THE SILVER QUESTION.

Otago Witness, Issue 1851, 17 August 1893, Page 16

THE SILVER QUESTION.

Sir John Ltibbcck considered the Increased value of the rupee would recoup the loss on uncoined silver.

The Philadelphia correspondent of The Times says each city in the United States is carefully guarding its own supplies of specie. President Cleveland, in his Message to the United States Congress, says that the gold in the Treasury has decreased 26 millions in three years. The export of gold in 1893 already exceeds the imports by 17£ millions, and each day's delay in dealing with the monetary question is dangerous. The New York correspondent of The Times say 3 all kinds of money are selling at 2 per cent, premium, and paper money ranks higher than gold. Inland exchanges are paralysed. The English press comments on the colourless tenor of the President's Message generally. A further shipment of three-quarters of a million in gold has been despatched to New York.

Auguifc 11.

Half a million in gold has been despatched to New York, and another million goes on Friday. New York is buying large quantities of silver and is also inquiring after gold. The Standard asserts that unless the drain of gold is stopped stability of credit threatens London (sic). Silver, 2s 10|d per oz. It is thought that

unless New York supports the market it will collapse. August 12. The Colonial Secretary of Singapore advises the adoption of a 3s British dollar on a gold standard, or a 2s rupee piece. August 14. Beplying to a question in the Honse of Commons, the Premier declined at the present juncture to negotiate with the United States regarding joint action on the silver question. Washington, August 8. The President exhorts Congress to repeal the Sherman Act and take such action as will prove its resolve to fulfil national obligations in money matters recognised by civilised countries. August 9. The President's Message says the accumulation of useless silver and the depletion of the gold reserve have depreciated the currency, and the present financial disorder is wholly due to the Sherman &.ct. Congress would be asked to legislate upon tariff reforms after the silver difficulty was remedied. 16 is generally expected the Message will be highly approved in New York. Public opinion commends the action of the President in promptly dealing with the silver question and postponing that of tariff revision. August 11. The "silver" Democrats in the Lower Honse have agreed to oppose the repeal .of the Sherman Act unless the present system is replaced by free coinage, and have resolved to appoint a committee to draft a Free Coinage Bill. A caucus of Democratic members of the Senate indicates that the silver men are stroDg enough to prevent the repeal of the Sherman Silver Act unless seme substitute is introduced. The First National Bank of Nashville, Tennessee, has suspended payment, with liabilities of a million sterling. The Americans are taking advantage of the short supply of silver ore to force up rates and to compel the Treasury to pay high prices. Mr Carlisle, Secretary to the Treasury, has informed the Silver Caucus that the fight over the repeal of the Silver Act will begin almost immediately, and be limited to 10 days. August 12. In the Senate Mr Wilson has introduced a measure to repeal the Sherman Silver Act. Senator Bland proposed to move for the reenactment of the Bland Act, by which the Treasury had to buy each- month a minimum of 2,000,000d0l and a maximum of 4,000,000d0l of silver ; and further, .that provision should be made for the free coinage of silver at an increased ratio. The closure will be enforced on the debate' should it not be determined by the 28th inßt. The Treasury intends to adopt special measures to absorb gold from the subtreasuries in the Western States. Twentyfive million gold dollars will be added on Monday. Several factories in New Orleans have been "closed owing to the stringency of the currency. A clear majority of the House of Representatives favour the repeal of the Sherman Act. Those interested in silver will concentrate their attack on the Sherman Repeal Act in the Senate, where it is said there is a, small majority against it.

Rome, August 9. Italian firms are issuing silver tokens August 10.

The Italian Mint is coining 10,000,000 ten and five-centime bronze pieces in order to meet the demand for small change.