The Silver Panic.

Manawatu Herald, 4 July 1893, Page 2

The Silver Panic.

The Comptoir Lyon Allemande has suspended, owing to the fall in silver. Colorado mine owners have decided to close every mine in the State, and 80,000 men will probably be thrown out of work. All the Chilian mines will be closed except the Haunchaca. Silver is quoted at 2s 6d, and unless a stampede occurs the price in New York is unlikely to reach a a lower figure, as the Indian banks and others are buying, believing that the bottom has been reached. Owing to the silver crisis 160,000 men in Colorado will be thrown out of employment. .Four railway companies threaten to repudiate their bonds. President Cleveland, in a pro* cltfmation. states that unwisp laws

threaten disaster to trade, therefore he has decided to convene Congress on August 7 th, to repeal the Sherman Silver Act. Many failures were imminent in New York on Thursday, only the banks came to the rescue by providing a million sterling. Silver is now quoted at 2s 9id, owing to large purchases on behalf of China and to bears covering New York and London. The experts in Germany believe that the Latin Silver Union will be dissolved. The British Silver Mine at Broken Hill has been shut down, throwing 470 men out of employment.