St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-27
The White Metal Reaches the
Lowest Price In Its
History.
India's Suspension Of Free
Coinage Caused the Sud-
den Depression.
Probability That the None
tary Conference Will Meet
No, More.
The Silver Dollar Now Has a
Bullion Value Of go 1-2
Cents.

Cents.
WASHINGTON. June 26.-The market
price of silver today reached the lowest
point in the history of that product. On
Saturday the London price, which
guides the director of the mint in his
purchases for the government, was 3711
pence, or about 81.8 cents in this c0un-
try. This morning the price in London
was SO pence. or about 1873 cents in
New York. drop of points. TIE
cause of this depression was assigned
by Mr.. Preston, the acting director of
the mint, as due to the fact that India.
one of the largest silver consuming
countries has closed her mints to the
white metal.
The president, Secretary Carlisle and
the financial officers of the government
generally received their. first authentic
news of the startling action of the gov
ernment Of India in suspending silver
coinage through the press dispatches.
There had been rumors OH the subject
earlier in the day, but they were passed
upon as rumors only, though their sub
stantial accuracy was not doubted.
When the report of Mr.. Gladstone's an
nouncemenJ in the house of commons
and Lord Kimberley's statement in the
house Of lords were received the
Gravity of the Situation
became at ouce apparent. Mr.. Carlisle
Immediately went over to the White
house and for nearly two hours dis
cussed the bearings of this action with
the president, without reaching any
positive conclusion as to line of action
to be adopted. The conference was re-
newed at Woody, the presidents SUI
burban retreat, later in the evenlng.and
was protracted until far in the night.
The circumstances are regarded as
TOO serious to permit OF any authentic
expression 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 the India
government i'll closing the India mints
to the free coinage of silver is re-
garded by the United States as
doing away with the necessities
for reconvening the information
al monetary conference which
was to have met again in Brussels this
fall. 1t is not believed that this action
was taken without express orders from
the English government, which has
general supervision and control over
indian affairs. During the session OF
the international monetary conference
at Brussels last December, Gen. Strach.
ey, delegate of British India, in an ad-
dress delivered before the conference,
said:
AS an indication of the strange con-
dition of affairs, it may be further men,
tioued that there has arisen i'll India a
serious agitation on this subject and
that pressure has been put OH the gov
ernment to take direct action for the
purpose OF applying remedy to the
numerous evils which are regarded as
being due to the fall in
value of the rupee, affecting
not only the public finances and
administration. bat with equal
severity numerous commercial, indus
trial and social interests; and among
the remedies proposed and strongly
advocated by many influential persons
and authorities is the adoption by India
of a gold standard and the suspension
of the free coinage OF silver at
the Indian mints. In these cir
cumstances the delegates of In
dia have been instructed that,
while studying with the greatest
care and good will, in concert with our
colleagues at the conference every
practical proposal suggested to insure
wider use of silver as currency, they are
on no account to give any pledge that
| may interfere with the action of the
government of India in respect to any
measure affecting the currency of India
| it might desire to adopt"
| In view of this announcement at the
| conference, the action of the India gov
| ernment today was
Not Altogether a Surprise
to treasury officials. though what its
| effect may be Oh future action of the
| United States cannot be easily gagged.
| Information obtained from the treasury
| department shows that the world prod
uct of silver during the last fiscal year
was 152.0O0,00O ounces, of which the
| United States purchased 54,000,000
| ounces outside of the silver used in the
| arts. which is estimated at about 1000,
| 600 ounces. The completion by India
was DO. .000.000 ounces which was coined.
| This makes the United States and India
combined use 99,000,000 ounces of silver
/ purchased last year, leaving $4,000, 900
| of silver for use In the arts in the other
| countries of the world.
| The highest price ever attained by sill
| yer in the United States was at the time
| of the passage of the Bland silver bill,
Feb. %, 1878, when the price was S1.22
| per ounce. The silver dollar was then
| worth SO cents. AtnO period since then
has the silver dollar been worth so much,
When the Sherman act went into effect.
| August, 1890. there was squirt in the
| price of silver and 1t went up to Sl.21
| per ounce. In the time between the
| passage of the Bland law in 1878 and the
| passage of the Sherman law in 1890.
silver went to 90 cents per ounce. which
was a maximum price during that Pc
Rod. Since August, 1890. the price has
gradually declined with fluctuations
until June 26, 1898 (today), it has reached
The Lowest Point on Record.
| AT today's price OF SO cents per fine
ounce the silver dollar is worth COZ
cents as bullion.
Since 1885 India has coined silver
free. During the last calendar year the
Indian government coined 46.000000
ounces. Since the passage OF the Bland
and Sherman acts the United States has
coined 426, 100000 dollars of silver. Of
the amount Of silver purchased
under the Sherman act. 127,00O,000
ounces remain uncoined in the
vaults of the treasury. Treasury officials
opposed to the free coinage OF silver,
while admitting that this radical action
by India will temporarily result to her
disadvantage, believe that with rich
soil and 25O,000,OO0 people fairly pro-
ductiye, after the reaction is over India