The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-06-27
Announcement Made in the British House Of
Lords and the Commons that the Gold
Standard Is to Be introduced.
Drop of Three Points in the Price Of
White Metal Since Last Saturday.
Hurried Conference Between Secretary Car
Isle and President Cleveland-BsBk Sus-
pensions at Buffalo and Minneapolis.


Free Coinage stopped by the Indian Coun-
cil-Goid to- Bc the standard.
LONDON. June s6-Advices from Cal.
cutta state that the Indian government has
stopped the coinage of silver for account.
and has also fixed the rate of exchange st
Is i'd. Soon after the news was received
the Earl of Kimberly. Lord President of
the Council and Secretary of State for
India. stated in the House of Lords that
the Indian Council had passed an act for
the immediate closing of the Indian mints
to the free coinage of silver. He added
that ARRANGEMENTS are being made TO issue
rupees from the mints in exchange for gold
at the rate of IL pence Der rupee. and for
receiving soveroigns and half soyereigns
at the treasures in payment of dues at the
same rate The Earl of Kimberly further
said that it Is intended TO introduce the
gold standard in India, but that gold In
the meantime Will not be made Q legal
tender.
In the Honse of Commons Mt. Gladstone
gave inform alton similar to that given in
the House of Lords by the Earl of Kim
berly. He added that gold would not be
made q legal tender At present Regarding
the silver now on the way 70 India. Mr..
Gladstone said that the government or
India had been instructed that IL was open
TO admit this silver 10 the mints III IL saw
fit.
The Right Hon. J. G. Goschen. formerly
Chancellor of the Excheguer. asked II the
admission TO free coinoge of the silver now
going to India would not establish q great
injury or effect the destruction of such
SILVER as was in the hands OF the pativea.
Mr.. Goschen said that the value Of the
silver possessed by the natives amounted
20 one hundred million rupees.
Replying 10 Mn. Goschen. Mr.. Gladstone
said that he was not In possession OF pre-
else information, but he assumed that the
Indian government would not make dis
crinlinatory arrangements to the disad.
vantage of the natives holding uncoined
silver. Doubtless most OF the uncoined
silver referred TO by Mr.. Goschen was in
the form of ornaments worn by the natives
The correspondence between the govern.
mentof India and the Indian Office has been
issued. 1t opens with letter from the In
dian Council under date of March. 1892. uTg.
ing the home government to AID In the set
tlement of the silver question by an inter-
national agreement. failing which, not TO
defer determing upon an Indian policy. as
if an international agreement shonld
not be obtained the United States
might suddenly stop the coinage
OF silver, leaving India unprepared.
The other communications discnss the fall
IN the rupee vaiues and the fluctuations in
the rates of exebeDges Tho coaacil. in u
letter written In June. 1872, advises that IL
the international monetary conference at
Brussels fails and a direct agreement be-
tween India and the United States cannot
be attained. the mints of India be closed
to the free coinage Of silver and gold
standard be introduced. In a minute Mr..
Barbour. Financial Secretary of India. OPP
poses the st0ppage OF free coinage until 10
becomes evident that the United states
will not adopt free coinage. Mr. Harbour
estimates that the total active circulation
in India amounts to 1l6.nO0.OOO rupees.
while q much larger proportion Is boarded.
To establish O gold currency with q full le-
gal tender currency composed entirely or
gold 1t would be necessary TO withdraw
from circulation l. $50. 600. 000 of rupees.
placing them by 81. .0O0. .001 of sterling gold.
He therefore, contends that with q gold
standard in India a large proportion OF the
circulation must continue in silver. with
silver legal tender To any amount. TX
both metals be M Maintained IN circulation q
gold coinage TO the amount Of El5.O00. 900
will suffice. Mr.. Long. In q
minute to the council in August,
1892. discussed the adoption OF the gold
standard, and concludes by suggesting that
the ratio of conversion be abont one TO
twenty. In Subsequent telegram from
the Earl of Kimberly TO the Viceroy of
India, dated June z. 1893, the former
nounces the recommendations of the
Herschell commission. as adopted by the
council at Simla to-day. In advising the
Indian government to exchange gold at
the rate of Cd TO the rupee. the com mis-
sion say o shat the object is TO guard against
q sudden considerable rise IN exchange.
Hereafter the ratio ought to be raised, il
circumstances make il advisable.