Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1892-07-17
rha cold STANFORD IA india.

The Gold Standard Ia India.
India Is dissatisfied with her position %
tho dumping-around for the silver OF the
Whole world. The cable tells us that on
the 18th instant q large public meeting was
held in Calcutta under the auspices OF the
Indian Currency Association, at when "
was resolved to petition the British House
OF Commons, in case no satisfactory agree
ment should be reached BY the expected
international Bimstallic Conference, to
take immediate steps to introduce the
gold standard into India. That Is, the
rupee is In bad rcpuse. 1t purports to DO
what 1t Is not. We have fortunately suit
fered nothing as yet from the double stand
ard OF values which obtains in this country,
And we repeat once more, what re nave
often said. that nobody can tell how mucn
silver coin can be kept at par with gold
under the operation OF tho law wnicn
makes silver equal to gold for the payment
of customs duties, internal revenue, and
what not. IL the free-coinage bill had
become law. instead of being covered
with ignominy and buried in the House
of Representatives. this question would
have had an early answer. Either silver
would have become equal to gold or else
our currency would have become fiuctu-
ating 10 value. One thing would certainly
have followed the operation of the new
law-namely, an extraordinary activity IN
all sorts of business circles, especially IN
speculative ventures-if these may be
cIassed with business operations.
Here let us remind tho reader that it is
question not yet settled, and not soon to
be settled, whether gold has increased in
value or silver decreased in value when
compared with wheat. -four, bacon, pork,
tobacco, cotton, and other commodities.
In his pamphlet of 1866 discussing British
| midas relation to American wheat, cot
ton. and silver Judge HUoREs quoted MIR.
II. II. PATTERSON, Of Edinburgh, "a sta
tistical writer OF the highest repute In
Great Britain as saying that whether
there has been any real and absolute fall
| in the value of silver even In the coun-
tries of the West, or whether the fall Is
merely apparent and occasioned by rise
in the value of gold, the chief standard
money of the West. is question which
| lies beyond the scope of the present dis
CUSTOM"
And 80 that question was left unsettled.
British India is dissatisfied with the con-
| dition of things which obtains in that
| country. and has evidently become wiling
| to accept, If she cannot do better, gold
standard of values. Plainly, too. the Cal
cutta meeting would not have contented
itself with the action which it took last
week if there had not been great change
in the opinion Of tho people there In re-
gard to bimetallism. The action OF the
| Calcutta meeting is not calculated TO
| further the cause of free coinage In this
country, but rather to induce the capital
| lists of New York, Boston. Chicago, and
all other money centres to conclude that
there should be but one standard OF
values for the whole world. and this
should be gold standard.
The silver problem takes on new phases
| as time passes. We have hopes that the
proposed international bimetallio confer
| ence will find way out of the difficulties
| OF the financial situation, and get the
| moneyed world to agree upon universal
currency. Such currency would produce
such changes in the commerce Of the seve-
raj nations as would result in untold
benefits to mankind. tits said by the Wash
| inpton Post that this conference will be
held in August. we doubt that it will be
held sooner. Also, that Great Britain,
France, Germany, Russia. Austria. Belgium.
tho Netherlands. Norway and Sweden,
Spain, Switzerland, Italy, Greece. Servia'
and Denmark will JON in the conference.
Also. that some of the strongest friends OF
silver will be on the commission. Surely
| oil ia NOT lost