Red Lodge picket. [volume] (Red Lodge, Mont.) 1889-1907, 1893-07-01
SOME SILVER INTERVIEWS


of Intiia'S Action
New YoEK. june 2s.-Tha Tribune
prints the following interviews on TIL
silver question::
Henry w. Cannon, president of Chas;
National bank and one of tie American
delegates to the interna tional monetar,
conference recently held in Brussels
said: The closing of the mints of Indif
against the free coinage Of silver cannot
fail to delress the price Of that metal
and the action of the Indian govern.
ment should conclusively settle tn,
question o. the repeal Ct our silve;
purchase act. India has FOR rlaily year
absorbed enormous quantities OF silver.
The fall in the price of silver has Sc
rioualy affected the trade between
Great Britain and her dependency
indla-and early last fall committee
was appointed under Lord Hesrchell
Cord high chanellor) Of England,
carefully to examine into Indian none
tary affairs. The proceedings Of the
committee were suspended on account
OF tie meeting of the international
monetary conference at Brussels, and
two of the mcnlb rs of the Herschell
committee We're delegates to that con.
ference.
The Peculiar Position of India
towards silver was freely discussed by
the members CT the conference, publicly y
and privately, and both General Stra1;s
and Bernard Currie Ghe mem bers of
the He. scilel committed We're strongly
III favor OF The adoption OF the gold
standard for India il an interEa tional
agreement could not be made fixing tie
status OF silver as q money metal.
Therefore, the report Of the commit tee
is not surprising under the circum
stances.
The Importance of the action of the
government Of India in dropping TIE
coinage Of si'Ser cannot be over-esti.
mated 1T this time 1t was the only
country, with the exception of Mexico,
in the whole world, the mints of which
were o!:en to Coinage Of silver without
limitation. Therefore, at the present
time the only countries in the world
which ars continuing to produce silver
legal tender mon : are The United
States and Mexico. and it must be lear,
even to Il casual observer, that it is i1ll-
possible for the United States safely to
continue the coinage of silver or tn,
issue OF money against bullion pur.
chase.
The course Of the United States is
clear. We must Immediately stop the
further purchase Of silver and the Issue
of silver purchase monev. The govern.
ment is pledged to maintain all our
money on gold basis and some action
should be taken at once to remove any
feeling of distress or discomfort.
Elwsrl O. Lecch, cashier Of the Union
National bank, ard for several years
d rector of the mint at Washington,
and who is regard ID as an authority on
coinage, aftor reviewing the situation
in 1iaia. sail: II is a warning to the
United States that we cannot safely go
farther in the absorption of a dep=e.
ciated and depreciating metal into ou1
currency without seriously elnbarrasS-
ing OR financial system.
as Seen by President Andrews.
President Andrews, of Brown univer.
sity and who was one of the American
delegates to the brussels conference, in
an interview in regard to the action OF
the Indian government stopping ths
free coinage of silve: said: "It is i'm.
possible that this scheme should bring
any relief to the silver situation il
England. As Tor America. l believe
this action will be fortunate. Silver
viii drop i'll gold prices and it may be
necessary to repeal the Sherman law.
1t will then drop still more, and Great
Britain will then be forced to take ccn-
certed action with other nations.