Rensselaer Republican, Volume 26, Number 42, Rensselaer, Jasper County, 14 June 1894 — TRADE IN THE EAST. [ARTICLE]

TRADE IN THE EAST.

John W. Foster Talks of the Depression in the East. Ex-Secretary of State John W. Foster, who arrived at San Francisco, Wednesday, from India and China, speaking of trade conditions in the far East, said to an Associated Press representative: “I found a general and wide-spread business depression prevailing throughout India, the straits settlements and wherever British merchants and commerce extended in the East, and the cause of it is attributed to the heavy decline in silver, which is the single currency of the countries of Asia. This decline, it is there believed, has been brought about bv the closing of the India mints and the repeal of the Sherman act. I have frequently been called upon in these countries to defend the statesmanlike action of President Cleveland in convening Congress and bringing about the repeal of the Sherman law, which has been regarded in the East as a step toward placing the United States on a single basis.”