The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-08-18

NEW YORK. Aug 1T.--Silver bullion
seems TO find difficulty in touching bot
tom on It's market. Saturdays price was
the lowest ever recorded, but Mondays
London quotation fell quarter OF penny
per ounce further and the New York price
;. cent At the present price for silver n
New York the intrinsic value OF the dollar
Is approximately 42sa cents.
This country exported in July. according
10 the government report. only $3.50 more
silver than it supplied in June. II is there
fore plain that the break IN silver Is not
due to excessive exports from America.
The Mercantile Safe Deposit Company
holds 34s. asa ounces Of silver bullion.
against which 34s certificates are ougsland-
ing. The steamer Trave. sailing for Europe
today. took out 81. Geo ounces of silver. ca
BE advices from London say there is an
impression that gold may be sent direct TO
New York from the continent soon.
The steamship Paris, for southampton
tomorrow. viii take out 80, 90 ounces u
silver.
LONDON, Aug. 1.-THE Times mas pub
Ashed two-column special article today
reviewing the effects OF closing The Indian
IninIs. in connection with the visit of the
American bi-metaIlic commission. IL says:
The closing saved the Indian govern
ment from the losses incident 10 a heavy
fan in exchange and consequently from a
gold obligations. II is undoubtedly true
that II also helped to keep down the gold
value OF silver bullion, but may not the
question be raised whether the low price
OF silver is necessarily disastrous TO thlt
India which purchases Il SO largely Since
1873 India has been the only real whole
sale customer for silver. Other customers
are of the retail order. The delicate adj
justment of the relative prices of the ru-
pee and silver formerly existing has been
rudely shattered by recent events. Since
1896 the rupee has risen and silver has
fallen. The fact Is the forces now acting
upon the price of silver have become too
tremendous 10 Do dominated by such deli
cate influences as preceded the defeat Of
Bryan's silver party and Japan's adoption
OF the gold standard. These events have
proved causes TOO potent 10 be withstood.'
The article, in concluding, says:
The closing OF the minis was justified.
ard all that IS now needed 10 bring a great
experiment 10 a successful ending Is 1T
tie courage, as Well as resources on the
part of the 1nanciers OF the Indian empire.
AT the same time plain and straigntfor-
ward language is advisable upon one point.
The india statesmen tampered too long
with bi-metallism. This irritation, when
seems so innocent and innocaous, has al
ready cost them dear. But for that, the
government would have asseated 10 the
closing of the minis prior to 1898.
The article comments on the character
istic crudeness and boldnesS of American
diplomacy in sending a bi-metallic COM
mission 10 ask for the reopening OF the IN
dian minis, while at the same time dealing
the worst possible blow at British COM
merce by passing the Dingley tariff.
The Westminster Gazette this afternoon
echoes the editorial of the London Times
this morning on hi-metallism and says 1t
sees no chance OF the Indian minis being
reopened to the coinage of silver, adding:
ITO fool any longer with President Nc
kinley's commission is surely unnecessa-
~. In declining TO abide by the market
value OF silver as the standard Of cur
rency value. India has taken a step to-
ward demonetizing silver. England and
Russia have adopted the gold standard
and no one means TO go back on II. They
win soon say so and not be deferred by
the possibility of Bryan victory and dis
miss the question finally"
MEXICO CITY. Aug. I7.-New York ex-
change sold to 135 premium today, but the
majority OF the transactions We're at lSa
and 135. 1t is believed that silver has not
reached its lowest level.