Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-08-02

P1Ao "a bAlC SdSDcTn nOuSc vi
| Frazer, Sons & Co., one of the most
active spirits of the Manchester BIZ
metallic school, said: ''The closing Of
the Indian mints to silver is an unsound
measure, which has been forced upon
the government of India by the inabil-
ity of the imperial government to grasp
the true significance of the currency
question. The maintenance of the
rupee at one-quarter appears to rest en-
| tirely upon the continuance of the bal
ance of trade in favor of India The
leap in the dark which has been forced
upon India by the attitude of the home
government toward currency reform
will afford an object lesson which will
cause the British government to join in
demand for an international settle
nent of this vexed question, namely,
| by international bimetallism."
The Indian empire, while a British
dependency. has a great deal of indie
pendent political autonomy and all
legislation must be inaugurated and
initiated by the home government of
India, especially upon financial matters.
The Indian government has brought
to bear upon the government of En-
gland, for some time past, 4 continuous.
tremendous pressure, in order to COM
pei it to do something to relieve the
financial situation. 1t was in conse-
quence and because of this pressure
that the British government appointed
| the Herschel committee to examine in
to the situation and devise some meas
ure of relief
Both the delegates from British India
| to the recent international monetary
commission were ardent 'bimetallists.
Gen. Strachey, one of the delegates
and also a member of the Herschel
committee, formally warned the inter
| national commission that the delibera-
tions of the Herschel committee had
been temporarily suspended only in the
hope that something might be done by
them to aid the cause of silver and told
them that unless they came to some
agreement, India would have to take
some steps to protect herself.
Sir Guilford l.. MoleswOrth, the other
Indian delegate, made an able and elo-
quent plea for silver, portion of which
is here reproduced. He snid:
The government of India which 1 have the
honor 10 represent, does not desire rise in the
! value of silver. \ sudden rise in its value
would be as disastrous to it as a Sudden fall
| That which we require is stability
But the question of stability is not the only
question which agitates US. The most serious
question is, how to protect ourselves
| against a further fall? 1 would ask your pa
| tience whilst explain frankly the situation of
! the government of India, and the bearing of
that situation on the quest now before U.S.
The position of India Is undoubtedly different
from that of any other nation She is to great
| extent independent of foreign nations inasmuch
| as she Is not under the necessity of adjusting
/ her international trade balances by actual
| transmission Of specie, because she performs
| that operation by the transmission of merchan-
| disc. The accumulation of silver In the Indian
| banks has, OF late years, been unpreoedently
| large, so that no immediate Inconvenience
! would arise to herself from closing her mnts
| to silver 1t was only as late as 1885 that gold
coin ceased to be legal tender in India, and
| although at that time the amount of gold in
circulation was very much less that that OF sill
| yer, still the remains OF that currency must
| amount to very large volume. Her net i'm
| ports OF gold since 1885 have amounted to about
| $3.50 ,0O0, 000 India, therefore would have no
| greater difticulty-if even as great-than Aus
tria, in establishing a gold currency in some
| form, whether ii might be the etalon boiteux
or one with the existing silver coins circulating
as tokens, as in England
1t is unnecessary for me to enter into the de-
tallS OF the numerous and constantly recurring
evils TO which India is Subiec ted in consequence
OF the relative instability OF the currency; but
| may say that these evils are not merely finan-
cial, but political, seriously menacing her most
| vital interests India has already too long post
! poned action necessary to protect her interests
| hoping that some reasonable solution of the
| question might be arrived at, and large and
influential portion of our Indian community is
now strongly urging the government of India
to take measures for adopting gold standard
SO long as there is any hope of arriving at a
reasonable solution of this difnculty, 1 am con-
vinced that my government would shrink from
the necessity of changing its standard; but of
late the hope of such a solution has appeared
more and more remote. Should this conference
break up without arriving at anv definite re-
suit, then India must take immediate measures
for her protection. Whether those steps will
end in tie stoppage OF the silver coinage, and
the adoption of gold coinage in some form or
other, am unable to say
l cannot disguise from myself that such a
step is fraught with immense difficulties the
result OF whichit is impossible TO foresee The
general feeling in India is that it would be dis
astrous to the gold using countries of Europe
rather than to India; but India must consult her
nwa interests The magnitude of the cues tion
may be conceived when it is known that the
population of India exceeds 28J, ,001, go souls 1t
must be understood that in these remarks I
have expressed my own personal opinion and
that cannot in any way commit my govern
ment to my views.
must express nv opinion that the only sat
isfactory solution of the dffculty is to be found
in an international agreement on a bime tallic
basis, in which my government would join the
Latin union and the United States Such a
combination would be amply strong to preserve
any ratio that might be fixed. But as such
combination appears to be impracticable with
The present temper of the deleg ltes 1 am pre-
pared to support any proposal tending towards
that end, as step in the right direction.
If any proposal should hold out reasonable
hope of maintaining relative stability, it is
probable that nv government would consent to
take no steps towards closing the mints to sill
yer. But the government of India must reserve
to herself complete freedom of action in regu-
lating her system OF currency.
1t is funny to hear populists howl
ing for primary money" upon which
to base credit devices" i. e. paper
money,