The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-30
.NDIA'S SLASH At SILVER.
t Is the Hardest Rap the Sherman
Law Has Received.

Moi the democratic party, expressed the
Nfollowing views: 81 think the stoppage
Of the coinage of silver in India is the
greatest blow that has been given to the
II ISherman law and to free coinage of silver.
3. Free coinage of silver IN India has been
pointed to as an object lesson by the ad-
Il vocates of free coinage in this country.
1T has been urged upon the farm
ers that India had an advan-
tage over the United States in the
higher price for wheat because the cur
rency in India was all silver, ignoring the
n fact that, while they might get more for
their wheat in their own currency, the
price in gold was no greater, and the COM
mOdities they bought with the money they
got for their wheat had to be paid
for on a gold basis; and, still
further, overlooking the loss through
n high exchange, IL has further been
repeatedly said that the high rate of ex-
change between India aud England was
N kept up by England for the benefit of Eng
n lish merchants, that they might sap the
N very life out of India. Now thelcoinage of
silver there is voluntarily stopped, with
4 the consent of India, and it tumbles over
both these arguments-that silver cur
rency wasa benefit to the farmers Of India,
and that exchange was on a system for
the benefit of England"
do you think the silver question pre-
Y sents a serious danger to the democratic
party at this time2"
1T is a serious question, which the
N conditions demand should be settled. I
think we have reached a crisis and that
the party in power will be judges by the
wisdom they show in giving the nation a
sound currency"
The secretary further said he believed
the populist party was losing ground and
that the teachings of those engaged in it
would have no influence In shaping the
a cratic party. He said "Those VINO
future policy of the demo-
N advance the unUenable doctrines of the
n popuhsts on the money question have
formed themselves into a third party,
which the democrats recognize as
an antagoniotic party. They can
no longer advocate their theories in dem
Ocratic councils and as a third party they
are not stroug enough to be dangerous.
That party organization which deter
mines the nomination of democrats to
n congress and takes part in the making of
presidential candidates and presidents
NJ will adhere to sound democratic prinei-
pies and stand by a sound financial
policy"
THE MoLLIE GIBSON MINE CLOSED.
Denver, Col, June 30 The Mollie Gibson
mine at Aspen, the largest silver producer
IN the state, was closed down yesterday
and will not resume operations until the
outlook for silver is improved. All the
n big properties in that place have reduced
their forces. 500 men being discharged
yesterday. A meeting of the mine mana
gers will be held to-day to consider the
situation and take concerted action
Smelters have ceased buying ore and will
contine themselves to that on hand or
contracted for.
The Omaha and Grant and Gleason
and Boston, and Colorado smelters here,
together with dozen big silver and lead
shelters throughout the state will not
close down at once, as has been reported
IN the east. These works have ore con
tracts on hand WEIGH will keep them in
operation until Jan. l, no difference what
The price of silver may be.
SILVER MEN MEET.
Denver, Col, June pa meeting
n was held here to-day Of all
the leading silver mine owners and mana
gers in the state. Ex-Governor j. B.
Grant, of Omaha, and the Grant smelter,
the largest concern. of its kind in the
world, was made chairman. On motion
OF David H. Moffatt the chair appointed
y committee of five on resolutions as fol
lows; j. j. Hagerman, chairmani ID. II.
a Mofatt, r. G. Brown, NJ. w Thacher
AMI ID. NJ. Hyman. This committee pre-
sented the following preamble and reso-
n luti0ns:
Whereas, 1t appears from the continued
attacks on silver by the mOno-metalists OF
tle United States, England and other ma
& Tons that there exists in their minds un-
uuceq probably by the product OF an eAc6p-
Ilonal or phenomenal minel an idea that the
metal is so abundant and the cost OF produc-
hon so little as to Justify depreciation OF It's
value, and
Whereas After years of experience in mining
nllllng and smelling, we are in posltlonJ 10
moro thoroughly and correctly know the actu-
al cost of producing silver and nave IN me
nope that its market value would more nearly
SpptoNlnate its intrinsic value by us rehhDil-
!yduOn on some equitable basis our men
al al our mines, mills and smelters are
at a loss to ourselves in general; ana
, whereas. From the present price and con-
Gltlon of affairs and the tendency OF events
II Is evident this hope is dissipated for the
present. now, therefore, be 1t
4, Resolved, That 1t is the unanimous sense OF
thls meeting of mine, mill and smelter own
trS that we put stop to our further losses
ny an Immediate and complete cessation OF
ol our silver mining. milling ana smeltlhR{ mi
Vptratlons in the state of Colorado IN the luii
belief that the monometalist element Will
Hndlly appreciate three vital points
L. That the world cannot transact ITS ousl-
ness without the use of silver as money
. That the actual cost and value OF tne
metal far exceeds the incorrect views Whlch
tuey nave formed. 60,
g. That the inevitable course of events VIII
quickly demonstrate that erroneous sums OF
money invested in railroads, loans and other
property win so deprecinte in value that the
nono-metalists will also be convinced that
some action must be taken with silver to re-
STORE IL to its legitimate use, which IL mas
held from time immemoral; and be 1t turther
. hesolved, That we deprecate and condemn
lhe Incorporate opinions and statements ol
unreasonable men which have been teie-
efaphed to the cast that Colorado has any N
lention of repudating her obligations puolle
UT private. On the contrary, we thlnk our
selves as wen able as any other part OF tne
world to meet whatever may come IN TINS
emergency
The resolutions were unanimously
adopted and the meeting at once ad-
Journed.
OMAHA SMELLING WORKS CLOSE.
Omaha, Neb., June 29-There is a
Strong probability that the big Grant smell
Ting and refining works in this city Will De
closed on account of the decline in silver
4. w Nash, treasurer of the company,
said yesterday: ''We have quit buying
and shall buy no more silver until maI-
ters take different turn. II we cannoC
afford to work silver we shall have 10
shut up shop"
A SHUTDOWN AT ST. LOUIS.
st. Louis, June 29,-The ST. Louis