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

Free Coinage Stopped at the In
dian MINIS.
LONDON. June 26. = kilograms re-
ceived today from Calcutta by the An
gIo-Indan banks here say that the In
dian government has stopped the COLL
age OF silver at the Indian minis. In the
house of lords the Earl of Kimberly,
lord president of the council and secre-
tary of state for India. stated that the
Indian council had passed an act for the
Immediate closing of the Indian minis
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
the meantime will be made legal ten
der. Rupee paper has risen 2. About
fifty lacs worth has already been sold at
all 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 id.
In the house of commons Mr.. Glad
stone gave information similar to that
given in the house of lords by the Earl
of Kimberly. He ad ded 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 it was open to it to admit
this silver to the minis if it thought fit.
Right Hon Mr.. Goschen, formerly chan
cellor of the excheQuer, asked if the ad-
mission to free coinage of the silver now
going to India would not establish great
injury or 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, 100000 rupees. Reply
ing to Mr.. GoscheD, Mr.. Gladstone said
that he was not in possession of precise
information, but be assumed that the
Indian government would not make dis
criminatory arrangements to the disad-
vantage OF the natives holding uncoined
silver. Doubtless most of the uncoined
silver referred to by Mr.. Gosehen was
in the form of ornaments worn by. the
natives.
The correspondence between the gov
ernmenI or lDQla anu the Inuia OIllce
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 an 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 india
and the United States cannot b at
tanned, the minis of India be closed to
the free coinage of silver ana gold
standard be introduced. In minute
Mr.. Barbour, financial secretary of
India, opposes the stoppage of free coin
age until it becomes evident thak the
United States will not adopt free Fcoin-
age. Mr.. Barbour estimates that the
total active circulation in India amounts
to 115.000,000 rupees, while much
larger proportion is boarded.