St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-27
BIG FALL IN SILVER.
The White Metal Reaches the
Lowest Price in It's
History.
midas 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 60 IL
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 3716
pence, or about 8l.8 cents in this coun-
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 minis 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
eminent of India in suspendng silver
coinage through the press dispatches.
There had been rumors on the subject
earlier i'll 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
nouncement in the house of commons
and Lord Kimberley's statement in the
house Of lords were received the
Gravity of tie Situation
became at once 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 evening. 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 in closing the India minis
W LUG lleo CoihaSo VI oivei 10 Ao-
garded by the United States as
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. Strarh-
ely, delegate of British India, in an adj
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 in India a
serious agitation on this subject and
that pressure has been put OH the gov
eminent to take direct action for the
purpose of applying remedy to the
being due to the fall in
not only the public finances and
administration. but 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 gold standard and the suspension
of the free coinage Of silver at
the Indian minis. 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 a
wider use of silver as currency, they are
on 10 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.
eminent today was
Not Altogether a Surprise
to treasury officials. though what it's
effect may be on 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 152.000,000 ounces, of which the
United States purchased 100000
ounces outside of the silver used in the
arts, which is estimated at about 7,000,-
600 ounces. The completion by India
was 45, 100000 ounces which was coined.
This makes the United States and India
combined use $4,000, 600 ounces of silver
purchased last year, leaving 53,000,000
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. 20, 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.2l
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 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 60 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 46.000,000
ounces. Since the passage OF the Bland
and Sherman acts the United States has
coined 426,000,000 dollars of silver. Of
the amount of silver purchased
under the Sherman act, 127,00O,0O0
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 250.00o000 people fairly pro-
ductiye, after the reaction is over India