St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-06-27
CAUSE OF THE DROP.
Free Coinage stopped at the In
dian MintS.

Free Coinage stopped at the In
dian Mints.
LONDON. June 26. = kilograms re-
ceiyed today from Calcutta by the AM
glo-Indian banks here say that the In
dian government has stopped the coia-
age OF silver at the Indian mints. In the
house of lords the Earl of Kimberly.
lord president of the council ahd secre-
tary of state for India. stated 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 10
issue rupees from the mints in exchange
for gold at the rate of 16
pence per rupee, and for receiving SOW
ereigns and half-Sovereigns at the treas
uries in payment OF dues at the same
rate. The Earl of Kimberly further
said that it is intended 10 introduce the
gold standard in India, but that goldin
the meantime will be made legal ten
der. Rupee paper has risen 2. About
fifty lacs worth has already been sold at
an average price of Is SID. According
to advices from Bombay. the Indian
council held at Simla today, beside stop
ping the minting of silver on private
account, fixed the rate Of exchange at
Is 4d.
In the house of commons Mr.. Glad
stone gave information similar to that
given i'm the house of lords by the Earl
OF Kimberly. He added that gold
would not be made legal tender at pres
ent Regarding the silver now on the
way to India Mr.. Gladstone said that
the government of India had been in
structed that 1t was open to it to admit
this silver to the mints if it thought fit.
Right Hon Mr.. Goschen. formerly cham
cellor of the exchequer. asked if the ad-
mission to free coinage of the silver now
going to India would not establish great
injury OF effect the destruction of such
silver as was in the hands of the
natives. Mr.. Goschen said that the
value of silver possessed by the natives
amounted to 100, 600. 600 rupees. Reply
ing to Mr. GoscheD, Mr.. Gladstone said
that he was not in possession of precise
information, but he assumed that the
Indian government would not make dis
criminatory arrangements to the disad-
vantage of the natives holding unc0ined
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 gov
ernmenL OF lDQla anu the 1uuia' OHiCC
has been issued. 1t opens with letter
from the India council, under date OF
March, 1892, urging the home govern
ment to aid in the settlement of the sill
yer question by an international agree
ment, falling which not to defer deter
mining upon all Indian policy, as. If an
international agreement should not be
obtained the United States might sud
denly stop the coinage Of silver, leaving
India unprepared. The other com.
municatlons discuss the fall in
the rupee values and the fuc-
| tuations in the rates of exchange.
| The council, in a letter written in June,
| 1892, advises that if the international
monetary conference at Brussels fails,
and direct agreement between Nndia
and the United States cannot k6sft-
tanned, the mints of India be closea to
the free coinage of silver ami d gold
| standard be introduced. In a minute
Mr.. Barbour, financial secretafF of
| India, opposes the stoppage of free ROin-
age until it becomes evident th1t the
United States will not adopt free Fcoin
| age. Mr.. Barbour estimates that the
| total active circulation in India amounts
to 115.O0O0 1000 rupees, while much
1arger proportion is boarded.