The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-29
MONEY EASIER AT NEW YORK.

Over 90, 0o0, 600 of Clearing House Certifi-
Gates Now Afoat-Siiver Discussed.
NEW YORK. June S6.-Bankers reported
On easier condition IN the money market
this morning. The silver question was the
chief topic of discussion in Wall street.
The clearinghouse loan committee issued
S1.3S0.000 OF clearing house loan certiti-
oates, making the total amount issued
S6.360.00a. The subtreasury transferred
S115. 900 to San Francisco by telegraph In
return for gold deposited. 1t also received
$500. 900 in gold and green bs cks in exchange
for currency of small denominations. The
free gold In the treasury to-day Is Just $685.
600. 600. No extraordinary Shipment of cur
rency was made to the country, either
West OF South. by the banks or the sub
treasury.
An ex-treasury official, when asked to-
day about the effect of the st0ppage of free
silver coinage by che Indian mints. said:
This is very complex question and until we
know just exactly what the Indian British gov
cuss the question thoroughly. In some respects
II may possibly be q good thing for this country.
Heretofore an English merchant has been able
TO buy one dollars worth or silver for sixty cents
and have il coined into dollar INDIAN money!,
with which he could buy a dollars worth of
wheat and that gave him decided advantage
over the American merchant. The British gov
eminent WILL no doubt. try to avoid interfering,
far as possible, with commercial interests not
only IN their own dominiOns but with the rest of
the world. They always very conservative.
silver coin is still legal tender in India, but the
government Is going 10 try TO put the country
made the value of the rupee / shilling and 4
pence. II this country should stop the purcha SO
OF silver in september think it is very doubtful
whether the British government would be able
to carry out its plans 10 raise the value OF the
rupee above the arbitrary value 1t has given
to There is another question. too, on which
ar 1al
To discuss the silver question at this time, and
that Is the uncertainty as TO the British govern
ment's action i'll relation TO the currency bills.
How many of them will it continue TO self
Henry w. Cannon, president of the
Chase National Bank. and one of the re D.
resentatives of the United States to the
international monetary conference, said
to-day:
The closing of the Indian minis 10 the free coin
age OF silver will not, IN my opinion, have any
immediate distressing effect upon trade or
commerce. although 1t must. OF course. depreci-
ate the price of the white metal. [ ur merchants
as a rule, can adjust themselves TO the fall "
prices occurring In the East without any serious
loss, and the United States is in better position
TO write oil any depreciation in silver than any
other country Although the annual production
of silver III this country ia large India and the
East France and the Latin Union are the largest
holders OF silver money. and England's attempt
TO place India upon gold basis may not be sue
ce-sful. "a IL appears from the dispatches that
the rupees relation TO the sovereign will be sim
liar to the relation OF the Bland 81 grain dol
lar 10 the gold dollar. In other words, England
il endeavoring TO establish fixed relation be-
tween gold and silver for the transaction OF busl-
ness between herself aud her dependency-I India.
This will be very difficult matter 10 arrange 10
tna satisfaction OF the people OF India ana the
manufacturers OF Great Britain.
William p st. John. president of the
Mercantile National Bank. of this city, and
an authority on silver. said:
Had India declared the gold mohur a legal
tender, continuing her minis open 10 its coinage
without limit while closing them forthwith 10
any coinage whatever OF silver. the result would
have been To substitute gold for silver In India
trade settlements. That would mean an animal
absorb ton of gold by India greater than the sun
OF gold annually available from the worlds gold
production for use money. The effect on ma
tons having a single gold basis for their cur
rency would have been disastrous. The only
possible course OF safety open TO the
United States under that adoption by In-
dla would be To reopen our minis forthwith
To the unlimited coinage OF our silver dollar
floating 1t by certificates now. Later accounts
8, em TO report merely the closing of the mnts
to coinage "n private account. The promise.
with India Will hereafter be made by q purchase
of council bills in London, issued in any amounts
demanded at minimum rate OF exchange,
the council covering its over drafts bv shipments
OF silver which will he coined arrival for gov.
eminent account. The method will likely re-
qnlre full AVERAGE import OF silver into India
and may even Increase that importation. owing
70 the new steadiness or her rate OF exchange on