| Show BLAND ON THE OUTLOOK J The Great Silver Advocate Talks Freely on the Situation t IT IS NOT A KNOCKOUT i 0 Heroic Measures Will Be Required on 1 the Tart of the Government Eo Believes That Unless Congress Adopts Some Measure Looking to aBiMctalllo standard It Will Mate a Battle of r Standards the Coming Issuer i Issue-r Louis June Congressman E H Bland the great silver advocate who is here reviewing the silver situation as affected by the action of the Indian government gov-ernment said Heroic measures will be required on the part of this government for the remonetization of silver Most emphatically I do not think it is 3 knockout k knock-out for silver in this country On the I contrary I think that i Congress does not adopt some measure looking to a bimetallic bime-tallic standard it will make a battle of standards tho coming issue in this country coun-try This battle will disrupt political parties and cause a contest between commercial com-mercial centers and the agricultural districts dis-tricts of the country The free coinage of silver is demanded by the laboring Classes and this is what the free silver men will now demand of Congress The demonetization of silver is 1 conspiracy between the banking in stit ions of England and the eastern person of the United States and the suspension sus-pension of silver coinage in India is apart a-part of this conspiracy to bulldoze the Congress of the United States to the adoption adop-tion of a single gold standard I do not believe they will succeed I the Democratic Demo-cratic Congrcbs stands true to its pledges this conspiracy will not succeed I The low price of silver i due to the fact that this and other governments are discriminating against it and that money interests of this and other countries have fought it No important commercial country has recently had a mint for the free exchange of gold and silver The effort has been to dam up silver to prevent pre-vent its free exchange in the commerce of nations That the United States by free coinage can restore silver to its original value was practically admitted by the British Royal commission of 1888 consisting con-sisting of twelve members sis of them uncompromising gold monometallists They admit that France alone could maintain main-tain the parity of the two metals at the ratio of 15 to 1 This count is stronger in material wealth developed and undeveloped unde-veloped bined than France and England com WANT AN iiXCBA SESSION Tremendous Pressure Brought to Bear on the Administration WASHINGTON June 28 Secretary Car lisles mail this morning was loaded down with letters from bankers commercial com-mercial men and others calling on the president to convene Congress at once in extra session to consider financial legislation legis-lation The pressure is great but there is semiofficial authority for the statement state-ment that Congress will not be convened before September A cabinet officer speaking of the financial finan-cial situation said this morning that there was no doubt in his mind that a rapes ra-pes of the Sherman law would bring about much needed relief whether temporary tem-porary or permanent time alone could demonstrate Still there is no certainty even now that Congress would repeal the Sherman law that body might be convened con-vened in extra session before September but he concluded The leaven is working work-ing According to treasury advices silver continues to decline the price in London today being 3 pence per ounce or 739 of our money This makes silver dollars r worth today as bullion 57 cents Since the tresury went out of the market as a purchaser of silver June 21 the price declined de-clined from 8 to7 per ounce July 8 is the tme for the next purchase to begin but it is hinted at the tresury department the purchases may be delayed to July 5 or 7 TALK IX WALL STREET An Easier Condition in the Money Market Mar-ket Demands for Rediscounts NEW YORK June 28 Bankers reported re-ported an easier condition in the money market this morning There were no extraordinary ex-traordinary shipments and the only thing which was noticed out of the ordinary was the large number of demands for rediscounts re-discounts from all over the country Tho clearing house loan committee Issued S 1330000 certificates making the total amount issued 5360000 subtreasury transferred 115000 to San Francisco by telegraph in return for gold deposited The free gold in the treasury is just 95000000 There is much talk in Wall street as to the reasons which prevented tho President Presi-dent calling Congress together immediately im-mediately Intimate friends the secretary secre-tary of the treasury in conversation with a reporter said according to Carlisle the canvass of members of Congress two months ago in behalf of Cleveland re suited in learning that there was a majority of the House infavor of a repeal re-peal oi tho Sherman law but in the Senate there was a majority of twenty the other way It was believed however that enough senators eleven at least would oe converted before September to enable the repeal measure to pass the upper House SENATOR PEFFERS VIEW Ho Thinks Congress Will Repeal the Sherman Sher-man Law Kiln the Old Parties INDIANAPOLIS Ind June 28 Senator Peffer of Kansas today in an interview said The Sherman law will be repealed the first thing when Congress meets The effect of this will be to destroy both the old parties and build up a new one That will be followed by a new allignment of parties to some of the new organizations soon to come into existence ThePeoples party is but the preliminary makeup of one which is t assume control The new organization is to be composed of the Peoples party mostly and will receive recruits from both the other I many recruit large I I organizations which arenowcloslng their I careers The Indian silver movement means a general panic Out of this will grow with much strength a Peoples party The silver question has been giving us much aid all along INTEND TO FIGHT Bilror Advocates Will right Any Further Degradation of the Metal WASHINGTON June 28The Star says r liThe talk of radical silver men since they got over the fst hock of the news from t India is rather defiant While admitting t that demonetization in India i a hard S blowatbimetallism at the present ratio f they Speak of il as a conspiracy y and in f fist thttt it is more than ever important rll D f f that this country stand by silver They I say they intend to fight with all their might against a further degradation of silver I siver I The more conservative men however regard this as whistling against the wind Their best judgment is that many who voted for free coinage because of their conststuents will find in the present situation sit-uation reason for voting the Sherman law off the statute books perhaps even without with-out any sort of a substItute a compromise compro-mise A NEW THEORY It I Advanced by a Mexican Financier A Gold Loan Cray OF MEXICO June 28The tremendous drop in the price of silver bringing exchange on New York to 6 percent per-cent has created much discussion among Mexican bankers They gener orally regard the present situation as offering of-fering a good opportunity to the United I States to force bimetallism upon Europe I i suggested by one man that the United States might issue a gold loan of 500000000 four and a half per cent bonds which it is said would be immediately im-mediately taken up in Europe where all other government securities would immediately im-mediately drop heavily not being able to compete with American bonds Then according to his theory gold would flow into the United States and in a short time bimetallism would have to be adopted by Europe and the enormous quantity of silver held by the American treasury would rise in value the whole transaction being immensely profitable to the United States It is said here if nothing is done to bring bimetallism all silver using countries i coun-tries will begin manufacturing for themselves them-selves and the United States and Europe will Jose enormously in foreign trade The United States it is urged could afford to undertake a gigantic financial operation being able to feed it and has now a wonderful opportunity to settle the silver question permanently WILL FOLLOW INDIA A Statement That Ceylon Mints Will Be Closed to Free Coinage SIMLA June 28Sir David Barbour financial member of the vice regal council said in an interview on the silver question today that in his opinion Ceylon and Mauritius would be compelled soon to follow the example of India and close their mints to the free coinage of silver The effect on the Chinese trade he said was causing much justifiable anxiety It might be possible to ease the situation through the introduction of a gold standard in Chinese treaty ports but in any event the bulk of about fourteen four-teen crores of rupees 8140000000 would be thrown on China That Chinas foreign for-eign trade relations would be thus disturbed dis-turbed to an enormous extent was self evident i COTTOK MILLS SHUT DOWN Six Hundred Hands Laid Off In Philadelphia Philadel-phia PHILADELPHIA June 28The depressing de-pressing effect of the present condition of the cotton trade is making itself felt in Frankford and Kensington Managers of the mills are trying to avert a suspension of their entire plajits by laying off the employes one room at a time hoping trade will take 1 boom but the two large plants at Frankford have finally decided to shut down a month at least and others in Kensington it is rumored will soon follow this example The mills that are first to succumb are the Calcutta and Berkshire both operated by the Berkshire Berk-shire hands Mill company employing 600 POWERS OF INDIA Gladstone Replies to a Question Regarding Regard-ing Coinage of Rupees LONDON June 28 Gladstone gave further reply in the house of commons today to a question asked yesterday by Bight Hon George K Goschen as to the power of the Indian government to coin rupees as the need arose Gladstone said doubtless the Indian mints would not be restricted to exchanging silver for cold The act adopted Monday by the Indian government repealed certain clauses of the Indian coinage act of 1S70 but the power of the Indian government to purchase silver and coin rupees whenever when-ever new act it thought fit was not affected by the RAISING A LEGAL POINT I I Indian Banks Propose to Contest the Telegraphic Tel-egraphic Order BOMBAY June Newspapers generally gener-ally approve the action on the silver question ques-tion but express the hope that the government gov-ernment will compensate the banks tho holdings of which are largely silver It is stated that the banks intend to raise a legal le-gal question as to whether telegraphic intimation o a change In the law is sufficient suf-ficient to cir ge the law and to justify Monday the mints in refusing silver tendered them MICHIGAN IRON MINES Those on the Upper Peninsula Are Closing Clos-ing Down CLEVELAND 0 June 28On account of the great depression in the iron ore trade one after another of the great iron mines in the upper Michigan peninsula are shutting down indefinitely These mines employ thousands of men and are practically the sole support of whole towns in the peninsula A protracted cessation of work is bound to result in widespread suffering It will also have avery a-very bad effect on vessels in the ore carrying car-rying trade A SETTLEMENT MUST COME The View Taken by a Prominent Denver Financier DENVER June 28A prominent member mem-ber of the Clearing House association today to-day speaking of the silver situation said the closing of the mints to silver coinage in India will precipitate a settlement of the silver question and viewed from this standpoint it will not be regretted It I 1dP < wil egettd I win not weaKen me cause 01 silver nor will it shake confidence of friends of free coinage in ultimate success I KANSAS CITY SMELTING COMPANY The Fall in the Price of Sliver Will Not Affect Them KANSAS CITY Mo June 28 August H Meyer president of the Consolidated Kansas City Smelting and Refining company com-pany said to day that the fall in the price of silver would have no effect upon the companys business He said they anticipated an-ticipated the fall of silver over a year ago and thought most of the smelters in this country have done the same thing A Petition from Atlanta ATLANTA Ga June 28 Without a single exception all the officers and directors di-rectors of the Atlanta chamber of commerce com-merce united in a petition to the president presi-dent urging prompt nqtion calling Congress Con-gress on the ground that every days delay de-lay i damaging to the business of the Continued on page 8 i i r BLAND ON THE OUTLOOK Continued from page 1 country The petition is heartily endorsed orsed by the loading business men of the city |
