The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-06-27
INDIA SHUTS OUT SILVER.
Free Coinage Suspended at all The
Indian MINIS.

Arrangements Being Made TO Issue
Rupees from the MINIS in Exchange
for Gold at the Rate of 10 Pence Per
Rupee-The News Creates a Stir at
Washington.
London June 28.-In the House ofL4ords
today, the Earl of Kimberly, lord of the
council and state for India, stated that
the Indian council had passed an act for
the immediate closing the Indian mints
to free coinage Of silver, He added
that arrangements are being made to is
sue rupees from the mints in exchange
for gold at the rate of 16 pence per rupee,
and for receiving sovereigns and half
sovereigns 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 the old gold in the mints will
not be made the sole legal tender
In the House of Commons Mr.. Gladstone
gave information similar TO that given in
the House of Lords by Earl Kimberly.
He added that gold would not DO made
legal tender at present. Regarding the
silver now on the way TO India MIR. Glad
some said that the government of India
had been instructed that 1t was open to
| II to admit this silver TO the mints If it
thought fit.
Mr. Gosohen, formerly chancellor OF the
the eXchequer, asked if admission to free
| coinage of the silver now going to India
would not establish great injury or effect
the distraction Of such silver as was in
the hands of the natives. Mr.. Goschen
! said that the value of the silver possessed
! by the natives amounted to l00,000.000
| rupees
Mr.. Gladstone replied that he was not
In possession of precise information, but
| he assumed that the Indian government
would not make 'disoriminatiYe arrange
ments TO the disadvantage of natives
| holding uncoined silver. Doubtless most
of the uncoined silver referred 20 by Mr.
Goschcn was In the form of ornaments
| worn by the natives.
THE NEWS AT WASHINGTON
| Washington, June 20 -The present
| Secretary Carlisle and the financial OH
| GERS of the Government generally receiv-
| cd their first authentic news of the start
| ling action of the government Of India In
suspending silver coinage through the
| press dispatches There had been rumors
on the subject earlier In the day, but they
| were passed upon as rumors only though
| their substantial accuracy was not doubt
! ed. When the report Of Mr., Gladstone's
| announcement III inc House
| Of Commons and Lord
Kimberly's statement in the House OF
| Lords were received, the gravity Of the
| situation became at once apparent. Secre-
| tary Carlisle Immediately went over to
| the white house and for nearly two hours
| discussed the bearings Of the action with
| the President, without reaching any posi-
| tive conclusion as to the line Of action to
| be adopted The conference was re-
newed at Woodley, President Cleve-
! lands suburban home later in
! tho evening and was protracted
until far In the night, The circumstan-
| COS are regarded as too serious 10 permit
of any authentic expression Of opinion as
| TO the future policy Of the United States
until all the facts are fully digested.
! This much, however, can be stated with
absolute confidence, that the action of the
| India government IN closing the India
minis to free coinage of silver is regarded
! by the United States as doing away with
| the necessity for the reconvening the in
ternational monetary conference, which
was TO have met again in Brussels this fall.
TAKEN BY ENGLAND's ORDER.
II is not believed that this action was
taken without express orders from the
| English government, which has general
! supervision and control over Indian af-
fairs. During the session Of the interna-
! tional monetary conference az Brussels
| last December, Gen. Strachey, delegate OF
| British India, in an address delivered he
! fore the conference said: LAS an indiea-
| tion Of the strange condition Of affairs it
may be further mentioned that there has
| lately arisen in India serious agitation on
! this subject and that pressure has been
! put on the government TO take direct ac-
| ton for the purpose of applying a remedy
! 10 the numerous evils which arc
regarded as being due to the fall
! in value of the rupee, affecting not only
| public finances and administration, bun
with equal severity numerous commercial,
! industrial and social interests. and among
| the remedies proposed and strongly advo-
| Gated by many influential persons and au-
thorities is the adoption by India Of the
! gold standard, and the suppression Of free
coinage of silver at the India mints. In
! these circumstances, the delegates OF fn-
dia have been instructed that while stud
wing with the greatest care and good will
in concert with our colleagues at the con-
ference every practical proposal suggested
! to assure wider use of silver as currency,
! they are on no account to give any pledge
| that may interfere with complete free
dom of action of the government of India
in any course it might desire to adopt.n
| In view Of this announcement at the con-
! ference the action of the Indian govern
ment to-day was not altogether a sur
| prise 10 the treasury officials, though
| what its effect may be on the future ao-
tiol of the United States cannot be 40
curately gagged.