The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1893-06-28

age OF silver is regarded by the United
states as doing away with the necessity
Tor RECOMMENDING the International none
y 10y conference which was to have met
AGAIN IN Brussels this fall 1t is not
believed that this action was taken
without express orders from the Eng
llsh government which has general sl-
pervision and control over Indian af-
falrs. During the session of the inter
hauonal monetary conference at Brus-
sells last December Gen. Strachey, dele
gate OF British India, in an address de-
hVered before the conference said:
fAS an indication of the strange condi-
ton of affairs it may be further men
TONED that there has lately arisen in
India serious agitation on this subject
and that pressure has been put on the
government to take direct agitation for
the purpose of applying a remedy to the
numerous evils which are regarded as
being due to the fall in value of the
rupee, affecting not only the public
finances and administration, but with
equal severity numerous commercial, in
dustrial and social interests; and among
the remedies proposed and advocated by
prominent authorities is the adoption by
India of a gold standard and the sus-
pension Of the free coinage of silver at
the Indian mints. In these circum-
stances the delegates of India have been
instructed that while studying with the
greatest care and good will, in concert
with our colleagues at the conference
every practical proposition suggested to
ensure wider use of silver as currency,
they are on no account to give any
pledge that may interfere with the COM
plete freedom of action of the govern
ment Of India in respect to any measure
affecting the currency of India it might
desire to adopt"
In view of this announcement at the
conference the action of the Indian gov
ernment today was not altogether a sur
fn hn fgar ff.afa lie
what its effect may be on the future
action of the United States can not be
accurately guaged. Information OBJ
tained from the treasury department
shows that the worlds product of silver
during the last fiscal year was 152, ,000, 900
ounces, of which the United States pur-
chased $4,000 900 ounces outside of the
silver used in the arts, which is esti-
mated at about seven million ounces
The consumption by India was 45 000 900
ounces, which was coined. This makes
the United States and India combined
use lO6,OO0,000 ounces of silver purchased
last year, leaving 46,OOO00O ounces of
silver for use in the arts in the other
countries of the world.
SiIver's Lowest Price Reached.
The highest price ever attained by sill
yer in the United States was at the time
of the passage of the Bland silver bill,
Feb. 2S, 1873. when the price was 81 %
per ounce. The silver dollar was then
worth SO cents. At no period since then
has the silver dollar been worth so
much. When the Sherman act went in
to effect August, 1890, there was a squirt
in the price of silver and it went up TO
$l.25 per ounce. In the time between the
passage Of the Bland law in 1878 and the
passage of the Sherman law in 1890, sill
yer went to 80 cents per ounce, which
was maximum price during that period
-
ually declined with fluctuations until
June &C. 1898, 0oday) it has reached the
lowest point on record. At today's price
of 70 cents per fine ounce the silver dol
lar is worth 6015 cents as bullion. Since
1885 India has coined silver free, during
the last calender year the Indian gov
ernment coined 46, 900 ounces. Since
the passage of the Bland and Sherman
acts the United States has coined $426,-
000 900 of silver. OF the amount of sill
yer purchased under the Sherman act
127 900 600 ounces remain uncoined in the
vaults Gf the treasury.
Treasury officials opposed to the free
coinage of silver, while admitting that
this radical action by India will tempo
rarily result to her disadvantage, believ-
ing that with a rich soil and $50, 600, 900
people fairly productive, after the re-
action is over India will recover from
the shock. 1t is pointed out that her eX-
ports of merchandise and cereals largely
exceed her imports and now that the
value of the rupee, the current money
of the country, is definitely fixed at one
shilling and four pence GO cents our
money! the loss which she has suffered
heretofore in the fluctuations of value of
the rupee yiil be done away with and
by many it is believed that the large
hoardings of gold known to exist in
India will soon begin to be brought from
their hiding places and be converted
into coin. During the last fifty years
the net imports of gold into India ag
gregated about SS00,0OO,OOO.
In a report made to the Fiftieth con-
gress by Mr.. Edward Atkinson of BOs-
ton, Mass, upon the present status of BIZ
metallism in Europe, touching upon the
import of gold into British India he
says:
''Of the import of gold very small
amount has been coined into domestic
coin. The total coinage for the fifty
years since 1885 amounts to no more
than 2,352, ,399 rupees, the rest of the gold,
! about 1,276, 900, 900 rupees, has been used
| for ornament or has been boarded in the
form of British and Australian sover-
eigns by the richer natives and in the
| treasures of Indian princes. The gold
that once has flowed to India is lost,
almost without exception to trade The
natives are careful watchers Of the
bullion market and have not failed to
note that in recent times the value or.
silver at the baZaars has become less as
compared with gold. Ornaments and
boards Of silver are less highly priced
than in former years. In India, as else
where gold is taking the place of silver.
These views of course represent only the
anti-silver side of the question. The
| suddenness of the springing of this
action has hardly yet given the silver
advocates TIME to be heard"
Senator Stewart is at the present time
almost the only prominent silver man in
washington. There is question that
this matter will come up for extended
discussion in the cabinet meeting to-
morrow. All the members except Secre-
tary Gresham are in the city.