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title: 'The herald [microform]. (Los Angeles [Calif.]) 1893-1900, July 13, 1893, Image 1',
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FOR DISTRICT OP SOUTH BKN
CALIFORNIA: FAIR WEATHER;
ALIOHT CHANOES IN TEMPERA
TURE; WESTERLY WINDS.
VOL. XL. NO. 93.
XX7& LEAD in Style, Quality and Price.
V V nmni HtWWWet '»
OUR CLOTHING is All of the Finest Makes,
i » awi — ■"" ""» *
ARE Prepared to Meet All Competition.
QUR Summer Stock at Greatly Reduced Prices.
Mullen, Bluett & Co.
Corner Spring and First Streets.
138, 140, 142 S. Main St.
WE HAVE MADE FURTHER
On our entire stock, and will kaep up our
Immense Clearing Sale
For some weeks yet, to close out our RETAIL DEPARTMENT
BRASS AND Mj BEDSTEADS.
Our Metal Bedsteads Are the Best.
They Are Light, Airy, Cheerful and Ornamental.
Sanitarily They Are Perfection, and Positively
Do Not Tarnish.
We Have All Grades and Patterns to Suit the
Purses and Tastes of All Buyers.
FINE BEDDING to Match the Bedsteads in Every
Variety—Our Own Mate.
LOS MM FURNITURE GOMPASY,
225-227-229 South Broadway, Opp. City Hall.
HELD IN MECHANICS' PAVILION, SAN FRANCISCO, ENDING FEB. IS, 1893.
GRAND SILVER MEDAL Xl^A^^,
CJTT "T7"I7"D A T FOR MOST ARTISTIC SPECIMENS OF MHCBL
OJLJL/ V JLL/JLV iVlJtl/jLlxi.jL/ luntous Photography.
CTT ITT?*D rV/rX?T*a A T for most aih istic specimens illustrat-
Oi-J-i V JZsXV 111 Fjl Jrt I j lug tho Platinotypu, Aiiato aud other processes.
SILVER MEDAL ~ O3T ABT, * rlc of
"Four Medals Out of a PQssible Four."
220 SOUTH SPRING STREET. ITX^tlXl
M Best Appointed Hotel in
•llS "T '' American andEnropeau Plans.
|»f mt, Jsf 8 •[ V W lifmiM Central Location.
Ill: S'ttji ••'„> ,t First-class Service.
J V Finest Cafe in tbe City
lv Connection : : :
' A.. C. BILICKE & CO.,
" 7 4m Proprietors
henry f. miller t—. i a IS. I f~\ O mathu-hek,
BEHR BBOTHER9, V—* I/\ |\l (J * BRAUMtILLBR,
B. SHdNINGER, 1 ' SMITH* BARNES
NEWMAN BROS., /—\ CD A M Q NEEDHAM
Air Circulating Reed CelU. v — ' ~SJ g SUver Tongued.
A FULL LINE OF MUSIC AND MUSICAL INSTRUMENTS.
_ Btandard, Rotary Shuttle, White and Other Long Shuttle Machines, Supplies, Etc.
327 ROTJTM BPgINQ SVTKBBTV 4-13 W
KINGSLEY & BARNES,
WfIDDISO INVITATIONS, ETC.
VISITING CARDS, ETC.
ill New High Street, Fnlton Block,
Meat Fianxliu street, ground floor. Tel. 417.
T. BILLINGTON, Proprietor,
326, 328, 330 S. Main St.,
LOS ANGELES, CAL,
LOS ANGELES: THURSDAY MORNING, JULY 13, 1893.
THE SITUATION IMPROVED.
Bankers' Views of Financial
An Easier Feeling in Moue
The East Unmindful of the Silver
Consternation Created In BpanUh Amer
ica by the Depreciation or the
White Metal—A Big Flurry
By the ArarcUtad Preii.
Nkw York, July 12.—Notwithstand
ing the flurry in the stock market to
day, bank presidents and others occupy
ing positions familiarizing them with
current conditions, are unanimously
agreed that the general situation has
improved and continues to do so. There
was nothing in the financial situation of
the country to produce such an unset
tling. Two or three oases are reported
today of conntry banks, mostly in Penn
slyvania, coming into this market as
buyers of commercial paper in a small
way, tempted thereto by high rates and
the fact that they had money to their
credit with their New York agents.
The amounts of the purchases in the
aggregate is not large, but it is believed
to indicate an easier monetary con
dition in certain sections of the country.
CONDITION OF PHILADELPHIA BANKS.
The condition of the banks in Phila
delphia was reported practically un
changed, and New York exchange is
only obtainable in that city at a high
premium, averaging about $2 50 per
$1000. Some Philadelphia banks have
reduced their indebtedness to corres
pondents in this city, but the balances
are still large. The New York banks,
however, are treating them leniently.
SILVER AGITATION IN TUB WKST.
Regarding the silver question in the
west, the president of a prominent down
town bank received the following letter
today from the head of a leading mer
cantile house in Denver, which has deal
ingt throughout the silver states :
"In regard to silver mining in this
state we candidly believe the present
situation very much exaggerated, and
as soon as there is any prospect of ob
taining any price for silver a great many
of our miaeß will be operated ou as laics
a scale as formerly. This we say in the
supposition that the .present price of sil
ver, Bay 75 cents per ounce, is a reason
able price, as silver costs very oeaily
this figure to produce. If the prloe of
Bilvsr should decline materially below 75
cents per onnce, there undoubtedly
would be a curtailment in the produc
tion in this state, but we believe as a
rule merchants will be able to pay their
accounts in fail, and loss to jobbers at
any point in this state ought to average
a very low percentage. The talk and
threats indulged in by a few rabid silver
its is, in our opinion, taken too seriously
in the east, as the parties who do most
of this talking have no credit or stand
ing at home."
CONSTERNATION IN SPANISn AMBRICA.
Mail from Panama, under date of July
sth says: The tumble in silver has cre
ated general consternation among busi
ness men who trade in countries which
ai c exclusively silver-using communities.
The extent to which the credit system
prevails throughout Spanish-America is
unknown in the north, and the debtor
who sees his resourcos diminished by
half through the sudden depreciation of
tbe money he uses, is inevitably forced
to the wall,
THE FLURRY IN STOCKS.
Bears H>t< Their Inniug« in Wall Street.
New York, July 12.—Stocks opened
this morning with enormous business
and weak, with losses of & to 2 per
cent. Chicago, Milwaukee and St.
Paul and sugar were the weakest. Ex
citement ran high. The street was
flooded with unfavorable rumors.
Tbe downward movement continued
after the opening. Cotton oil declined
2% to 28; preferred, 6 l i to 60; General
Electric, to 58>2 ; sugar, 2% to 76;
preferred, 2to 78; lead, preferred, 4to
63; Union Pacific, 2}« to 29%; St. Paul,
7% to 58>£.
Rumors were again put afloat regard
ing tbe financial standing of a leading
eapitaliet, and a prominent Broadway
trust company was said to have sold a
block of securities, chiefly Vnnderbilt
stocks and General Electric. Other un
favorable reports were started but could
be traced to no anthentic source. When
it Was found that the rumors could not
be verified a more hopeful feeling devel
oped, and a sbarp rally ensued. North
western jumped to par. General Electric
to 62, St. Paul to 59%, sugar to 78%.
At 11 o'clock the market was quiet and
After 11 o'clock stocks weakened
again, declining K. @ 2 per cent. Sugar
and Ucneral Electric were prominent in
the declines. Near midday tbe pressure
let up some and the market became
steadier. At noon*the market was fev
erish. Money on call was stringent at
10 " 20 per cent.
One of the chief Items contributing to
the excitement and weakness was a
rumor that one of the Vanderbilts bad
been compelled to market a lot of bis
securities. Inquiry, however, devel
oped that a well known trader, in no
way connected with the Vanderbilts,
was forced to throw over 40,000 shares
of high-priced Vanderbilts, and the
bears took advantage of the fact to
ponnd the market.
The general opinion is that there Is
nothing in the situation to warrant yes
terday and today 1 * break. On the con
trary, among qanks and financial circles
a better state of affairs is repoited.
After noon call money fell to 6@7, and
stocks became calmer, assisted by rumors
of the taking of $4,000,000 gold for im
port from Louden, About 2 o'clock,
however, there was renewed selling on a
large scale. Burlington broke to -si ■ ,
St. Paul to 57%, Rock Island to 61%.
Tbe selling movement in stocks which
set in about 2 o'clock soon exhausted
itself, and a rally quickly followed.
Dividend payers were in better request
and a recovery of '4 to \% followed.
The market left off tolerably firm. Sterl
ing exchange was easier at the close and
rnmors of gold imports were again re
vived. Bankers are inclined to believe
that tbe steamers leaving Eurouean ports
Saturdar for New York will have a fair
amount on board. The Spree and Trave
now on the way, have, it is said, $1,000,
--000 in gold for the local bankers.
Silver was dull and weak: 10,000
ounces was sold at 71 cents. Commer
cial bar silver fell to 70; Mexican dol
lars to 56.
The Treasury Will nave to (let a Move
on Itseir Soon.
WASniROTON, July 12.—1t looks very
much as if tbe treasury of the United
States wonld be compelled to do some
active work in order to carry out the
provisions of the Sherman law this
month. July is now almost half gone,
and still the treasury has purchased only
a fraction more than 16 per cent of the
400,000 ounces prescribed. The nrice
paid when tbe June purchases were
completed was 82.2 cents per ounce.
July 7th 100,000 ounces was taken at 72
cents ; next day 538.000 ounces at 72.3
was accepted; 100,000 ounces purchased
Monday at 71.5 cents completes the
purchases so far this month.
The director of the mint today made a
counter proposition on 375,000 ounces
offered at prices ranging from 72 to 73.5
cents, in which be agreed to take silver
The gold reserve today increased |599,
--808. The total amount now is $97,880,
--575. Tbe currency balance remains at
about the same figures, $27,353,881.
The total valn.o of the exports of do
mestic breadstuffj from the United
States during tbe month of June was
LONDON STOCK MARKET.
A Blrt Decline In American Hallway
London, July 12, —Stocks were flat
today. Considerable excitement pre
vailed on the stock exchange, American
railroad securities declined &@6 per
cent; tbe latter was Chicago, Milwaukee
and St. Paul. This weakness affected
the whole market. It is stated several
brokers are in a critical situation, large
ly due to bawleßs rumors telegraphed
from New York yesterday concerning
the soundness of a number of large
English houses, concerning the sound
ness of which no doubt ie entertained
there. Bar silver was 33 pence.
W. B. Moore, a stockbroker, failed.
Another failure was reported later,
that of Frank Boyer, a stockbroker.
The tono at the unofficial close was very
unsettled. It is feared other brokers
will fail tomorrow. American railroad
securities are exceedingly depressed;
the principal declines being tit. Paul,
by 2 ; Michigan Southern, A%; Union
Pacific, 3}4 ; Santa Fe, 2; Santa Fe in
come bonds, l>j ; Central Pacific, \%.
All other American railroad securities
fell , l £ to 1. a
Bank Officials Arrested.
Milwaukee, July 12 —The grand jury
indicted fie officers and directors of the
Plankington bank, for transactions lead
ing to tbe failure of that institution.
Tbe indicted officials were subsequently
arrested and gave bail.
The announcements of the indict
ments and the arrests created intense
excitement throughout the city. The
parties are all prominent and tl.eir un
fortunate predicament is the subject of
general regret. Among tbe directors is
United States Circuit Judge Jenkins.
President Day is still in an Indiana san
itarium and the officials of that state
have been directed to hold him until a
requisition is obtained. He is charged
with embezzlement. The other officials
are charged with receiving money »w lieu
the bank was insolvent.
Gold Bug Action.
New York, July 12.—The chamber of
commerce committee for the repeal of
the Sherman silver purchase act, bad
another meeting today. It was not de
cided to issue an address to tbe public,
but the members of the chamber will be
urged to use their inlluence to cor
respondents throughout the country to
induce a general agitation in favor of
sound money. The maritime associa
tion of the port of New York decided
today to call a special meeting next
Tuesday to consider silver legislation.
Spkingfield, Mo., July 12.—The
Bank of Commerce has failed. The laat
statement showed assets. $256,000; sur- i
plus, $10,000; deposits, $176,000.
Garnktt, Kan., Juiy 12. —The Bank
of Garnett, one of the leading institu
tions of Anderson county, has failed.
The bank held $13,000 county funds. It
is believed to be able to pay in fall.
WAsniNOTON, July 12. —The comp
troller of currency has appointed E. K.
Fogg receiver of the Nebraska National
bank of Beatrice, Neb.
A Bookseller Assigns.
Chicago, July 12.—Charles M. Barneß,
stationer and bookseller, made an as
signment this morning. Assets, $171,
--000; liabilities, $113,000. A judgment
entered against him lust night is the
cause of tbe assignment.
An Invasion of Venezuela*
Panama, July 12.—News has just been
received that an expedition started from
Martinique for the purpose of invading
Venezuela. Tbe lettera of tbe expedi
tion declare they propose to overthrow
General Crespo, who has recently been
chosen president lor a short term.
The world's fair will cause a rush.
Order eaily. Full stock, good fit, mod
erate prices. Getz, fine tailoring, 112
West Third street.
For sunburn and freckles use only
Perfeota Face Cream; safe and sure.
For sale by A. E. Littleboy, druggist,
311 Bouth Spring street.
For bargains in millinery go to Thurs
ton's, 264 South Main street, opposite
A BRITISH GAME OF BLUFF.
Proposed Massing of Troops
A. Strong Naval Force Also
The Action Thowrht to Be Dae to
the Bering: Sea Trouble.
England Evidently Bipecting an Advene
Decision by the Arbitrator*—A
Woman Captures a Burg
By the Associated Presi.
San Fkancihco, July 12.—The state
ment is printed here, based upon a
letter from an English army officer to a
wealthy Englishman sojourning in San
Francisco, that contingency orders have
been issued to the fifth battalion of the
royal rifle brigade, now at Davenport,
England, to hold itself in readiness to
proceed to Victoria for colonial station
duty. Tbe battalion numbers 1000 men
and is one of the best organized and
most efficient in the British service.
The letter further says the powerful
British ship Minotaur has also
been specially commanded to do
duty at Esquimault, and the
commander of the ship has been
appointed naval commandant. The
commander of tbe royal brigade has
been made commander of tbe Esqui
mault station, succeeding tha dockyard
superintendent and Colonel Pryor of
the Canadian forceß, who has heretofore
held both posts. Two battalions of the
royal marine artillery are also under
orders for station duty at Victoria, and
tbe Canadian authorities are said to be
devising measures to overhaul and put
Esquimault harbor in a more complete
Tbe British officer writea his friend to
inquire about the climate and general
situation and manner of living at Es
quimault, and seems to intimate
that this sudden activity on the
part of the British authorities has
direct connection with the Bering sea
controversy. From the tone and lan
guage of the letter tbe San Francisco
Englishman believes that England an
ticipates an unfavorable termination to
the Bering sea arbitration, and proposes
to place herself in a position to defend
and enforoe what she considers her
rights in the seal properties.
Tbe recent arrival of tbe war vessel
Royal Arthur at Esquimault, with Ad
miral Stevenson aboard, and these un
usual movements of British forces,
appear to lend some tinge of probability
to the story. _
GOT AWAY WITH HER MAN.
A Ban VranoUrn Woman Captures a
San Francisco, July 12.—Mrs. D.
Kllery, living on Natoma etreek engaged
In a desperate personal contest with a
burglar early this morning and came
out first best. Thomas Courcey was the
fellow's name and he forced his way into
the kitchen of Mrs. Ellery's home
where the badly frightened little woman
and children were watching to receive,
him. Mrs. Ellery grappled with
Courcey after he entered the room and
a wrestling contest ensued. Tbe resnlt
was that Courcey was quickly thrown to
the floor and the woman placed ber
knee on his chest and pinioned bis
arms. Courcey struggled hard to free
himself, but could not succeod. Mrs.
Ellery had meantime been screaming
loudly and assistance and the police
finally came and took charge of the
SOUTHERN INSANE ASYLUM.
It Will Be Opened to Keaelve Patrons
>ut August Ist.
San Bernardino, July 12.—The board
of trustees of the Southern California
hospital for insane and inebriates has
adopted plans for the extension of the
building, and ordered advertisements
for bidß. The asylum will be open for
patients about August Ist. Dr. Camp
bell, superintendent, left for San Fran
cisco on business connected with the
institution. While away he will confer
with the superintendents of the state
asylums at Stockton, Napa and Agnews,
relative to the transfer of patients from
those places to the asylum here.
Fire in Oakland.
Oakland, July 12.—Fire started this
afternoon in a room of a building need
as a lodging house on Seventh street,
near Myrtle, and before the flames were
got under control the entire block known
as the Gregory block was badly damaged.
The losb is estimated at $30,000; insured
for $33,000. ,
The Heath Trial.
Fresno, July 12.—The evidence is all
in in the Heath murder case. Argu
ment commenced this afternoon, Assist
ant District Attorney Walser making
the opening speech.
OOBBETT AMD MITCHKI.L.
It Now I.ooks aa Though They Will
Fight in December.
New York, July 12. — The Coney
Island club and Carbett'a manager,
William Brady, have signed articles
calling for a contest with Mitchell at
Coney Island next December, tbe win
ner to receive the full purse of $40,000,
without rebate. Mitchell's signature
must be obtained before August sth to
make the articles binding.
Charles Mitchell has cabled the World
as follows: "I have recently read a vast
amonnt of gUBh from James J. Corbett.
I traveled 6000 miles to make a match
with him and we have each £2000 posted
to bind it. We both agreed the fight
should take place during the second
week in December, as he would not
fight sooner, although he previously
stated that be was willing to meet
me on my arrival in America.
Tbe only club articles I have seen are
thoee at New Orleans, where Charleß
Noel, president of tbe Crescent City
Athletic club, asked me to put my name
to his club's articles. He eaid the
Crescent City club would give as large a
purse as any other organization, and I
signed them provisionally—that is to
say, if Corbett would not agree to them
they would not be binding upon
me. Now as regards hia fighting
Peter Jackson in November, he
can do as he pleases; should he
suffered defeat, I certainly have no use
for blm. I shall be in America early in
September. I will Bign articles then, or
if it will be more satisfactory I am per
fectly willing to Bign them here if they
are forwarded to me. Up to the pres
ent time I thought Corbett meant busi
ness and was a fair and square
man in all hia dealinga; now,
however, I feel certa'.n he desires to
avoid meeting me. The Columbian
Athletic club, or any other club in
America where tbe authorities will not
interfere with the match, will suit me.
I trußt I will hear no more of Corbett's
babbling until I reach America, where
it will be much easier for me to answer
him in person or otherwise."
WORLD'S FAIB HOLOCAUST.
The List of Victims of the Fire Still
CnicAGO, July 13.—The list of victims
of the world's fair holocaust still In
creases. This afternoon another body
was recovered from the ruins of tbe cold
storage building, swelling the death
total to 15, with a large area of debria
Btill unexplored. The remains recovered
this afternoon were those of Ralph A.
Drummond, constructing engineer of
the cold storage company. It is known
that at least two or three, and probably
half a dozen, more bodies are yet in the
ruins, as a Michigan capitalist, an ama
teur elevator boy and a Columbian guard
are still missing. It appears probable
that tbe families of the victims of the
fire will not want for ttie necessities of
life, as up to this afternoon $12,825 waa
subscribed and subscriptions are coming
in rapidly. It is hoped tbe total may
be swelled to $100,000.
Search in the ruins of the cold storage
warehouse for more bodies is continu
ous. The mass of twisted iron and rods
makes the work slow, and it will proba
bly not be completed before tbe end of
the week, notwithstanding tbe fact that
a huge derrick has been erected to facil
itate the work. It was rumored last
night that 11 more bodies were discov
ered In the debris, but this proved un
trne this morning, when it was discov
ered that the carcasses were those of
sheep which had been in cold storage.
Tbe meats and vegetables in the ware
house are already beginning to taint and
tnrn sour, and it is feared they will be
come very offensive, if not dangerouß to
health, before they can be removed.
Already the odor ia becoming extremely
disagreeable, and the men rind it diffi
cult to work Bteadlly in tbe ruins.
It is now believed Robert Blenhnber,
a capitalist of Marquette, Micb., is
among tbe victims of the fire trap. He
was interested in the cold storage, and
tbe morning of the fire told friends with
whom he was stopping that he intended
to spend the day in tbe cold storage
pavilion; has not been seen since.
Louis J. Frank, a fireman who jumped
from tbe tower, died tbia evening in the
hospital in tbe fair grounds.
MARtiUETTB, Micb., July 12. —A pri
vate dispatch from Chicago contradicts
the report that Robert Blenhuber of tbia
city was killed in the world's fair fire.
THE COItIDEMNBD CHOCTAWS.
Mo Danger That Oovornor Jones Will
Carry Out the Sentence.
Washington, July 12.—The report
from Caddo, I. T., to the effect that
Governor Jones stated that the Choc
taws under sentence of death would
surely be shot, ia discredited at the in
terior department. General Armstrong,
acting commissioner of Indian affairs,
said he did not believe Governor Jonea
made the statement ascribed to him,
and further, did not believe the govern
or intended ever to shoot those under
sentence, except possibly one or two of
tbe more desperate ringleaders. From
an official source it is intimated that
in case Governor Jones insists
upon the judgment of tbe Oboctaw
court being carried ont, tbe government
might withdraw tbe protection of
troops, when the Locke-adherents would
make short work of releasing the
prisoners. However, no trouble is an
ticipated, as it is not thought the gover
nor will deem it expedient to oppose
the expressed wishes of the president in
the matter, especially aa it ia only tbe
presence of United States troopa at Ant
lers that keepß Governor Jonea in hia
eeat. He is in no condition to make
threats againßt the United States, for
the rival faction would probably clean
bim out in short order if the protection
of the United States was withdrawn.
Kansas City, July 12.—A correspon
dent of the Kansas City Times inter
viewed Governor Jones of the Choctaw
nation, today, about tbe convicted Choc
taw. The governor said if the trial
judge declined a rehearing tbe men
would be shot at once. If the Locke
faction or the United States government
opposed the execution, he would call out
all the militia and all the sheriffs and
light horsemen in the nation to Bee that
the men are executed.
World's Literary Congress.
Chicago, July 12.—The world's liter
ary congress met in six sections today.
The author's division drew the largeat
crowd. Among the speakers was Wal
ter Besant of London and W. Morris
Collea of London. The folk-lore section
listened to papers by F. Eastman, Stan
islaus Prato of Italy and 11. Fielburg of
Denmark. In tbe philology division
Professor Grabe read a paper arguing
that the Greek philosophy was derived
Throwing Over Prohibition*
Toprka, Kan., July 12.—1n a letter to
A. J. Richard of Fort Scott, Attorney-
Genera! Lile intimates that the state
administration ia throwing prohibition
Blatchford's Body I.ald Away.
New York:, July J 2.—The body of
Justice Blatchford was laid away in the
family vault at Greenwood cemetery
"GLAD TO SEE YOU."
THAT IS WHAT THE PEOPLE
ARE PREPARING TO SAY To
PKICE FIVE CENTS.
AM APPEAL TO THE PEOPLE
Colorado in the Gloom of
Her Citizens Issue an Address
to the Country.
They Demand the Preservation of
Their Principal Industry.
An Impassioned Appeal for Free Coin*
age to the Hearts and Con*
•eiences of all True Amef*
By the Associated Press. \
Denver, July 12.—Interest in the ail
v*t convention today was not in the 1
least abated from yesterday. When
called to order this morning standing
room was not to be bad. After the ap
pointment of delegates to tbe St. Louis
and Cbicago silver conventions, and to
the "gold bug" gathering at St. Paul,
the committee on resolutions presented
the following report, which was unani
mously adopted: \
To tbe people of the United states:
The people of Colorado, standing in
the gloom oi impending disaster and
representing in condition and sentiment
the people of Montana, Idaho, Wyoming, ;
Nevada, South Dakota, Utah, Arizona
and New Mexico, with reverence for
tbe constitution and unswerving loyalty
to the general government, ask for yonr
calm and candid consideration of the
following facts before you give approval
to the destruction of silver as money,
and to the final establishment in tbia
country of a single gold Btandard of val
ues, and thus at one stroke change all 1
the debts to gold debts and inaugurate
a never-ending rise of gold and a corre
sponding fall in the price of every com
Congress is called to meet in extra
session August 7th. Preceding tbe call,
the classes which struggled for 20 years
to overthrow tbe bi-metallio money
standard provided by the constitution,
inaugurated a panic which they un
truthfully charged to the existing silver
law ignoring the facts that there are
$300,000,000 outstanding legal tender
notes, commonly called greenbacks, that
are equally available with treasury
notes isßuad in payment for silver, to
draw gold from the treasury; that the
balance of our foreign trade is turned
against us, rendering settlement abroad
with American gold a necessity, and
that tbe great bankers of Europe sts
purchasing gold with which to change
tbe money standard of Austria and fill
the treasury vaults of other monarchist
countries The evident purpose is to
create prejudice against what is known as
the Sherman silver purchasing act, and
under pressure to secure ita uncondi
tional repeal. The success of this
scheme is only partial. Venal presiden
tial patronage, supplementing false and
incendiary utterances by the gold preaa.
aggravated by daily circular assaults
upon the law by eaHtern money brokers,
sent to every commercial body and
banking corporation in the country,
possibly won over tbe house of repre
sentatives to it, but even the president
has admitted that in the senate there is
a staunch majority against it.
Suddenly, like a fire bell in the night,
the news is flashed beneath the oceans
that free coinage in India is suspended
and the market price of silver has fallen
within 48 fully 20 cents an
ounce. The Btartling action was
forced upon the Indian govern
ment without a moment's warning.
The step held in secret contemplation
by tbe British government for months,
to be taken at a critical and opportune
time when, (he consternation it must
create would stamp out tbe last phalanx
of the bi-metallism defenders, must
have bad as one of its chief aims the
intimidation of the senate to bring it in
line with tbe subservient lower house.
Immediately tbe wires were burdened
with appeals to tbe president from
banks and clearing houses and the com
mercial bodies dominated by them, for
an extra session, and to senators for the
repeal of the Sherman law, which it is
claimed is responsible for the disaster.
The call has been made. The time for
tbe session to commence is early; bo
early, indeed, that may it not have been
the hope of the president that the panic*
would not subside and a measure of re
peal be forced through before reason re-
Burned sway and truth and logic could
dominate congress 7
The enemies of bi-metallism, and
they now fairly number all those who
oppose the free coinage of silver alike
with gold, as before the demonetization
of silver in 1873, openly declare they
will be content with nothing leas than
tbe unconditional repeal of the silver
purchasing clause of the Sherman law.
It ia for that they struggle. It was to
secure that that the panic was created
and free coinage in India suspended.
Unconditional repeal means striking
from the laws tbe last remnant of legis
lation to secure coinage for silver. It
fixes the United States firmly in the
. ranks of tbe single standard nations.
It is tbe consummation of the conspira
cy organized at the close of tbe Franco-
Prussian war to destroy sb money of ul
timate redemption half tbe coined
money of tbe world, leaving tbe other
half to bear alone tbe vast mountain of
credit upon which the world's business
is condncted, inviting more frequent
panics and rendering them more de
structive and enduring.
It is idle to hope that reducing the
value of silver to the lowest stage will
force Great Britain to seek an interna
tional solution of the dilemma. The
home of the single Btandard is in her
islands. Ita members fully anticipated
the low degree to which silver will de
scend. They discounted its disturbance
of ber Inditm trade and steeled their
hearts against tbe crime it will be
against her Indian subjects. The power
that could plot 77 years; that could force
a yoke upon Germany, the Latin union,
Austria and the United States; that
could gain to its aid tbe daily press of
the country ; that could control for 20