Waterbury evening Democrat., 1893-06-30
The MIDDLE OF AUGUST
Extra Session to be Called at
That Time.
FOR REPEAL OF THE SILVER ACT

n Close Frtenu OF MR. CAeVeA6n0 N
Authority for the Nsws-An Earlier
Session Observation-Disclosures of Pati-
tions-sscrstary Aerbert's Views.
WASHINGTON, June 30-It is stated
upon authority, the suficiency Of which
cannot be questioned. that an extra SEES
sion Of Congress will be called for the mid
die of August, and that President Cleve-
land will ask for the immediate repeal of
the Sherman Silver Purchase clause.
Our authority, who is a citizen of high
character and great prominence In the
world of finance. said:
at have the authority of a gentleman
who is a personal friend Of President
Cleveland for the statement that the ex-
ira session of Congress will convene on or
about the 10Th Of August.
''The reasons given by the President for
not calling an earlier session are twofcld.
Strange as 1t may appear, 1t Is nevertheless
a fact that he fears that If he were to call
Congress together next month difficulty
would be experienced In mastering quo
rum Then, again, he wishes to give the
public the full force Of the object lesson in
finance, of which he spoke through the
press several weeks ago. He wants to see
public sentiment on the advisability Ct the
repeal OF the Sherman law 90 crystalized in
favor of repeal as to leave no doubt Of the
success Of his plans.
"Of course, the Presidents position in
this matter is open to grave criticism. It
is claimed that If he honestly believes that
the present stringency In the money
market Is due to the operations Of the
silver purchase clause of the Sherman law,
his duty in the premises calls for immed-
date action. have heard it said that If q
financial panic results from all this disturb
ance of monetary condition, the President
will be blamed for not converting Congress
at once.
ION the other hand, the demonstration
of silver Ily the Indian Council has pre-
cipitated crisis, and given President
Cleveland a chance to call the extra session
much sooner than he had at first intended.
He feels that with silver debased in India,
even the most rabid free silver advocates
in this country will appreciate the folly of
longer insisting that the United States
shall stand alone in the long cherished
hope of silver rehabilitation.
1.-THE gentleman to whom I refer also
tells me that Mr. j. Pierpont Morgan. who
recently returned from abroad, assured
him only yesterday that money is loan
ing readily In London and on the Contin :
emit at three-fourths of l per cent, and
that millions of dollars will be sent to the
United States by European bankers for
investment the moment the Federal Rd-
ministration can give the assurance that
the Sherman Silver Purchase act will be
wiped off the statute books, or that
national finances will not drift to a silver
basis"
No doubt the President has been moved
to this by the many opportunities and
petitions which have been pouring in upon
him from all parts of the country.
One of the strongest petitions is that
sent by the united commercial bodies OF
Detroit, Mich, which is as follows:
1T is the sense OF this meeting that in
view of the universal financial oppression,
Congress should be assembled as early as,
in the Judgment of the President, il
proper, that measures of relief may be
enacted"
Secretary Hilary A. Herbert, of Ala
bama, Secretary of the Navy, probably
voiced the administration when he said
think the stoppage of the coinage o.
| silver in India is the greatest blow thai
has been given to the Sherman law and tG
| the free coinage of silver. The free coin
age of silver in India has been pointed tc
as an object lesson by the advocates of fret
coinage in this country"
w hen asked if the silver question pre-
| scented serious danger to the Democratic
| party at this time he said: sit is serious
| question which the conditions demand
should be settled. think we have reached
crisis and that the party in power will
be judged by the wisdom they show II
| giving the nation sound currency"