The great West. [volume] (St. Paul, Minn.) 1889-18??, 1892-04-01
SILVER QUESTION.
india Has Maintained Her Silver
Standard.

1
many of the ablesG statesmen !,
America hold Numerically opposit,
opinions upon the silver question. i
is not surprising that the average
man. who has not devoted much O
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 OF
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 financiers 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 bv
high tariffs we must go 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 a
contraction of currency. On June 18th,
1886. committee of the ablest 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
ficers 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 decentralization of silver, CAUSED
a 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, meanino
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 NAV
be expected to stagnate.
The Glasgow chamber of commerce
that from 1873 to 1886 it re-
lulred an amount of gold equal to |
twenty years production. to supply |
Germany, Italy and the United States
With a new gold currency, allowing
or what is consumed in the arts.
france, India and other countries abb
'orb and retain large quantities of
gold annually. The supply is utterly
made luate for the requirements of
rade, and prices of commodities and
wages must continue to decline. Moth
ng can restore the profitable charac-
er OF the enormous trade of England
With silver using countries but a res.
toratlon OF the former ration. the
'old standard being utterly unsuited
manufacturing nation.
India has maintained her silver
tandard. and Notwithstanding the de-
line in silver elsewhere. the rupee
1ould bring as much in India as be-
ore yet the exchange value of the
upee in England in 1856. had fallen
y per cent, so that a dealer in Eng
and by purchasing Indian rupees
18th his god, and then buying wheat
1 India with rupees at par. could
ring IN India wheat bonus of 20 per
emit over the cost OF production. This
ives the Englishman cheap bread [
ut at the cost OF the destruction of
le agricultural interests of Europe ;
nd the United States. Should silver
I'll lower. so would wheat, and cot
m, which in 1886 had reached the ,
west notch ever known. The finan- 6
ers in that year predicted that if sill t
er would fall ed per ounce half the
Ills in Lancashire would close. It
Ill 81 by 1889 and these pre- Lotions
ere nearly fulfilled. 1t rose sd in i
$50 but fell back in 1912, and i
merlcan raw cotton declined to a 6
wer price than ever known before v
ling now n per cent lower than in v
$50. A little further decline and the i
merlcan cotton growers will go out O
business
1t was not without knowledge of il
e results that couple of East In. u
an gentlemen expressed themselves n
meeting of the British and Colo g
al chambers of commerce some wears II
20. Henry H. Gibbs, ex-governor f,
the Bank of England. made a strong ii
eech showing the worldwide inn. $,
rtance OF the restoration of the mon is
airy value of silver. The Indian il
embers contended that the depres. n
On OF silver must be finally the ruin a
the wheat and cotton industries Of If
nerica. and the development of In Ii
a as the chief wheat and cotton ex- te
rter OF the world. They protested tt
ainst England's aiding America to 81
store the value of silver at the ex- b,
nse of the interests of India. The in
Getting, however. resolved by vote nj
twenty eight to fifteen that the re- O,
of silver would relieve O,
. depression under which trade was q,
On staggering. Since that time Sir III
bert Fowler. M. P. stated thar do 81
eciation of silver would finally ruin ~
, wheat and cotton industries of in
nerica and dovaion T,d;