The record-union., 1893-06-30
snecial TO the REcoRn.UNroN.


Isle has received numerous callers,
among whom were many members of
Congress. With all these the silver
question formed the principal topic of
conversation, and the continual decline
in the price of silver was naturally
adverted to. The Secretary had received a
cablegram stating the price of silver to-
day in London was 6SI cents per ounce,
at which rate the silver dollar as bullion
is worth So cents. Nevertheless, the
point of course was apparent that the
purchasing power of the silver dollar,
with silver bullion at 6Sl cents per ounce,
was as great to-day as when silver was
worth 81 p per ounce, and the bullion
salue of silver 90 cents. 1t should be
equally obvious that this is so because it
is known that the credit of the United
States is behind its silver money, as it Is
behind all its other forms of money, and
without which none of them, except gold
coin and gold certificates, can be worth
par in the money markets of the world.
This fact was several times emphasized
at the last session of Congress, when ex-
Secretary Sherman and others repeatedly
declared during the Senate debates that
there was in the Treasury bullion to the
gold value Of every silver certificate
issued by the Government.
SENATOR TELLER NOT ALARMED.
DENVER, June Ex-senator Henry NJ.
Teller this morning said: 1.-THE action
of the Government Of India ought not to
have depressed silver to the extent it
seems to have done, and 1 think the fall
in silver has resulted largely from mis-
apprehension on the part of the people in
the East as to what action the Indian
Government will take. l noticed in the
papers of Tuesday that Leech and Cannon
are reported as saying that India will
cease 10 take silver. The fact is, if the
mints are closed to private individuals,
it is the intention of the Indian Govern
ment to purchase silver on account of the
Government in the same manner prac-
tically as we coined under the Bland Act.
There is no reason to suppose that
India will not take as much silver ne t
year as it took last. Many friends of sill
yer believe that it will enable the India
Council to set its council bills at a stipu-
lated fixed price, and thus prevent the
Luctuation of silver. Now if the council
bills are to be sold, as the press represent
atives say the scheme is, at l shilling
pence per rupee, which is more than they
have been selling at heretofore for some
time, it ought to make silver not only
more stable, but higher than it has been
Tor the last ten days.
There is no possibility of the Indian
Government fixing gold standard with
gold as a circulating medium. 1t is i'm
possible to do that. The British Govern
ment twice tried that and failed. The
statement made in the public press that
they propose to give gold a standard
without gold currency means that they
propose to take the rupee on gold basis
as to its value considered as bullion. In
other words, they would take the rupee,
instead of Il cents, its mint value at 81
cents, which would be about its gold
value. l do not consider the action of the
Indian Government as alarming as the
alarmist people seem to think it. Nor do
1 believe it will aid in the repeal of the
Sherman bill"
ONE CAUSE OF THE DEPRESSION.
New YORK, June 29.-George r. Glib
son, of Watson & Gibson, bankers and
brokers, was questioned about the silver
situation. He said: at is unfortunate
that our Government finished its pur-
chase of silver for June the day before the
announcement of the order of the Indian
Government. That left no purchasers in
the market for the metal, and of course
made it easy to depress the price of bull
lon certificates on exchange here. The
Government not having bought any
silver the last few days, it is rational to
suppose the holders of bullion will de-
posit it in order to put it in form for good
delivery against Stock Exchange sales,
as more stock has been sold the last few
days than is on deposit with the Mercan-
tile Safe Deposit Company against the
certificates issued"
SHELTERS TO SHUT DOWN.
SPOKANE (Wash.), June 29.-The Coeur
d'Alene mining men now in this city re-
port that the smelters all over the coun-
try have refused to purchase any more
silver ores on account of the low price of
silver. A. B. Campbell chief owner of
the Gem mine, in which the recent strike
took place, arrived to-day from Helena
and as soon as he heard of the action of
the smelling companies, telegraphed to
Wallace to close down the Standard and
the Union mines. Campbell saws he
looks for all but half dozen at most of
all the silver-lead mines in the country to
shut down within the next five days un-
less a radical change occurs.
ST. LOUIS, June 2q.-The St. Louis
Smelling and Refining Company. one of
the largest in the country, has decided to
shut down, owing to the silver trouble.
COLORADO MINES CLOSING.
ASPEN Coli, June 29.-Most of the
mines in this camp are practically closed.
only few pumpmen and engineers are
working.
The famous Mollie Gibson mine. the
greatest silver producer in America.
closed last night on account of the drop
in the price Of silver. All the big proper
ties are now closed and all the little ones
will close by the end of the week.
\ REACTION WILL FOLLOW.
HELENA, June -. - Ex-Governor
Hauser. chief owner of the Helena
smelter, which is turning out 100000
worth of bullion every month, saws:
"The fall in silver will not close us.
There is enough OF the gold and lead ores
of Montana to keep the smelter running
in spite of the lOw-prices of silver.v
Hauser says the present situation will
cause a reaction in favor of silver. Every
silver mine that closes down reduces the
production of gold from 25 to 40 per cent.
The result viii be the contraction of the
gold product to less than Sf5, 600, coo per
annum, the amount which is consumed
every year in arts alone; money will be-
!