The Silver Crisis

Feilding Star, Volume XV, Issue 35, 10 August 1893, Page 2

The Silver Crisis

GRAVE CONDITION OF AFFAIRS. TRADE PARALYSED. [Per Press Association.] Washington, August 9. The President's message sayß 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 I Act. The Congress would be asked to I legislate upon the tariff reforms after the < silver difficulty is remedied. It is gener- < ally expected that the message will be highly approved in New York. The President exhorts Congress to repeal the Sherman Act. and take such ac- | turn as will prove its resolute to fulfil the national obligations in money matters as recognised by civilised countries. The President, in his message to Congress, says the gold in the Treasury has decreased twenty-six millions in three years. The exports of gold in 1893 already exceed the imports by seventeen nnd a half millions, and each day's delay in dealing with the monetary question is dangerous. Public opinion commends the action of the President in promptly dealing with the silver question and postponing the tariff revision. London, August 9. The New York correspondent of the Times says all kinds of money are selling at two 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. The Philadelphia correspondent of the Times says that each city in the United States is carefully guarding its own sup* plies of specie. A further shipment of three quarters of a million in gold has been despatched to New York.