The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-04-25
GREAT DISTRESS IN INDIA.
Al r.portant Ineident OF the silver Question


From ne LONDON Tyme
The unprecedented fall In tho rupee Is caus-
ing grave concern to all connected with India.
| On Friday our correspondent telegraphcd that
| the feeling In Calcutta was one OF universal
CONSERVATION" The effect threatens. no says.
to paralyzc oil trade" and much indlgna
ton is expressed at tho apparent apathy OF the
Homo Government" That tho position is
very serious and IN some aspects disastrous.
Is beyond dispute: but how tho Government
can come to the rescue IL by no means so clear
The Government OF India finds itself snddled
with currency TINT Is the sport OF circum-
stances over which 1t has no control. From
tho decentralization OF silver by Germany in
1878 to tho American Bland bill In 1892.
the Government OF India has had to stand
by helpless. and SEQ its currency the play
thing OF foreign legislation and Of the shifting
policy OF distant GoNcrnments whose II nancial
intercstshro always inlcpcndentnf and some
tunes antagonistin to- its own. The effect has
been to increase the burden Of Its public debt
Twenty-Five years. quito apart from new bor-
rnwtngs; to rcduco large numbers, OF It's scr.
onethird til" sterling value 81 ali Indian say.
ings or accumulated calitnl. and to affect
Strain pscs II which f.
with |; 4 chronic artificial scarcity Of food;
who addressed tho Past India Association lii u
ranae"a is hms,ailis,n. 7" III. C"lcntta NOR
cantl. community some action by Govern
%, IN sos S sc Tn, ="
o ,E sae 2" GTpneis bs seem, en- tho nihs
himctallism and nll forms "f direct. Govern
ment interrogation arpcar mpractirnhlo in the
liN .nd control thu situation. Mmotallism;
Whintoveri nchdgmle interest nrits thnoretical
ciiasion to gain the assent Of the ono power
without whose C2nc'irrencc bimctnlic Tongue
is n1% ,imrossdns the assent OF Englnnd
iInnneiers ia India TGSro r"main. sir Tsrbss
"o%n t'M pncy neh But Sir rn Furbas
Adam and other Lars Of the bombay iuer;
deny that the terri, ,lrifting can be-, properly
applied led to their view Of the case. They point
"Sr s"S s,i tn
lccts responsible for the guidance ot Indian
finance INN and that it has been examined
BY tho economists Of England and Europe. It
has broken nn lifelong friendshipa and in;
sciences. That. as regards bimctaiiism. India
G Gn 40 p9thlnE more than she hns done to
that England will never adopt himotallism
unless it can he proved that sho isa sufferer,
h%s IN f. t tSe IN sT sta
Of things: that this has not been proved. nor
sccms likely to be proved. That. MS regards an
cost to obta in it. and would be quite uns,lited
to the trade and reGuircmacnts Of India
nent and effective step III league depending
on international treaties could DO called per- |
na &c ~ os naS hn
England will not take that step. To accept
the natural and inevitable conseGuencos of
low prices Of silver result in reduced produce |
ton: and so bottom is renched with hope of |
grin and bear i, bit It eai i The be Correctly
described as policy Of DRIFT.
down to a fraction ovcr,1s Sd. pcr rupee means
poverty to many who have given or arc still
9SsE their stt yrfS t" n IL not
children. 1t is an intmntion that at no dis
trading firm or company with money invested
IN India may hayn t1writ. of It's sterling valuo
years ago. So fur as can. DO forcseen. tho
rupee has not yet reached its lowest value:
Tie SrsrS r's% ' he to
made by the American Treasury. The with
Of tho BLAND PIN st Ra the
Indicate this &" ono can io at rresent predict
that the TrnETs whieh stool ut I'll or
tho close q tho eentary;, PrSdsnt Capitalists
rrived the CALAMITY Of tn. element of sudden
uiSas!er inc rractico or cal"ulAtlng lnulah
salaries and Indian fortunes ut tho ratio OF ten
The question is whether they will not have
to be calculated no longer ut 10 or even - or
li rupees. but at 20 rupees to tho pound in
the near future. With the rupee worth only n
shilling In sterling calculations. the, whole
tlnnncia! arrangements OF the Indian Govern
ment vii! have to be rcorganizod aud its civil
and mill tary salaries placed on new basis.
Even at present the supposed increased pay
service has become almost illusory. Tho
efforts now being made to attract y large
number of nblc men from the universities into
tho Indian Civil Service will prove futile. rs
soon as it is generally UNDERSTOOD that in
expressing Indian salaries in English pounds
tho rupees have to be divided. not by ten. but
by number much nearer twenty.