The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-04-08
SILVER QUESTION.
IndIA Has Maintained Her silver
Standard.

many OF the a0leSG statesmen IN
America hold dramatically opposite
opinions upon the silver question, it
is not surprising that the average
man, who has not devoted much Of
his time to the subject is not ashamed
to confess that he knows nothing
about it 1t is not probable that he
would be perfectly convinced, for or
against free coinage, if he read all
the editorials upon the subject In all
the American journals Should he.
however read the opinions of the men
who handle the exchange of the world.
and who may safely be regarded as
the most capable tnanciers in the
world. says the Bozeman Chronicle.
he would be impressed by their unan-
unity on the subject Owing to the
semi barbarous fiscal policy of the
United States, in shutting itself out
from the markets of the world by
high tariffs, we must 60 to the other
lands to find the men who handle the
exchange of the world and who are
capable OF Judging of the effects of u
contraction of currency. On June 18th.
1886, a committee of the abest finan-
ciers in England addressed report to
the queen drawing attention to the
disastrous effects OF the demonetiza-
ton OF silver in 1871. The reports
embodied the opinions of the chief Of
ticers of the Bank of England, banks
of India, China and Australia and
many others equally capable of giving
information on the subject. Though
the opinions were collected by CORE
spondence from all parts of the world,
the opinions, or rather statements of
effects were practically the same, in
substance as follows:
The diminution in the worlds pro-
duct of gold. enormously aggravated
by the demonstration of silver, caused
o serious decline in the price of COM
modities. The appreciation of gold
when set as the standard OF values had
a disastrous effect on trade. meaning
declining prices for commodities, and
when prices are continuously declin-
ing, all enterprise is banished from
trade. There is no inducement for the
investment of capital in enterprises
under such conditions and trade may
be expected to stagnate,
The Glasgow chamber Of commerce
reported that from 1873 to 1886 1t re-
quired an amount of gold equal to
twenty years production, to supply
Germany Italy and the United States
with new gold currency, allowing
for what is consumed in the arts.
France, India and other countries alb
sorb and retain large quantities of
gold annually The supply is utterly
inadequate for the requirements Of
trade and prices of commodities aud
wages must continue to decline. Moth
ing can restore the profitable charac-
ter of the enormous trade of England
with silver using countries but res.
storation of the former ration the
gold standard being utterly unsuited
to a manufacturing nation.
India has maintained her silver
standard and Notwithstanding the de-
cline in silver elsewhere, the rupee
would bring as much in India as be-
fore, yet the exchange value of the
rupee in England in 1886, had fallen
20 per cent, so that a dealer in Eng.
land, by purchasing Indian rupees
with his god, and then buying wheat
in India with rupees at par could
bring in India wheat a bonus of 20 per
cent over the cost OF production. This
gives the Englishman cheap bread,
but at the cost OF the destruction of
the agricultural interests of Europe
and the United States. Should silver
fall lower, so would wheat and cot
ton, which in 1876 had reached the
lowest notch ever known. The fiuan-
ciers in that year predicted that If sill
yer would fall Cd per ounce half the
mills in Lancashire would close. 1t
fell Sd by 1889 and those predictions
were nearly fulfilled. 1t rose sd in
1890 but fell back in 1872, and
American raw cotton declined to q
lower price than ever known before
being now q per cent lower than in
1890 A little further decline and the
American cotton growers will 90 out
OF business.
1t was not without a knowledge of
the results that couple OF East In
dian gentlemen expressed themselves
at meeting of the British and Colo
NAL chambers of commerce some years
ago. Henry II. Gibbs, ex-governor
OF the Bank Of England, made a strong
speech showing the worldwide i'm
portance OF the restoration OF the mon
etary value OF silver The Indian
members contended that the depres-
sion OF silver must be finally the ruin
Of the wheat and cotton industries OF
America and the development OF In
dia as the chief wheat and cotton OK.
porter OF the world. They protested
against England's aiding America to
restore the value OF silver at the ex-
pense OF the interests OF India. The
meeting, however, resolved by a vote
Of twenty eight to fifteen that the re-
monetization OF silver would relieve
the depression under which trade was
then staggering. Since that time Sir
Robert Fowler NJ p, stated that de-
probation Of silver would finally ruin
the wheat and cotton industries OF
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