The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1893-07-04

with light hearts. He hoped its actioi
would be fruitful in good results, anC
that sufficient reserve OF gold woult
be accumulated to make an effective
gold standard possible.
England Must Not be Allowed to Die
tate.
i WASHINGTON, June 28.-Mr. A. j.
Warner, Of Ohio, president of the
American Bimetallic League, has
said "The stoppage Of the coinage
OF silver In India Is the Inauguration
OF new monetary revolution, Oh
rather the extension to the far east
OF the revolution begun in 1928 in
the western world. 1t is the second
act in the same great conspiracy. II
is a movement deep-seated and will be
far.reaching In its consequences. /
look upon this action as Indicating
that the gateways are closed to silver,
together with the determined purpose
OF the monometallists OF this country
to repal the Sherman act, as events
fraught with greater danger to us than
anything that has preceded 1t. England
has determined, IL possible, to force
the repeal Of the silver purchase law
In the United States. The closing of
the mints OF Bombay and Calcutta Is q
part OF the gigantic conspiracy to seize
upon the present opportunity to estab-
| lish finally and forever the single gold
standard and to extend it over the
world.
"This is the critical juncture. The
turning point is now. II free coinage
was restored in the United States it
would be the end of the single gold
standard. On the other hand, IL the
absolute repeal of the present silver
law in the United States can be forced
through, the work is done. It is
deemed safer to stop coinage in India
first. The immediate consequences
kwill be that silver will fall and gold will
increase in value faster than ever.
Prices will soon begin to fall in India.
The whole world will feel the con-
summation of this last of the govern
ment conspiracies. Prices will con-
tinue to fall everywhere as gold rises.
The end no one can see. Every ad-
vantage will inure to creditors and
to subdue the world-not with arms, but
with gold, by the turning of every
thing to gold. If this movement is
allowed to run its course unchecked
there will be fine grinding before the
mills are done. 1t is q movement big
with revolutions and is sowing the
seeds of anarchy. But will 1t be
allowed to run It's course? That
depends on tho United States. If the
United States allows England to fore
ever dictate her financial policy, as
she has done since the war, then, we
must stand the consequences. But If
the American people have any indie
pendence Of character, they will not
do SO; and 1t should now be evident
to everybody that the United States
must finally act Independently. The
international conference has gone with
the stOppage with the mints of India"
How Wall Street Took the News.
NEW YORK, June 28.-ToWall street
the news received from London that
the Indian government had determined.
to close its mints to the free coinage of
silver was a complete surprise. At
first the bankers and brokers generally
were inclined to doubt the accuracy of
the news, and when later cables con-
firmed it absolutely the situation was
not plainly understood.
The view Is expressed by bankers
familiar with Indian finances, that it
Is not the intention of the government
to make gold legal tender at once.
AS matter of fact gold is to be made
the standard in which the silver money
of India is to be measured. The value
of the rupee, which Is the standard
coin of India, is fixed at sixteen pence
English money, that is, gold. A fiat
value Is given to the coin irrespective
Of the common value of silver, and
hereafter the only silver that will be
coined will be that purchased by the
government. In this respect the new
system is similar to the old Bland
law.
Bankers who have studied the silver
question most carefully said yesterday
that they regard the action of the
Indian government as a serious set
back to the silver movement in this
country. India has lately been taking
an enormous amount of silver, nearly
all of which has come from this coun-
try. The weekly shipments of late
have been between 100000 and 7OO, 900
ounces. The only shipment today
will be 10000 ounces.
With the closing of the mints of
India to free coinage those of only one
country, Mexico, remain open to it..
Judging from the drop in the price of
silver, both at London and In this
market, dealers in bullion apparently
formed the conclusion at once that the
new financial policy OF India, will
restrict the consumption of the metal
in that country. Silver sold in this
market on Saturday at 8l3 cents per
ounce, and yesterday at II cents, but
recovered at the close to 78 cents, at
which price the standard silver dollar,
OF which by the way, very Few are
coined now, Is worth about 60 eonts.
This decline will enable the United
States government to buy next Mon
day, when 1t begins purchases for July
under the Sherman silver law, some
cheap metal to- average that which it
has bought all the way down from
$1.20 per ounce. The price yesterday
was the lowest at which the metal has
sold since the statistics regarding it
have been kept.
AS to the ultimate outcome of this
new departure by the English govern.
ment, bankers are generally disinclined
to express an opinion. The most that
those whose opinion is worth having
would say was that In their judgment
1t either meant the universal demoneti.
zation OF silver or it might prove sc
radical step as to bring about univer
sal reaction.
| WASHINGTON, June 29.-Secretar,
OF the Navy Herbert in reply to an in
quiry as to the silver situation an6
policy of the Democratic party, ex
pressed the following views:
/ think the stoppage of the coinage
OF silver in India Is the greatest blow
that has been given to the Sherman
law and to free coinage of silver. The
free coinage of silver In India has beer
pointed to as an object lesson by the
n Axxe, <~Af fs.~ 4.