The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-11-08
LONDON IS WAXING ASxrousLr.
Moreton Freweu Says Colorado. Silver
Output May Cause n Panic There.

Moreton FreVveu Say, Coiorsdo'- Silver
Output Mny Cause n Panic There.
CoLoRApo SPRINGS. Col. Nov. 7.-Moreton
Frewen Ia the guest OF Count James Pour
bates In this city. He Is in the State to look
into the silver question. and find out II the
mines can produce with silver below 70 cents.
and II q general adjustment Of wages will as
sist the mine owners in continuing the work
OF developing their property. In an interview
he said:
The output OF silver means very much to
London. The relations OF our exchanges. es-
pecially with China. are at n swapping point
Tho China silver dollar is now not worth moro
than fifty cents. the rate OF exchange having
steadily fallen from A. I'd to 2s. ID. since 1875.
III Colorado keeps on producing silver as be-
fore. the price OF the bullion needs only to
drop few cents moro before 1t will produce a
panic among London merchants. II. on the
other hand. your mines close down. decreas-
Ing the amount Of silver bullion offered for
sale and thereby increasing tho price OF It.
our merchants may tide over for while.
IL not. look for n very serious time
between now and Christmas in London.
Our export trade has been steadily decreas-
Ing. owing TO the fall in prices. and 1t speaks
volumes for the merchants and laborers that
they have heen able TO adapt themselves to
the constantly changing conditions. | have
have been struck by the utter ignorance upon
the currency question displayed by the re-
pealers. have not seen anything in the ut
terancea OF President Cleveland which would
lead one to suppose that he had studied the
question at all. But before an international
agreement may DO reached. which is. of
course the ultimate solution OF the problem.
your country has something to do. IT the
loose with the currency question. with the re-
suit OF lowering wnges. producing n general
fall In prices. the mortgaginE OF farms. and
other disastrous effects. 1t could not have gone
better aboutit business than 1t has in the last
Few years. With tho general fall in prices and
the appreciation of gold. not on y your miners,
but the farmers in Nebraska. Dakota, Kansas.
and the other Western States will have a very
serious time OF 1t. London has now no m oney
to invest In American securities. We are very
hard up and want to sell. London Investors
have been praying that the repeal measure
might become u law in order that they might
sell their American securities at good price
and raise needed money"
MIR. Frewen said that he believed that the ex-
per lment Of closing the mints to free coinage
had proved a failure Passing on to speak OF
the French experiment OF opening her mints to
free coinage he said that it WAS a tri-
angular method Of exchange A. soon as
France found herself becoming overstockcd
with the white metal from England and other
countries she proceeded to ship il to India and
Ehinaand elsewhere in payment for goods.
These countries in turn would pay Il to Eng
ally lind Its way back to that country. SO that
France received the equivalent Of Il Bank Of
England note for all the silver which she re-
ceived from that country. He thought the
United States. with her wonderful capacity
and resources, might do tho same thing.