, 1879-06-11
SILVER QUESTION.
nt-a1ctatlstn In British 1ndn-EnElnn.1 1roi5t
M Her Own rotnrd, afnht Tnkp tho uncjx
Track and Itchtnre Rttvrr.-

not only to Inin, but 10 Englarpi ul,tt the sarId
at large. We nro Ela1 to observe that this SUBJ
ject Is now attracting nore Of tic public atter-
lion both in India aud In EnElAntl rt,an hereto
forr. Especially, VIC think, should fts bearings
upon the future welfare Of this country be
carefuiiy considered by all concerned, md nc.
e"sattSsT No WELCOME the tendency tint
the AnElo.1ndlan press has. manifested
dnrng tht past two weeks to 1nuro
freely dsscuss the Issues raised by belicvcrs In
thu principles Of hI.tnrtallstn. for 10 long ~
suci, lact,s*ion is tanta!ued there arc hopes OF
the truth bclf1g arrived at md OF the public be-
tng brought round to correct vew OF tho sub
1cct. Tint vicw III our opinion Is thnt nothing
short OF n return to Tho principles Of bt,mctalam
by the leading nations Of the world can saya
1ndia fron, practical bankruptcy; tl,at tl,esefors
the movement IN its favor which has nor begun
In Eneland should receive alI possible suppors
from tue 1ndan nubltc. Government, n1rl press.
i goed many, Including our tocal contemporary,
although tt Is rather difficult to mike out wl,Ae
sa oAnns on the matter really arc, admit that
70 far HI India is concerned return tn the uso
Of silver rs a medium u exchange by England,
Frame, anh America would bc advantageous.
hit tl,cy lonht whether the arguments In tav6r
uf that measure. 10 fur us they coucern thcaa
Insure their hc|ng generally ncrupicd. For tn-
stance, 1t Ia supposed tlut The nations which
uow pusscss gul currency would lly admit
ttnc silver lose tlIer accutnu(attaus at tho for
.fnEr Metu Hut Wil0n tint objection Is alYAnccI
1t fs forgotten that neither gold nor silver
r1ssess aHy yalIc fn ateneelyes, except as IT.
Eaf!s their nse IS s1ol,ay, .:a therefore ~ !oiE
Us silver Is hccentrl everywhere IS sl'ct--so
[NHg u 1t Ia nSnttAltte ns Il medium ut exchange
with sae prtn.rpnl nation. Of thu wnrld-It
wu1!tl stattcr, little wheter tlie sock OF bullion
which alls o;lc uatinu might htlu was moro
largely composed nj filrer than Of goid, because
al nj hn
IN return fur commodities at Its proper aui
lcga, 1atio of 1513 to l. li1-tuctallsn1, 1t must
be remembered, does not lnenn u0uble.tponcy
stsa' po.. Il F'1ss sta s9s M o2es s,sF usa sa !,
quite erroneous. II silver could aiWayG he ex"
ei,anged III every country nt tllc rate uf 151f to
|, It wtu!l never bg sold as bullion on any other
basis. VIC have had proof ot TINT fl The fuct
through her nnts tit the ratio NitntlofIc snain
tatuetl that ralative value between 'thc two
metals In The E'arkete Of the world for moro
tlnn seventy ycnrs, aud. although that postol
INV the most Violent fluctuations In uctual a,,p-
ply. ut orc tiHie nj silver, nt another ut gold,
The range af the London market was nercr
greatcr tlIan from 151 ,,unccs to l521 ounces OF
the furnlcr 10 ounce OF the fatter. i}ut in 1878
the artlon Of France artl tiernanrby stopplls.s
tllr free colnnye Of silver rctiuced tNt netn III
value In one year alone hr 20 ter cent. Yet wo
l,ayc seen tlut between 1s5O AMI 1Sti. the period
during vEicli the production of gold from tho
mines Of Cniifornfn nfnl Austsalin enormously
Increased, IFS value aa compared with tllut IT
silver was not materially lesacned. Sow, what
if.netalsts argue ts, tliat. II TIN monetary law
OF tile Latin Unou a.ons Eas sufficient III
l.le past 10 preserve AZ fixed 4 rat> nf ~vhluu
between, tile twn 1lIu,als rs. tlMt alluded
10 nbosr.. notwithstanding HAT the tcrfud
embraced yast chat,ges It, tiu yield is well III iu
tic cos. OF their Respective productions, T. may
surely be expected thas IL coMhuatton OH thu
part Of Englund, FruBcr. a,nl .Amcrit4s wu.lfd
also suffice ~ prcserys an elltally fxe'l sta'l.
ard tor the future That a'Eutltntalas neyrt
been touched; 1t II. in fuct, unausWGrable, niId
most gU long HAv Iii convincing taute Wlln be-.
ctnw any attention tpoA thr subject that soot'or
or lnter the principle Of bl-sncsalls,n must carry
tllr day.
1t n,,lst not further he forgotten tllAt b.-nct-
nltsm ts hot all innovation; tic innovation waA
The Introduction in 1slg Of gold rs tho aolo
Munoy standard in England, hut so long as tho
disadvantage resulted from our netion, net esen
during the influx q! gold between 1S50 alni
1870. Now, however. that oil naio1s nro
necessarily camnetcl TO follow our ex.
with cata,nltnus reduction III tho amount Of
tn. worlds money. TIE experience Of past
yrnrs Inns shown that about thirty millions OF
nors Of new money arc nslntlnslY required to
trade 4,f tl world AMI 10 I'LL III, te void ca!tsod
b. The wear alhi trnr Of lilo inetAla themselves.
At present. however, the total production OF
gol,l is an!y about nineteen millions Of pounds,
II yearly bcin; turned out OF thus ,lincs ie not
nos allowed til fulfill Its proper vocation. It H..
therefore, clear Tint The trnt!o at tho world 's
Threatened with grave financial embarrassment
owing to Il probable cnrtaElnaent Of the supply
Ut tllu mrtnns Of exchange. When Englanti
der,uuetizett silver shc tlcurlvcd that ctAl Ut
part uf liz value tor wllen lIattan whose cur.
y vs. @ 81 tn s'Sa M 70 ts
forn"r r,sesal wun1tl nut hn accepted Ia pay
nlent. I'!eu. becansh every year SAN Englant