New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-28
SOMETHING HAD TO BE DONE.
THE MARQUIS OF LtNsDowNF EXPLAINS THE
s1rDDrN ACTION OF THE GOVERNMENT.

-,,,, v,por-,s or r,ANsDowNr EXPLAINS THE
SUDDEN ACTION or THE GOVERNMENT
Sr,lo. Juno ain explaining 10 Tn" ih'lia
Council the bill providing for TN" stoppaec OF l."
free coinage of silver and other monetary m'"7
ures +ho adoption Of which was announced VS.
tordav the Marquis OF Lansdownc, 'Fcioy oi
India. said 10 hoped the Government wouI1 ho'
l,o criticised for disposing Of the important Pur~
ton at single sitting. The kcy-note OF 'n'
scheme was rather TO prevent iur'hcr iai III
exchange than TO raise the value OF the ruP"
The fixing of the provisional rate OF eAchahg" ~
Is id proviicd an automatic means of prcNentinf
the closing of tie InintS and the violent disturbing
~ exchange rates The rate Of exchange hai
been fixed high enough To relieve the Government
~ tic most messing necessities, while II was well
within the limits of the recent fluctuations There
.bould he no mistake the ViccrOy said, about the
facts II was not proposed 10 substitute gOld
for tho silver currency No attempt would be
made AZ present 10 fix tcgal tender price for
cold While the ratio Of value was mentioned II
was only provisional.
In conclusion, the Viceroy expressed the Gov
crnmcnts sense of the gravity Of the STRIP 1t was
about TO take Personally he was avcrsc 10 Oil
attempts to give money commodities hcutiouS
value. but thc time had arrived when to remain
inactive was impossible. Inc NpNerIh'hI "o"'"
bc unworthy Of the name If it left things alone.
7. had not taken the momentons step with light
hearts. lie hoped its action would be fruitiul
in GOOD results, and that sufficient reserve Of
gold would be accumulated to make An effective
gold standard possible
Calcutta, June 27~-Gencral satisfaction Is eX-
pressed here at the action regarding the currency
taken by the India Council yesterday. "oVcrh-
mcnt securities rose rapidly.
London. June 27.--In the House of Commons
to-day Robert Lacey Everett asked the Govern
mcnt whether now, the value OF. the rupee having
been artifcaly raised by the closing OF the lhdian
mini, 10 the free coinage OF silver, COMPENSATION
woulI be given 10 those p"rsons Ill lhdia wiz
had entered into contracts 10 pay rupees WIN
ont knowing that free coinage would De stoppeu
and the value of the rupee raised were VIC
people of India. he further asked. cohsui'cu ~
the matter . -, =, oos mad;
fving a State currency may affect pecunlary
values and influence current TRANSACTIONS hc
was not aware that il had ever been the usage
IN make alterations subject TO compensatory ana
no did not see how such usage could nc
heneiciallv established. Continuing, Mr.. Glad
stonr said he WAS confident that the Government
of India was using all the means In It's power
to ascertain the public sentiment.
MIR Goschen. who WAS Chancellor OF the IN
obeauer in Lord Salisburys late Cabinet, asked il
the Government Of India had the power to com
rutfcs as tho need arose. Mr.. Gladstone replied
that il the published report was not clear on the
subject he would ask the Indian Office concern
ing it, He had little doubt what the answer
would be.