, 1879-06-30

How Much Silver Inltn Has Abnorbed-
IIor Currency Must 1se Lot Alunr.
It is satd the recent speech of MIR. Goschcn, In
the English Parliament, on the finances Of In-
lila, has caused riae IN the price Of silver in tho
London market: Perhaps we should stnte--
though tho fact Is fanif!ar-that htr. Goschcn Is
one ut the best financial authorities III England,
man OF largo expeEleuco and wealth. nnl OF
doc,dcd ability, whose opinions arc ontitlod to
ana receive great weight. Ills position OH tho
gold md silver question, when wu consider the
attitude Of this country md of Englund. Is ono
that interests everybody.
Tie opened by sayinK tl,e question Of silver In
standpoint, ntid added; .
"rhey bad esrapsd the danger Of railing the
value Of the coined rupee. 1t ought not to 10
forgotten TINT IN. lndta bars OF silver might 1o
brought to tic D!nt to be coine<l, IND gold Oh
tafnad In exchange. nnd TINT all contracta were
MaIe In India On the basts of silver currency,
II any measure were adopted to close the n4lnt
tho privilege would hc taken away from lchtora
Of paying their debts through tl!o medium Of
turb tue whole Of tho fntefnal transactions Of
lndla1 Ho said more-Was Il Just to disturb
tlse whole transaot!ons Of lnd'a, which wore
Nr. Goschen spoka Of The Influence Of persons
Of Iixcd Incomes, officials, .tradcrs bankers, mud
tho (iovgrnncnt itself, III favor Of mcdlltng
With india for tho ettatIEal,mcnt OF gold basis,
and waR glad The danger had been escaped. liz
Of America, mud Of the quantity Tor sale by Cor.
many. lie had very distinct mud categorical
assurance from hlgll authority that the Gerinan
Government DID not lutend to make any fur
tlrr sales Of silver. and be "Delleycd be might
ald that !e was correct ~ saylng That The Ger
1liaus did not think they had made U good bar
gaiu hY tho trausfer Of their old currency into
the NEW, ,antl that there was now sotno hrsita-
tlon III Derltn ~ to whother. all oalcr coins
ono-tlolur piece which was Btill In circulation"
Mr. uoschen then proceeded to llsCusB tho
question, aud l. WAS this that made the strong
cat impression In EnglI,tl Of tllo ability Of In.
dia tu absorb stIyer. liz said:
"What had been, did tllo House suppose, tho
amount OF stlyoE imported into India eince tho
report Of tho Committee Of 1876 appcaredl In
the year 1876! tAe net import Of silver Into
is'ls was tn tss 81 3oo oS o oGd aHa !,
tiiat ,e net inpost % vas ss1 oaiy T ESiSo56; II isT
q H0. 5oo, 100; ii 1s7:s7s I7o5. 900; III lsf5.7l,
- = d;S daoh9S@; S; y ls7k55, &coo; eco; t. 1S55.7o,
tliree years previous 10 tle jaas three years the
ss t&'si ?t ityF Vito a 'aa9 dss ys5s ss GsE a.
three fsars tsMY amounted to 4s225, OK, 900.
Of silver {siso, oJU,00W was srccsely liz
e!nount which had becu :. sold by tbs
German loverumcnt dnrnB tlsat period, so
that India haa been able to aGsprl, or Compelled
to absorb ti,c atuount whlsh hid been sold by
Germany. It was possible, OF course, that a
large amount al silver nl9ht have bccp fenstiaa
tro!n EnglanA 10 luais, a'd nighs DO hold there
Oh English account; but. On the other hlnd,
tllcre bud bcru 4 withdrawal OF capital from
India to thi1 country in consequences Of tic
pante which Ind been ctealed by the fall In cx-
changes. The gross amount Of silver, he might
add, which had becn ,nportrd intu lndla during
l,s last thrcu year4 was wv, ,00J 0o0. und Et U00,
UD-ile ltileguncs between that sun ant the
III, 010, 90 he had ,llentioned-hau nearly ali
bssp ssnt TO China, Japau, unu Other countries,
porston of 1t having bven sent TO Coylon. lie
wished to know teom those who looked At llio
,s.qhrstlon from larEs po,ut of view whether
They thought It wlss to stop The Opera.
fion Of natural Causes by arrcstlns
Hlefr aetton ln favor Of dangerous rt,lu-
a!os. llaar, hsaEl lIo would point ouI QUO
circumstance: .t)iat wliaa lte question
Gas exsg!!ne4 bY COMMITTEE, In thu year 1871.
out rcrY misleading aud iaaccuratu, while lls