The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-28
INDIA'S REAL MOTIVE.
SHE Will NOR ATTEMPT 10 SUBSTI-
IUIE GOLD FOR SILVER.
VIII Rather Prevent n Further Fall In
Exchange Than Raise tho Value
In the Rupee.

sIMLA, INDIA. June H.-In explaining
to the India Council the bill providing
for the stoppage Of .he free coinage Of
silver and other monetary measures the
adoption OF which vas announced yes
terday, the Marquis Of Lansdowne. Vice
roy Of India, said he hoped the Govern
ment would not be criticised for dis
posing OF the important question at
single sitting. The keynote Of the
scheme was rather to prevent a further
iau IN exchange than TO raise the value
OF the rupee. The fixing of the provis-
ional rate Of exchange at Is Id. provided
an automatic means of preventing the
closing Of the mints and the violent dis
turbing OF exchange rates. The rate Of
exchange had been fixed high enough to
relieve the Government of it's most press
ing necessities, while il was well within
the limits OF the recent fluctuations.
There should be no mistake the Vice
roy said, about the facts. 1t was not
proposed to substitute gold for silver
currency. No attempt would be made at
present to fix a legal tender price for
gold While the ratio Of value was men,
toned, it was only provisional.
In conclusion the Viceroy expressed
the Governments sense OF the gravity Of
the step IL was about to take. Personally
he was ayerse 10 all attempts TO give
money commodities a fictitious value, but
the time had arrived when to remain in
active was impossible. The Government
would be unworthy of the name II Il
left things alone. II had not taken the
mOmentous step with light hearts. He
hoped its action would be fruitful in
good results, and that n sufficient re-
serve OF gold would be accumulated 10
make an effective gold standard posi-
BILE.
Discussion i'm the British House.
In the House OF Commons to-day Mr..
Robert Lacey Everett asked the Govern
ment whether now that the value Of The
rupee having been artfcially raised by
the closing Of the India mints 10 The
free coinage Of silver, compensation would
be given TO those persons in India who
had entered into contracts to pay rupees
without knowing that free coinage would
be stopped and the value of the rupee
raised. Were the people OF India, he
further asked. consulted in the matter?
Mr.. Gladstone replied that all meas
ures modifying the volume Of currency
may affect pecuniary values and influence
current transactions. lie was not aware
that II had ever been the usage 10 make
alterations subject TO compensation. and
he did not see how such a usage could
be beneficial
Continuing. Mr.. Gladstone said he was
confident that the Government OF India
was using all the means IN its power TO
ascertain the public sentiment
The Right Hon. George J. Goschea,
who was chancellor Of the EXchequer in
= ssAf.. f,H.. frn.f ell
the Government Of India had the power
to coin rupees, as the need arose.
Mr.. Gladstone replied that IL the public
was not clear on the subject be would
ask the India Office concerning 81. lie
had little doubt what the answer would
be.
Discussed nj tho Cabinet Meeting.
WASHINGTON, ID. c. June 27.-Two
hours We're consumed By the Cabinet to-
day I'm discussing the new phase Of the
silver question and other matters de-
manding attention. The two conferences
Yesterday afternoon and evening between
the President and Secretary Carlisle sim
pifed matters 20 some extent Although
the discussion, IL Is said, took wide range.
it was necessarily brought back 10 one
important and unmanageable point-that
the executive had no power in the prem
lses, Congress alone beng able 10 deal
with measures for relief. II was plain
10 the Cabinet that the monthly purchase
Of silver must be continued or else Con-
gress must be convened I'm special ses-
sion Immediately AS the President had de- /
cided to call Congress together I'm the early |
part OF September 10 deal with the fnan- /
cial situation. and manifested no intention /
Of changing his stated purpose. the pro- /
iect Of an early session Of Congress, lt |
is understood, was dropped
So far as the continuance OF the pur- /
chase Of silver bullion under the Sher- |
man law was concerned, it was pointed /
out that little more than two months /
before Congress would con- |
vene I'm extra session, and that during the |
intervening time the silver 10 he pur- |
chased would be only 100000 ounces, |
a comparative small amount IN view OF |
the previous purchases That the best /
way 20 deal with the question was 10 await |
the course Of events for two months lon !
ger was generally agreed 10. and it was |
with this View dominant that the meet |
Ing adjourned