Evening star. [volume] (Washington, D.C.) 1854-1972, 1893-07-03
INDIA WILL BUY SILVER
And Coin It as the United States Did
Under the Bland Act.
A Calcutta Merchant Talks on the Effect
OF the Cessation Of Coinage
Gold Plot.

Mr.. Malcomb Mccall, a bonanza merchant OF
Calcutta, India, told THE Stars lobbyist last
night at La Normandie that he thought the
present silver crisis was concocted by the
partisans Of gold. "Much of the talk" he said,
that was now rife in every corner of the press
financial circles and political rendezvous was
idle twaddle.
"The mints Of India have been closed to the
free private coinage of silver, but India will buy
silver and coin it practically as the United
States did under the Bland act. Heretofore at
the government mints at Bombay and Calcutta
individuals have had their silver converted into
rupees at the rate Of $50 grains standard or
little over l65 grains fine. This is stopped
PRICES HAVE NOT VARIED For FIFTY YEARS.
''Prices in India for fifty years have not va
ried appreciably in rupees. The abundance Of
silver has given slight rise to prices. India
owes England q large debt, named in pounds
sterling gold. and with interest payable in gold.
This interest amounts to ESQ 900 900 per an
mum.
Every week England sells council bills
These are drafts on the Indian treasury for
30 many rupees. Now. the treasury gets these
rupees BY taxation and then paws them out in
interest to the stepmother country Heretofore
the price OF council bills depended on the price
Of silver.
"In closing the mints Of India against free
coinage the British government fixed the rate
at which they would receive gold in London for
rupees in India at Is. 4d. per rupee or 92A
cents in your money. which would be equivs-
lent to about "a cents per silver dollar. and
makes ratio of to 2l1S of gold to silver.
WON'T GIVE GOLD FOR RUPEES
"Now, mark We, the English government will
receive gold in London for rupee drafts
1t will give rupees at that ratio for gold. but
1t will not give gold for rupees. Nor have they
made gold legal tender. II they should
all balances Of trade due to India which have
been paid in silver would be payable in gold.
This balance has vibrated between 81, ,000,-
goo and As, 600, 900 annually. England there
fore cunningly reserves the right to pay
balances to India in silver. She proposes to
make the profits herself which are between the
cost OF the bullion and the face value of the
rupee.
The attempt to establish a gold standard in
India without gold currency is q dangerous
experiment.
"Dadabhai Naoroji, the Hindoo member of
the house OF commons, hit the nail on the head
when he said that the Indian government acted
Tor the Anglo-Indian salaried officials and
freighted the natives with increased burdens.
SILVER THE MEASURE OF VALUE.
"Silver has always been the measure Of value
with the land of my adoption, and will remain
so TILL some more patent reason for a change
arises than the speculative greed and ambition
OF the owners OF a competing money metal
You have had the Bland and Sherman acts
since 1878 In all your campaigns it has been
alleged that the tariff was responsible for the
ills of the times
"Now suddenly you change front and raise q
hue and cry against the Sherman law
The last commerce statement OF the treasury
showed an excess Of imports over exports Of
s9l, OOO, goo and an export excess Of gold OF
True, American gold is flowing eastward,
put 1t is not being driven out by silver, bas y
being drawn out to pay trade balances tbfi
II think these balances are the result of the
obstruction Of agricultural exports.
SILVER AND RUPEES.
"For fifty years ~ rupees could be made
from one ounce Of silver. This amount OF
silver would buy one bushel Of Indian wheat
and land it at Liverpool. Unless the American
farmer can land the same amount of wheat at
Liverpool for the same sum he cannot market
his produce.
"Indian wheat and cotton are bought with
silver and the British merchant will not give
the American farmer one grain more of silver
for bushel Of wheat or pound Of cotton than
he will the Hindoostanee.
"If the market rate Of silver falls wheat and
cotton must follow suit.
by anti-silver legislation you have discour-
aged II and contracted the currency thereby
increasing debts and forcing down prices.
"You have it in your power with your mines.
to make the American silver dollar the money
unit and the value standard Of the world, lust
as was the piece OF eight when Spain controlled
the mines OF the western continent"