The times. [volume] (Richmond, Va.) 1890-1903, 1892-09-10
THE INTERNATIONAL MONETARY
CONFERENCE.

Gladstone ana rlr NlilAih 'oiA"n "'
court his Chancellor OF the Exchequer. are
averso 10 the international Conference dis
GUESSING anything affecting the currency OK
| the British Empire, and that both Mr.. Glad
stone and Sir William think the conference
will lead to nothing. 1t says the statements
recently made that Mr.. Gladstone had
modified his opinions to some extent are not
true. but that. on tho contrary. he is entirely
dissatisfied with the communications that
Mr.. Goschen has made to our Government
which looked in that direction.
The Associated Press is respectable
news agency and it would hardly cable
statements so important as these 10 this
country unless 1t knew what it was talking
about; and We therefore accept its state
ments as true. We are not at all surprised
at this announcement. We have felt all
along that there was little probab ility that
England would take part in the conference
with any sort of purpose to restore bi-
metallic standard. The whole mercantile
fabric of her enormous empire is based
upon the single gold standard to which her
commerce is thoroughly welded. and it has
not the slightest idea Of permitting Its fixed
ohapnels and grooves to be interfered with.
THE TIMES has been sincere and earnest
advocate of the movement for an 1nterns-
tional Monetary Conference because it has
believed it to be true policy to resort to
whatever reasonable measure might be pro-
posed that looked towards accomplishing
the results that the advocates of free coin
age claim to be possible. Up to the point
of thrusting an unlimited quantity OF
sixty-fve cent dollars into our currency, The
TIMES has been In favor of indulging the
free coinage men in every suggestion they
make But 1t calls halt at that
point, and though advocating the None
tary Conference it has never expected
a great deal from it. Apart from the fixed
opposition a proposition for oimetallic
basis was sure TO receive from England and
Germany. The TINES has mover disguised
from itself the real difficulty OF the case. IL
has always recognized the fact that II the
two metals should be started to-day On n
basis of ~ to /, decrease in the produc-
ton of gold next year, or an increase in the
production of silver. might at once I'M
balance tae new basis and bring back upon
us every trouble and inconvenience from
which we now suffer.
The same Associated Press dispatch states
that Mr.. Gladstone ID not willing to allow
the conference TO discuss the strain of The
monetary situation in India and the de-
mand of the English authorities in India for
q suspension of silver coinage there, be
being of the opinion that the action Of the
English Government in respect to that mat
ter should be its own action taken upon
conference with no other power This
suggests for consideration the condition of
affairs in India, which is most curious and
interesting.
If the state Of matters prevailing amongst
the natives of India may be dlgnihed with
the term civilization it is very ancient
civilization, and it has been always essen
TALLY connected. so far as we have any re-
cord of it, with silver. Silver has been its
money of account and silver has been the
metal of decoration and sdornment, and the
savings and capital of the people consist in
great measure in boards of silver. In the
minds of the inhabitants of this enormous
empire of $50, 900, 900 of people, silver has q
place from which it can no more be dis
lodged than their religious creed can be
driven out.
But the office-hoders Of India, those who
constitute its government, are in the main
English. These have ell sorts OF connec-
ton with the mother country. educate their
children in the mother country and are
called on every day to make money settle
ments of one sort or another in England.
Now, the money of account in India being
silver they must receive their pay in silver.
and on account of the depreciation in the
value of silver throughout the world. the
rupee, worth nominally two sbillings or
forty eight cents, has fallen TO be worth
only one shilling and half, or only
thirty-six cents Consequently. when the
Indis-Englsh office-holder comes to make
settlement in England he finds his money
shorn of one-fourth Of its value. Those who
COuLIOl WIN tAO AIOtAVl CONHLlJ
Of England may be called SUCH find them
selves also much embarrassed by the same
fact.
OF late, therefore, the press has had repeat
ed reports of meetings held in India in the
interest of establishing gold standard for
that country. In June We cut from the
daily papers the following cablegram:
"SIMLA, June l9.-At largely-attended
meeting held here to-day 1t was unanimous
ly decided to memorialize Parliament 10 re-
form the Indian currency by an interna-
tional agreement establishing gold stand
ard. The president of the Calcutta Cham
Der of Commerce made an effective speech,
in which he urged that energetic action be
taken to attain the end desired. The move
ment to secure reform in the currency is
receiving strong support throughout India"
We have seen repeated announcements
from India of the same sort
The subject is most difficult one to deal
with, and it will tax all of Mr.. Giadstone's
very remarkable financial talent to its ut
most capacity.
THE UNFORTUNATE GUARANTEED