The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1897-08-11
ITS LOWEST MARK.
Silver Drops to as "a Pence Per
Ounce In London.
bullion Value Of the American Dol
lar Reduced to Tribe over al
Cents-Enect Of the Weakness
of the Metal I'm Mexico.


London, Aug. 6.-Bar silver made a
violent and sense tional break Thursday
falling one-half penny to 25sl pence per
ounce. This is by far the lowest price
ever touched, and is the most rapid de-
cline recorded on the London market
since the last week of June, 1893, when
the Indian government decided TO close
the Indian minis to free silver coinage.
and when holders of bullion according
ly threw their silver on the market
without regard to price. On the news
silver bullion fell in London from 371s
pence per ounce to price below 30, but
1t rallied sharply later.
Doubts WolcOtt's Success.
The Times in its financial comments
admits its inability to explain the per-
sistent weakness of silver, but thinks
it is due, perhaps, to well-grounded
belief that the results of the American
bimetallic commission, headed by Sen
ator Wolcott, are not likely to prove
satisfactory to slverites here and in
the United States.
Heavy Decline I'm New York.
New York, Aug. 6.-The New York
price fell to 55% cents bid, a break of
IA cents an ounce from Wednesday
and Of Az cents within a month. At
this price the bullion value of the sill
YER dollar is n trifle more Shan 40 cents.
London dispatches ascribed the great
weakness in silver to liquidation by
New York holders of the metal.
Effect I'm Mexico.
City of Mexico, Aug. 6.-The drop in
silver sent exchange on New York to its
highest point (132) after banking hours.
Merchants have largely Cancelled for
eign orders and will await something
like permanency in exchange. The gov
eminent is making all it's estimates
based on even lower prices for silver.
The leading bankers are not dismayed
and continue TO predict a reaction, al
though not until lower prices have been
reached. There is undoubtedly much
apprehensiye feeling, especially as to
the rapidity with which exchange has
risen without precedent. One of the
bankers declares the United States will
have to take the initiative in bringing
about solution of the silver question.
Must Wait.
London, Aug. THE British govern
ment has informed the American BIZ
metallic commission that it will prob
ably reply to the proposals of the COM
missioners on behalf of the United
States in October. The commissioners
have been awaiting in London since
their conference with the cabinet, and
desiring to know the exact position of
England before opening up negotia-
tions with other governments, they
wrote to the cabinet, inquiring when
they might expect decision, as they
were anxious to arrange their future
programme. Friday Senator Wolcott
received reply from Sir Michael Hicks
Beach, chancellor of the eXchequer, in
the course of which the chancellor eX-
pressed fear that the British govern
ment was not yet in a position to re-
ply to the proposals of the ENJOYS of the
United States and the French ambas-
sador on the question of an information
al agreement. Sir Michael Hicks Beach
said it was due both to the Importance
of the subject and the manner in which
it has been brought before the English
ministry by the representatives of the
two countries that these proposals
should be very carefully considered;
and this process must be somewhat pro-
longed, owing TO the time necessarily
occupied in communicating with the
government of India. The chancellor
of the exchequer adds that he cannot
say with certainty how long these COM
munications will take, but he hopes the
cabinet will be ready to meet the en-
voys again early in October.
Not Discouraged.
While this postponement of Eng
lands decision delays the work, the
American ENJOYS do not consider it dis
couraging. On the contrary, they think
Great Britain's interest in the question
justifies them in expecting that the In
dian minis will be opened. They be-
lieve that the Times, in opposing the
reopening of the Indian minis, does not
represent the government, but rather
the city financial circles, which are OPP
posed to any change. The report made
to the government from the mint is
understood to be favorable to silver.
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Deadly Heat mt Dallas.