The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-06-27
SrSpENDS SILVER COINAGE.
,,s uIyTs CLOSED TO THE FREE
co,y,GE or TIE WHITE METAL

,tnued,ately After Reading the start
,,,ouncement-T The Subject Regarded
TOO Srriou- 10 Pern,it or any Expres-
.,,n of Opinion as TO the Policy OF this
a,-,mspt-The Price OF Silver Drops
..n. Lowest Point II has Ever Reached
,oxnoy. Tune 2G-In the House Of Lords to-
A., tho Earl Of Kimberley. Lord President OF
Az Council and Secretary OF State for India.
ia that tho Indian Council had passed an act
ssrtho Immediate closing OF the Indian minis
~ the free coinage OF silver He added that
.r.nr.mcnts arc being made to Issue rupees
go ,he mints in exchange for gold. at the rate
.,IS nence per rupee: and for receiving sover-
.,ens and half sovereiRns at tho treasures in
Tenant OF dues at the Same rate. The Earl
,n,.her said that II is intended to introduce the
,od standard in India, but that gold in the
20, timeyi.l not be mad the sole legal tendon.
In tho House OF Commons Mr. Gladstone
rove information similar'to that given in the
House OF Lords. He added that gold would
not be made legal tender at present Re-
,ardine the silver now on the way to India,
NJ Gladstone said that the Government OF In
ala had been instructed that 1t was open to 1t
10 admit this silver to the minis II it saw At.
The Right Hon. G. J. Goschen. formerly
Chancellor OF the Exchequer. asked II tho ad-
mission to free coinage Of the silver now 60
ipg to India would not cause a great injury
or effect the destruction OF such silver as was
IN the hands Of the natives- He said that the
value OF the silver possessed by tho natives
amounted to one hundred million rupees.
Replying to Mr. Goschen. Mr.. Gladstone said
that he was not In possession Of precise in
formation, but he assumed that the Indian
Government would not make discriminatory
arrangements to the disadvantage OF the ma
tves holding uncoined silver. Doubtless
most OF the uncoined silver referred to by Mr..
(loschen was in the form Of ornaments worn
By the natives
WARRINGTON June 20-The President Secre-
try Carlisle. and the financial officers OF the
Government generally received their first au-
hentic news Of the startling action Of the Gov
eminent of India in suspending silver coinage
through the press dispatches. ThereIhad been
runors on the subject earlier in the day. but
they were passed upon as rumors only. though
their substantial accuracy was not doubted.
When tho reports OF Mr.. Gladstore's
announcement In the House OF Commons
and Lord Kimberleys statement in the
House OF Lords were received. the gravity
oithe situation became at once apparent Mr..
Carlisle Immediately went over to the White
House. and for nearly two hours discussed the
bearings Of this action with the President
Without reaching any positive conclusion as
10 line Of action to be adopted. The CONFER
ence was renewed at WoodleS the Presidents
suburban retreat. later in the evening. and was
protracted until far into the night.
The circumstances are regarded as too seri-
cus to permit Of any authentic expression Of
opinion as to the future policy OF the United
sntes until oil the facts are fully digested.
1his MUCH. however. can be stated with abso-
Int nAnnN hiatt nj
s dosing The INDIA to the
he coinage Of silver is regarded BY the
ssss., str sr aSn az ntern
sonsl Monetary Conference which h., was IL. 70
not ne esah at this asson
Without express orders from the English Gov;
eminent, which has general supervision and
sn 81 the
Of Brussels last December. Gen: Strachey.
S Ri Iaaa in address de
AS an indication Of the strange condition
q Affairs. 1t may DO further mentioned that
iat t on this subject and that pressure has
been put on the Government to take direct ac-
r shs Of to
ine due to the fall in value OF the rupee affect
Ing not only the public finances and Admins
commercial. industrial. and social interests:
and among the remedies proposed and strongly
s Is By Psny d1psn b1 ds 81 and ro
standard and the suspension Of the free coin
age Of silver at the India mints.
india have been Instructed that while study
Ing with the greatest care and good will In
concert with our colleagues at the Conference.
every practical proposal suggested to insure q
wider use OF silver as currency they are on no
account to give any pied ge that may interfere
Government Of India in respect to any meas.
SIs affecting the currency OF India that it
/ In view M this anpouncemant et tho Confer-
encs this action Of the Indian Government to-
Gay was not altog ether surprise to Treasury
aqon Of the United States Cannot be ae
eqratey gagged.
I1iorination obtained from the Treasury De;
goo ounces, Of which the United States pur-
used in the arts. which is estimated at about
l.OO4OOO ounces The consum ption by India
which coined Th
ast year. leaving 400O0.o00 ounces OF silver
world -
IT. The highest price ever attained by silver in
@ the siisi nS Tn s1ot h iii f FsS Of n 1875
IVA Tfs Two x9 RsfS Spe cents inS '
@ wRSn the Inc shOrms H1 aes S seSa
t tRto effect August, 1880. there was squirt In
% tSs 81 1Er, nee 81 silver and It went up
passage Of the BIand law in 1873 and the pas
ttass OF the sherman law in 1880 silver went to
o. cents per ounce, which was a maximum
Price during that period. Since August, 1850.
the price mas gradually declined, with iluctun.
tions, until to-day 1T has reached the lowest
p POM on record At to,days price OF 10 cents
cents as bullion. '"i 10 worth ooh
Since 1880 India has coined silver ,roo D,,-
ing the last calendar year the Indian G,r nun-
ment coined 4U,OOOOOO ounces tnoNeIn-
passage OF the Bland and Sherman n act. ne
United states has coined 42GOOOuoO doIsanree
olsilyer. ~ the amount OF silver pnrcbaaaaass
under the sherman act. l27 900 900 ounce ra
main uncoined in tho vaults OF the Treasnrv"
Treasury officials opposed to the Tree COIN.
age OF silver, while admitting that this radical
lctlon by India Will temporarily result to her
disadvantage. believe that with a rich soil mi
25O.OOo.OOO OF people fairly productive. alter
the react lon Is over India will recover from
the shock IL Is pointed ont that her eXports
ot merchandise and cereals largely exceed her
Al imports. and now that the Value OF tho rupee.
The current money OF tho country, is def.
hitely fixed at one shilling and four pence
thirty-two centa our money the loss
which she. has suffered heretofore In the flur.
tnations Of value OF tho rupee will be done away
with. and by many 1t ID believed that the large
hoardngs OF gold known to exist in India win
soon tegin to be brought from their hiding
places and be converted Into coin. During the
F.St hlty years the net imports OF gold into
l.ria aggregated about S;St)O 900 600