight as hard as ever against the re-
peal, they will lose many Of their followers
in the House and some Of them in the Senate.
Those men who are not actually welded to
constituents think there should be more money
In circulation, will, it is believed, find in the
present situation an excuse and reason for
voting the Sherman law of the statute books,
perhaps even without any sort Of asubstitute as
a compromise. Meanwhile the market price of
silver is sinking to very low point.
Advices from London show the price Of sill
yer bullion to have further fallen today, the
market quoting it at "a pence, which is about
1873 in this country. At this price the silver
Ar1l ts <
begins the purchase Of bullion, as compelled by
the sherman law, on the Sd of July, but on ac-
count OF the falling price purchases may be
made on that day. The Ia It day that the gov
ernment bought silver bullion 1t was quoted at
20. This was on the 21st instant
AN EXTRA SESSION ASKED FOR.
Secretary Carlisle's mail this morning was
loaded down with letters from bankers. COM
mercial men and others calling on the Presi-
dent to convene Congress at once in extra ses-
sion to consider financial legislation. The
pressure is great, but there is semi-official
authority for the statement that Congress will
not be convened before September.
A cabinet officer, speaking of the financial
situation, said this morning that the country
dition by the very men who were now clamor-
ing for an extra session of Congress. They had
reached the end of their rope and could no
longer profit and thrive BY speculation and
wanted the government to como to their re-
lief that they might again enter upon an era Of
speculation. There was no doubt, in
his mind, he said, that the repeal Of
the Sherman law would bring about much
needed relief, whether temporary or perma-
nent time alone could demonstrate. Still there
was no certainty even now that Congress would
repeal the Sherman law. The House was
more favorable to its repeal than the Senate
He intimated that if the President were con-
vinced that Congress would Immediately repeal
the Sherman law that body might be convened
in extra session before September, but he con-
cluded, 'The leaven is working"
GIGANTIC CONSPIRACY.
Ex-Representative A. J. Warner, president
Of the Bimetallic League, says that the stoppage
Of the coinage Of silver in India is part Of the
gigantic conspiracy to seize upon the present
opportunity to establish finally and forever the
single gold standard. and to extend 1t over the
world.
This Is the critical moment. The turning
point is now. II free coinage were restored in
the United States it would be the end of the
single gold standard On the other hand, il
the United States can be forced through, the
work is done. 1t was therefore deemed safer
to stop coinage in India first.
The immediate consequences will be that sill
yer will fall and gold will increase in value
faster tnan ever. Prices will soon begin to fall
in India. The whole world in time will feel
the effect of the consummation of this last act
of the gold conspirators Prices will continue
to fall everywhere as gold rises. The end no
one can see Every advantage will inure to
creditors and creditor nations.
England has set out to subdue the world not
with arms, but by gold, by turning everything
to gold. II this movement is allowed to run its
course unchecked there will be fine grinding
before the mills are DONE 1t is q movement por-
tending revolution and is sowing the seeds Of
anarchy.
REPRESENTATIVE WHEELER.
Representative Wheeler of Alabama said that
he thought this action of the government Of
India the silver question made worse
situation at present very bad. He
said there was no doubt in the world
that something must be done. but in re-
pealing the Sherman law the further legislation
necessary to give q sufficient and sound cur
rency must be thought out very carefully.
His own opinion was that Immediately
the meeting Of Congress resolution
would be passed giving the President
the power at his discretion to stop the pur-
chase Of silver for limited time during the
session Of Congress- The object Of this. he
said. would be, Of course, to stop the operation
Of the law while preparations for permanent
legislation were being made.
Representative Tracey Of New York said that
he thought that this action in India made the
repeal of the Sherman law inevitable. He said
that he was prepared now to see silver run
down to an extremely low point Of value. and
it would be like the storing of
most any other commodity and issuing cur
rency against it. He said that he did not see
how any sane Representative in Congress could
now contend for free coinage, the fact is now
indisputable that the United States would be-
come the dumping ground Of the world for
silver.
REPRESENTATIVE RICHARDSON.
Representative Richardson of Tennessee said
he hadn't thought maturely upon this news
from abroad, but that at first glance
it appeared to render free coinage out Of the
question to the United States at this time and
be thought also that it might necessitate the
stoppage Of the purchasing bill.
Representative Cobb Of Missouri said that