The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-12-17
NO RELIEF PROBABLE.

situation in America or India. In that
event. if the Sherman silver act 80 called,
of July, 1890. is repealed, Mr.. Rust, of the
Tacoma Smelling and Refining Company.
says that "silver will drop to fifty cents
and all the smelters would be compelled
to shut down."
Very likely Mr.. Rust is right, but what
of it? It was a gross financial blunder
originally for the United States govern
ment to attempt to hold mp silver by the
tail against the whole commercial world
and in face of the increased production
and consequent depreciation of silver
during the last twenty years. We have
failed in our foolish attempt; Europe cam
not help us out Of our difficulty; We can
only help ourselves by correcting our
blunder.
The repeal of the Sherman act would
stop the purchase of any more silver.
This might not be pleasant for the silver
producers, but the government of the
United States can not be expected to per-
sist in a ruinous financial blunder for the
satisfaction of few silver producers and
in keeping up the price Of silver than the
price of leather. and of course Europe will
not help us if she could. Every man of
intelligence knows that the price Of silver
will regulate itself; the United States
undertook to regulate the price Of silver
by doubling its purchases under the act Of
July, 1890 but silver is lower today than
when the act was passed. Europe will
never consent to help US continue our sill
yer policy by agreeing to buy silver that
she does not want.
There is something singularly stupid in
a great and presumably intelligent nations
persisting in trying to bull the price of
silver in face of its demonstration by the
civilized world. The advocates of free sill
yer coinage have always pretended that
India profited because she had been on q
silver basis. The fact is that India today
is suffering because of her silver standard.
The India Currency Association, which
was formed to bring about some reform
that would relieve that country from the
evils of deprecated currency, has issued
document in which it says: 1.-THE peris-
tency in maintaining silver standard in
India when the whole civilized world has
rejected it has cost the country since 1880
about 800. 0O0, 600 rupees, which is not far
less than $4OO, 900 ,OOO."
In Calcutta in period of nineteen years
over 80 per cent. of the European firms
either failed or wound up because they
found business improbable, and the state
ment is made by the India Currency Asso-
citation that In Bengal and in other cities
the failures have been equally numerous,
owing to the varying rate of exchange.
The value OF rupee paper has fallen SO per
cent. since 1873. To make up for the loss
in the value of the rupee the India gov
eminent has been obliged greatly to in
crease taxation. Since 1856, just six years.
an income tax has been levied. there has
been an increase of 20 per cent. in the i'm
port duty on spirits. an import duty has
been imposed on petroleum, and there has
been an increase of Is per cent. in the salt
tax, and additional taxes are now found
necessary, owing to the still further de-
cline in the rupee.
"Trade has become o mere gambling
and the investment of capital has been
discouraged" is the way the association
states the case.
Sir Griffith Evans, in speech reported
in the Calcutta Mirror. declared that "the
fall in the purchasing price of the rupee
has begun already, the native population
are becoming disguised at the outlook and
there must be widespread suffering among
the laboring classes until wages are re-
adjusted" He said: ION one point all
seem agreed-that the violent fluctuations
Of the exchange paralyze legitimate
trade" Prince Buktyar Shah, in speech
| reported in the same paper, said: "In
common with others too have felt that
the purchasing power of the rupee, in the
matter of imported goods particularly,
has been gradually declining"
The natives are beginning to distrust
| silver and to hoard gold. The gold i'm.
ports in the last three years have increased
p per cent compared with former years,
and yet gold disappears because the ma
tives hoard it. These are some of the
practical effects of the silver standard on
India. which make India urge the adon-
ton OF the gold standard or an interna-
tional silver agreement.
In face of these facts concerning the
practical evils consequent upon trying to
maintain the silver standard against the
civilized world our silver mine owners adj
vocate the free coinage of silver in the
United States. There is not silver ma
ton in the world from Mexico and the
South American states down to China and
, India whose credit is not far below mar.
and growing worse every day instead Of
better. In Europe Austria is passing
from silver basis to that of gold, and In
dia is seeking TO do so, and yet the great.
powerful and prosperous United States is
urged to persist in a course that will bring
1t to silver standard before long. and
many members Of the present congress
advocate free silver.
Silver, regardless of the laws Of congress.
will seek its own level; congress can no
more by legislation corner" the silver of
the world. keep it cornered and Fl K its nrice
than corner cotton and wheat and dictate
its price. We can no more make bv free
coinage 65 cents worth of silver worth 100
cents in the worlds markets through con.
gressional legislation than we can secure