The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-07-06
THE WHITE METAL.

The whole world from center to cir.
cumference is stirred up over the
financial problems that now present
themselves. That money is at least
the root of most of our troubles, if not
of all evil, has certainly been true for
years in the United States, and now
the known world is to mix up in a gen.
eral scramble over IL. The vexed
question with us has been how to
maintain a double currency of inter-
exchangeable use, and of fixed and
known relative value. This has been
the stubborn. fight, and silver, as
the under dog, has been petted
and favored in every conceiv-
able way, Until now with
the majority in this country, the
financial centers of the world join in
crying enough.
1t was q hopeful sign when the ma
tions of Europe consented to meet our
representatives in Worlds Monetary
Conference and though anything
definite was postponed to q future
meeting of that conference, yet much
in the way of educational good was
then accomplished. The stand just
made in India, that amounts to de.
monetization of silver there, precipi-
tates crisis that the financiers of
the world must meet like men. That
action has precipitated from the very
cloudy solution of theory"
very matter of fact "con-
dition," which confronts us as
no small obstacle to be overcome. In
dia has been the dumping ground II
silver, coming about $4O,OOO,OOO of it
annually, besides receiving vast guam
titles of bullion, for which it puts out
silver rupees at good discount. 1t
is estimated that India now has on
hand uncoined silver bullion worth
over $500, 100000, which bullion has a
money value of 2 per cent less than
the coined rupee. What crash will
follow the cessation of coming this
deposited bullion, who can estimate!
We have been following midas ex-
ample, buying bullion, coming 65
cent dollars of part of it and issuing
certificates on the rest. Now
India's action will throw more
of this deprecated bullion on our
shores and make our IS cent dollar
worth less. What is to be done about
1t? Where now stand he Sherman
silver purchasing men and the free
silver men? There is simply a col
lapse all along the line among them
They now must see, if never before
that this monetary question cannot be
confined within the oceans that hem
us in, nor be made to reflect only the
avarice OF our northwestern mine
owners. 1t reaches into the commerce
of the world, carrying with 1t conf
dence and prosperity, or distrust and
ruinous failures. AT this time there
Is the greatest need for the reassem.
bling of the Worlds Monetary Con
ference. Its delegates could come in
touch with each other as never before
for at this moment they fee
the impetus of immediate necessity
for relief, they hear the wild clamol
for settlement of the comparative
value of money as it has never beer
heard before.
AS to what cur individual govern
ment should do right now, is a very
difficult and delicate question. The
men at the helm of our ship of state
have for months seen the dangerous
reefs ahead, they have rung dowr
steam and furled the sails of the
staunch old ship. We are going along
smoothly and cautiously, feeling oul
way and constantly taking soundiDgs
The time for "all hands on deck" has
been set for September-could any
thing be gained by an earlier