Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-06-27
SILVER QUESTION.
LansioHie, the VICsrOy Of lrdla,
Offers an Explanation.
rAE KEY NOTE OF THE SCHEME.


suIA, June 2T.--Explaining the
India council bill providing for the
tuo stoppage OF free coinage Of silver,
the adoption OF which YVES announced
yra,crjay, Marquis Lansdowne, VICE
roy ofIndia, said he hoped the govern
mrnt would not ho crltisized Tor
iisposing OF the important question al
a single sltlinv. The keynote Of the
fenrme was Tathe, 10 prevent n further
IAN Ia exchange than TO raise The
vhlue OF the ruIee. The fixing Of the
proylsional rate Of exchange at l ..
d., provided m automatic means
Of preventing the closing OF the
mlnts and the violent disturb
ing Of the exchange rates. The
rate OF exchange had been fixed high
enough 70 relieve the government OF
ita moot pressing necessities, while II
was we'll within the limits OF the
recent fluctuations. There should be
no mlstnkc, the viceroy said, about the
facts. IL ives not proposed 10 suhsii'
tute gold for silver currency. No
attempt will be made nj present to
nx the legal tender price Tor gold.
While the ratio o. value was men.
toned, II was only provisional. In
conclusion the viceroy expressed the
governments sense Of the gravity Of
the step II was about 10 take. Person.
ally he was avefse 10 all attempts to
give money commodities fic-
uliJus value, but the time
had arrived when TO Tomsin
Inactive was impossible. The govern.
menl would DO unworthy OF ,he name
n ~ LETT things alone. IL has not takon
tho momentous step with light hearts.
He hoped It's action would DO ftuitiul
in good results aud that a sufficient
reserve OF gold would be accumulated
10 make an effective gold standard
possible.
INDIA SATISFIED.
CALCUTTA, June 27.-ueneral salts.
faction Il expressed at the action re-
garding currency, yesterday. Govern
mrnt securities rose rapidly.
RUPEE PAPER STRONG.
LONDON, June 25.-Rlpee paper is
very strong at II, owing to the action
taken yesterday by the government OF
lndia un the silver question.
Bar silver Is 30 d per ounce.
OFFICIAL CORRESPONDENCE ON THU
sunJECr.
LONDON, June 27.-rhe correspon
ucnCe between the government o.
India aud the India office, has been
Issued. IL opens with letter from IL,
india council under date OF March o
urging the home government 10 aid IN
the settlement of the silver question
ny an international agreement, aud Il
falling Ia this, not TO defer determining
upon the Indian policy. IL an inter
national agreement should not DO oh
tained the United States might sud
denly stop the coinage VI silver loav
ing India unprepared.
Other communication discuss ia,
fail In the rupee values anu the nuot
uAtionH In the rates Of charges. Tbs
council, In "a letter written In June
Rdvicts that " the international mon,
etaty conference at Brussels fails nuc
diu ct agreement between India ant
the United StRtea cannot be oh
iaiucd, the minis In India will b,
closed 10 tho Tres coinage Of silver ant
gold standard be- introduced. Int
minute Barbour, the financial secretary
OF lndia, opposes the stoppage 81 freI
coinage I'll II becomes evident tina
the United States will not adopt fro
coinage. Barbour estimates tina
the total active circulation o
India amounts to 10000, 00i
Tufees while much large
proportion IL boarded. To estabiisl
gold currency with full legal tsnde
currency composed entirely OF gold 1
would br necessary TO Withdraw iron
circulation l50, 200, 600 rupee, replRc
Ing them by E77,OOO,OOO IN gold. IL,
therefore contends that with n gOl,
standard In India large proportion
Of the circulation must continue A.
lyttiegal tender to any amount. Il
10th metals be maintained In ciTcula
ton a gold coinage OF a total amount o
l6,OO0,OO0 will suffice.
Long, Ia n minute 10 the council II
August discusses the adoption OF O
gold standard and concludes
by the suggestion the ratio OF CONVEX
ton will DO about one TO twenty. Ii
Rsubsequont telegram from the ear
Of Kimberly Ia the vice roy OF India
dated June 27th, 1893, the foTme
announces the recommendation
uf tho HeTsohel commission a
adopted by the council at Simla yes
terday. In advising the Indian gov
ernment 70 change the gold rate to u
10 the rupee, the commission says Ia
object is 10 guard against sudden an,
considerable rise In exchange. Here
after the ratio ought to be raised
olreumslauceH make 1t advisable.
STOCKS IRREGULAR.
LONDON, June o7.-Stocks closed II
rgsular All silver ittuoa were ilal
Tue silver question has unsettle
business and caused bear selling. Their
was u fall In English railway srourltie
o. = Superior paper was strong
Ia, india council no lar has sold 500
coo rupto' worth OF bills aud transfer
atan average price OF Ia Al.
Died of yellow Feyer
BRUsswIcIl, Ga, juno 27.-CaptaI
4. j, Biddie Of the Barkentine Rel