The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-07-30

coinage or suspend the purchase of siIAer.
Tine expe6ieut adopted in the act OF 1890
has demonstrated the impossihiity of
and free coinage means simply the adop-
ton Of the silver standard and the reauc-
ton of the purchasing power of the dollar
TO 60 cents"
How about the action Of India as to sill
yer. Sen aiOr?"
''The financial policy of India in this
respect lie not fully settled" replied the
Senator. ut is by no means certain but
they will purchase the same amount Of
silver as before. bnt at market prices in-
stead Of coming all that is offered, as now.
1t would not surprise me if they should
resort to the same expedient adopted by us
in the act Of 1890. and buy silver at its
market value and maintai it at some fixed
ratio with gold. The silver question is n
pressing question IN India. That country
has vast y more silver than We have. Hin
dostan alone contains 250,000.00O people.
and these have all been doing business
with silver"
Are you not appreheusive as TO the
times and the condition Of the country ?"
| asked
IL do not wish to be interviewed as to
the business situation, but will say that
the country ought to be in good condi-
ton. The crops are phenOmenally LARGO.
l AIN getting more hay off my land here
than ever before, and l expect to have at
least twenty tons. The hay crop this year
will be enormous and hundreds Of thou
sands of tons Will be exported. There Is a
sort OF a hay famine In Europe this year
and hay in France is bringing $40 ton.
The wheat crop is also large. but the
prices are lower than have ever known
them. There is no money in raising wheat
at TIE present wages for farm labor. and l
doubt. in fact. il any pro fitab BILE farming can
be done at the present wages. The wheat
raised here will not more than pay the
wages Of the labor required TO sow and
harvest it,"
''Are not wages increasing in the United
States right along?"
"rhey have been" replied Senator Sher-
man, 'but whether they can continue to
do so is doubtful. When / was boy $40
a month was good wages. and tho average
you can hire no one under ST 60 Take
those men out there who are raising the
track of that street railroad" said the
Senator, as he pointed to the street. they
get 81 30 day. 1t is little enough. but l
doubt whether tho business can afford to
pay t."
Congress as to silver on wages" l asked.
THAT depends on what tho action OF
Congress is" replied Senator Sherman.
IF the so-called Sherman clause OF the
law of 1890 is repealed without further
legislation being enacted 1t will put Us on
the gold basis and wages will be worth all
tnev are now as far as the purchasing
power of the dollar is concerned. Ii free
coinage of silver should be adopted wages
would not advance nOminally, but their
purchasing power would fall to 60 cents In
gold all over the country and the prices OF
all other articles would rise. think the
labor situation is serious one. ana wage
earners are always among the first to be
affected by hard times"
..Do YOU apprehend a paDicT
mo. | do not" was the reply. ''The
enactment of the resumption law did
away with the danger of Danics ia this
country. As to the times. however, l do
not care to speak. dOn't feel that l could
better the prospects by talking of them.
and assuredly would not 90 anything to
make them worse. The United States is
by no means q poor country anu our re-
"How about the Worlds Fair? Will it
not have an influence to make times BET
ter? Will 1t not bring great deal OF
money into circulation? z"
II doubt that its effect will be appre-
Gladly felt" replied Senator Sherman.
"This is big country and we deal in mil
lions. The amount brought out by the
fair will be no more than . dropin the
bucket"
"What do you think Of the appeal Of the
miners of Colorado as to free coinage ?"
ut is the strongest presentation that has
vet been made to the Dsmoc attic PARTY in
favor of H." replied Senator Sherman.
NV nat thew say is true. If We should re-
fuse to purchase their silver they would
have q limited marks for II and the in-
dustry would for time be criupiao or sus-
pended.
..The Truth Of the matter IS" Senator
Sherman went on, silver has fallen 10