The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-09
PRICE TWO CENTS.
SILVER DROPS AGAIN.
ANOTHER FALL IN THE vALUE or
RUPEE PLPER II LONDON
The Market is Completely DsuorAlissd.
Comments Of the London Press
on the Subject.

LONDON. Feb. s.-There was another
fall In the value OF rupee paper. the
price declining three-eighths.
dispatch from Calcutta states that
the Bank OF Bengal on Tuesday last
raised its rate OF discount from seven
to eight per cent. To-day a further ad-
vance to nine per cent. was made.
The market for bar silver appears to
be completely demoralized. The tone to-
day was fiat and prices again showed a
considerable decline. Yesterday the quo
tation was % lS-l6d per ounce. At 2:Se
this =. NJ. the price had fallen to y s-Sd.
Comments OF the Press.
The Times I'm It's financial article says:
How far the collapse In the silver
market is due to simple panic remains
to be seen. Pixley and Abel state that
India took in 1S93 e. .052.0oo worth of sill
yer out of an aggregate production OF
flI,'5,0oo, this being much above the
average I'm the past decade. India now
| pauses i'm her absorption. and untll "A
| strong and new demand arises, II is to oe
| feared that accumulation OF stock will
| tend to depress the value OF silver. II
is evident that the nations will not com
bine 10 protect silver. IL is also doubtful
| whether strong private holders OF silver
will step in at present. Seeing how small
is the margin OF supply required they
! will keep OF the market because no full
| recovery and freedom OF confidence I'm
finance is yet apparent IL is only GER
tain that the cheapness OF silver will
| both curtail production and extend con-
| sumption until the decline IS arrested
and probably reversed"
The Chronicle. commenting upon the ex-
| tremely low price of silver saws: Tho
Indian council is severely blamed In
this city for the fearful muddle which
has resulted from the currency expert
ment. Perhaps II il had not listened SO
readily TO the Indian authorities and the
traders I'm India the muddle would have
| looked less hopeless. In contrast with
yesterdays allotment the action of the
| council in autumn shows lack OF con-
tinuity Of policy"
The Daily News, In its financial arti-
| cles. says. "rhe Indian council soii
| eight lakhs OF rupees in telegraphic trans
fers at about II 1-S2 pence. which Is a
fraction below the current exchange from
India. This is a very small allotment
| at such a terribly low rate ana mas
increased the CONSERVATION I'm the sill
yer rupee markets, where It Is argued
! that now that the council has accepted
such a small tender at so low rate
there is no saying TO what further extent
exchange may decline. But while n fur
J ther fall In silver Is admittedly probable,
people who are well Informed are dis
posed 10 take a calmer view concerning
| the future course OF exchange and even
| regard the silver spot supplies as very
! small. and that there are indications from
the United States and elsewhere OF the
speedy reduction in the output Of the
| silver miner The depr.ss has not had
| much influence on other markets.
NJ Legisiation fspsst Il.
In an interview with the submanager
OF the principal bank doing business win
India to-day In regard 10 the silver
situation and prospective legislation. the
latter said that the directors OF the bank
were ignorant Of any prospective iesis-
lation and asserted that the general behef
was that the Government cannot take
definite measures. or even propose them
with any prospect Of success untii ths
silver market ~ steadier.
The submanager also said that ne
thought IL probable that az the present
price, the Irdians would resume making
purchases OF silver for boarding. Noth-
ing was known. he asserted. concerning
the probable re-oDcning OF the indian
mints.