Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-06-29
THUESDAY JUNE 90. 1898
indie and the SILVER Problem.

II vas General GRANr who said that the
WAY 10 get ria Of q bal law was To enforce
u r.rldlv. Mr GLADSTONE or the India
Council seem. 90 have resolved to follow
General GE,Nr's advice. and 60 let the
world know and feel what monometaliism
means. This determination. II adhered
t. Will. as we argued yesterday, solve the
SILVER problem practically aud enable the
commercial world % 20 on with It's busi-
ness. Al persons must be tired OF the
cond ton Of things which has obtained IN
tins country ever since tho passage OF the
BiAvp law. There has been constant
state of warfare between the silyerites aud
tbe goliltes, or between monometaliiSm
and hmetalhsn. The year before that
I,I became a law the fiat greenbackers
threatened 20 Hood the country with an nm
limited amount Of their tavorite currency,
and the BLAND law may be said TO have
leen passed as \ compromise between the
friends and the opponents of cheap money.
But neither mouometallists nor bimetal-
lists have since then been satisfied with
the financial condition of this country, or
We nav say that of any other country.
The proportion Of silver to gold IN law
fnl silver dollar and a lawful gold dollar
did not satisfy tho cravings Of the friends
ofthe single standard: and there has been
q chronic attcmpt kept up 10 change the
coinage ratio between gold and silver.
The telegraph told rs yesterday that the
bankers Of Cincinnati had resolved IN
favor Of putting bullion enough IN silver
I. 81, Ill n
toa gold dollar. II that suggestion is car
ried ont and the India Council and MIR.
GLADSTONE continue to follow up their ac-
, ton Il Monday last. the dollar OF the
dadlics" will become monster coin, or,
very soon. twice as large a It is now Is.
The Populists. too, with their wild no.
tons. Will soon be heard from. but whether
they Will 0r will not live up TO the teach
iucs which they have sent out TO the world
W. 90 not know. They believe IN cur
reucy which is - fun legal tonder"; that
Is T. say. currency which need not he
redeemed by any body anywhere. but which
Is 10 be made good and kept good by the
nat Of the National Government. ln the
lrht Of the news from India q demand
for this sort OF currency does not
promise to swell to dangerous proportions.
But the Populists Will claim. of course.
that the immediate fall in the price OF
silver following tbs adoption of the gold
standard in India demonstrates beyond a
doubt that the fat Of the government is
equal 10 the task Of creating q good cur
rency, aud they will point TO the disOr-
dered state Of the financial matters of the
whole commercial world o. proving how
government may ruin its own people by
unwlse legislation In regard TO the finances.
Mr.. GLADSTONE. too, will he quoted AZ ad-
uniting that hostile legislation may iniu-
riou,ly affect all the money and all the
mOneyed interests of country.
And then the advocates of State banks
nre 10 bo heard from. They propose to re-
move the tax on the notes Of circulation of
State banks and allow torty-four Common
weal;hS to flood the country with money
or currency that will not circulate III the
money centres. This seems TO us TO be a
proposition to supply rural com munties
and poor people with bad currency and
urban communities ard rich people with
good money but We must add that the
advocates Of State banks do not thus look
ut the matter. In the light Of the news
from India the demand for this sort of
currency does not promise 10 swell TO dan
uerous proportions.
The Marquis of LANsDowNE was uneasy
ON Tuesday and fearful of the results OF
the radical measure TO which the India
Council hal resortod. He said he hoped
the government would not be criticised
for scheme which was intended rather TO
prevent a further fall in exchange than to
raise the value OF the rupee. Here are IN
dications that tho Indis Council has ven-
tured to tread on dangerous ground.
The President of the United States
seems TO have resolved TO make haste
slowly. He desires to let Mr.. GLADSTONE
learn from experience what the demone-
tlZation Of silver means. And Mr.. CLEvH-
LAND no doubt expects the financial
atmosphere to be clarified before the mid
die OF September-the time for the meet
ing OF Congress. The members OF that
body will have had an object lesson. They
will know more than they did a month
lgo.
The uneasiness in India is indicated by
the declaration OF tho Viceroy that il was
not proposed TO substitute gold for the
silver currency. aud that no attempt
would be made 10 fix on silver legal.
tender piice, the ratio Of the values of
gold aud silver being, as he SAID. only pro.
Nislonal. But the Earl of Kimberly had
taid on Monday that 1t was the intention
t. introduce tbs gold standard IN India.
But notwithstanding oil explanations the
price Of silver has had another fall. In
deed. as We argued yesterday. the silver
problem seems to be in fair way OF being
settled OF solved catastrophically. and not
by way OF evolution or scientif ,ally.