The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-08-02
A MISTAKEN IDEA.
England Cannot BE Held Responsible for
midas Action Concerning Silver.

ln01a's Action Concerning Silver.
The position occupied by certain
prominent silverites, populists and
leading reform journals that the recent
action taken by India in relation to
silver is conspiracy on the part Of
England and criminal collision in or
der to allow Mr.. Cleveland to call con-
gress together and repeal the Sherman
law, is absurd, unsound and altogether
untenable.
1t would be much nearer the truth to
say that midas action was caused by
the unfriendly attitude toward silver
manifested by our present gold-bug
administration
The extent to which England can be
held liable for midas action is the de-
gree of activity, if not culpable crimi-
nality displayed by her in procuring
the demonstration of silver by Ger
many, the United States and Austria
and her subsequent persistent refusal
to join in an international agreement
looking to the restoration of bimetal-
lism
w. E. Darlington, one of the princi-
pals of the large eastern house of
Frazer, Sons & Co., one of the most
active spirits of the Manchester BIZ
metallic school, said: "The closing of
the Indian minis to silver is an unsound
measure, which has been forced upon
the government of India by the inabil-
ity of the imperial government to grasp
the true significance of the currency
question. The maintenance of the
rupee at one-quarter appears to rest en-
tirely upon the continuance of the bal
ance of trade in favor Of India. The
leap in the dark which has been forced
upon India by the attitude Of the home
government toward currency reform
will afford an object lesson which will
cause the British government to join in
a demand for an international settle
ment of this vexed question, namely,
by international bimetallis1n.'
The Indian empire, while British
dependency, has a great deal of indie.
pendent political autonomy and all
legislation must be inaugurated and
initiated by the home government Of
India, especially upon financial matters.
The Indian government has brought
gland, for some time past, a continuous
tremendous pressure, in order to COM
pei it to do something to relieve the
financial situation. 1t was in conse-
quence and because of this pressure
that the British government appointed
the Herschel committee to examine in
to the situation and devise some meas
ure of relief
Both the delegates from British India
to the recent international monetary
commission were ardent bimetallists.
Gen. Strachey, one of the delegates
and also a member Of the Herschel
committee, formally warned the inter-
national commission that the delibera-
lions of the Herschel committee had
been temporarily suspended only in the
hope that something might be done by
them to aid the cause of silver and told
them that unless they came to some
agreement, India would have to take
some steps to protect herself.
Sir Guilford L. Wordsworth, the other
Indian delegate, made an able and elo-
quent plea for silver, a portion of which
is here reproduced He said:
honor to represent does not desire rise in the
value of silver A sudden rise in it's value
would be as disastrous to it sudden fall
That which we require is stability.
But the question of stability is not the only
question which agitates u.s. The most serious
question is. how we to protect ourselves
against further fall? I would ask your pa
thence whilst explain frankly the situation of
the government of India, and the bearing of
that situation on the ques ton now before us.
The position of India is undoubtedly different
from that of any other nation. She is TO a great
extent independent of foreign nations, inasmuch
as she is not under the necessity of adjusting
her international trade balances BY actual
transmission of specie, because she performs
that operation by the transmission OF merchan-
disc. The accumulation of silver in the Indian
banks has. of late years, been unErecedently
large, so that immediate Inconvenience
would arise to herself from closing her minis
to silver. It was only as late 1888 that gold
coin ceased to be a legal tender in India, and
although at that time the amount of gold in
circulation was very much less that that of sill
yer, Still the remains Of that currency must
amount to very large volume. Her net inn
ports of gold since 1885 have amounted to about
900. India, therefore, would have no
greater diff1culty-if even as great--than Aus
tria, in establishing gold currency in some
form, whether it might be the etaon boiteux,
or one with the existing silver coins circulating
as tokens, as in England .
1t is unnecessary for me to enter into the de-
tails of the numerous and cons family recurring
evils to which India is subjected in consequence
OF the relative ms liability of the currency; but
I may say that these evils are not merely finan-
cial but political seriously menacing her most
vital interests. India has already too long post
poned action necessary to protect her interests,
hoping that some reasonable solution of the
question might be arrived at, and large and
influential portion Of our Indian community is
now strongly urging the government of India
to take measures for adopting gold standard
So long as there is any hope of arriving at
reasonable solution of this difficulty, am con-
WINGED that my government would shrink from
the necessity of changing its standard; but of
late the hope Of such solution has appeared
more and more remote. Should this conference
break up without arriving at any definite re-
suit, then India must take immediate measures
for her protection Whether those steps will
end in the stoppage of the silver coinage, and
the adoption of gold coinage in some form or
other, am unable to say.
I cannot disguise from myself that such
step is fraught with immense difficulties the
result of which it is impossible to foresee The
general feeling in India is that it would be dis
astrous to the gold using countries of Europe
rather than to India; but India must consult her