The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-30
=. s,.r,sn American republics. In

| nar value OF which Is IS cents, when ~
,,s legal tender value In india Nearly
ali the silver which goes into India goes
| from London.
Tho producers OF wheat and cotton in
r,dia ,,nInouiringly accept the legal ten
6a- roupee at its par value for their crops
without thought OF the cost In London OK
the silver of which * is coined.
They are willing dupes In the matter.
From time immemorial the myriad NIL
lions of people In what Is now British IN
dia have been in the habit OF selling their
wheat at the rate OF an ounce OF silver for
bushel OF grain. They are superstiious-
ly impervious TO foreign ideas. averse to
innovations. fixed in old habits. devoted
10 accustomed methods. hostile to novelty,
and stolidiy repellant OF change in every
form. They accept an ounce per bushel
for their wheat, and n corresponding price
per pound for their cotton. with subli-
mated indifference TO the fluctuations OF
prices in the markets.
The fact results that England obtains
wheat and cotton in India at a cost grad
uated 10 the cost Of silver In London. BY
procuring the decentralization Of silver by
the United States and Europe. she has
been enabled so 10 put down the market
price OF the metal In London as TO leave
probation on the wheat and cotton
bought with legal tender rupees in India.
When silver In London before 1878 was at
the par 50 pence equal TO 1lS cents) per
ounce, that was the price she paid for
wheat In India To bring IL 20 Liverpool
cost pence Tor ~ cents more, and so
the price Of India wheat in Liverpool was
the price per ounce OF silver in London
plus IL cents. That is TO say that when
silver was at par OF 1lS cents before
1873, Indian wheat could not be laid down
in Liverpool for less than $50 cents net
American wheat bringing more or less
higher prices, by reason Of its higher
grades and quality. These were not only
remuneratiye, but profitable prices. The
case was similar with cotton.
But since 1873 how has the case been?
The silver rupee still retains its legal ten
der value. and par purchasing power In
India: while the silver from which II IS
coined can be purchased in the London
market for 80 pence or c. cents per
ounce. The result is that the price Of
wheat, this staple product Of our cOun-
try, has been depressed in our own mar
kets to figures approximating the S. cents
per ounce which London yOuchsafes TO
pay for our silver. Such is the situation,
such the result brought about by the
Financing OF England.
But the story is not all told. a new
step has been taken. BY the recent
order Of the British Secretary Of the
State for India the Indian minis are
closed to the silver OF the public, and
none Of the metal will hereafter be
coined, except that presented by the
Government Itself The effect OF this
measure is TO close the silver market
OF London TO all purchases for India
except those made by the Government,
and 10 stop the expectation Of silver
TO India, except on public account. Still
another part of the story, however, IS
yet to be told. Silver commands I'm
London about thirty-three pence; but
the Secretary for India accompanies the
order which has been referred 10 by the
announcement that the Government viii
determine for itself the price it will pay
for silver, and has now determined that
this price shall be one shilling four
pence per ounce-that is to say, sixteen
pence, or thirty-two cents. Mr.. Glad
stone says to the American people: II
will close Her Majestys minis In India
absolutely 10 your silver, and for such
Of your metal as l may require FOR my
own purposes I Will give you half the
London price"
Mr.. Cleveland has promptly responded
10 this characteristic insult, and has
| called Congress into extra session. Eng.
lands financing has ruined the agricul-
tural Industries Of this country. All
| prices sympathze with those Of wheat,
cotton and silver. our great money crops.
In order 10 accomplish the ruin OF the
wheat and cotton culture Of America, IL
was necessary to strike the silver min
| ers. The miners are In emeute; and in
| spite of the sarcasms OF Eastern news
papers, I will say, in manly, patriotic
| emeute. The agriculturists Will join
them. Effervescence is n dangerous pop
ular symptom. Congress Will meet In
extra session in the seething month Of
August,
The Presidents proclamation calling
Congress together was rendered necessary
by the Britsh-Sherman act or order
which have described. Until that order
| the Indian minis were free 10 the pubic,
| inst as the minis OF the United States
were until 1873. The order closes the
/ Indian mlnts to the silver OF the puDic,
! iust as our Sherman act closes the
| American mints TO the silver OF our citi-
| zens. The order keeps open the indian
| minis TO the silver Of the Government,
tuet as our sherman act does that thing
| The order announces the purpose OF the
| covarnment to purchase silver on its
own account at its own price. our
| Sherman act makes the Ike provision.
| except that it does not fix the price or
the silver purchased, but leaves that 10
be fixed for us In London wan street
&c a colony and dependency Of London,
and q Ga amazing TO witness how rabidly
dnrunciatory It is Of the American Sher-
! - oct and how very quiescent 1t IS
with the British Sherman act
vvau may the President Of the united
Go Ne alarmed by a Sherman act In
Iondon. which threatens to put SILVER
down 10 sixteen pence an ounce American
wheat down TO sixty-odd cents bushei'
and American cotton TO less than seven
cents per pound. The British act Is a
crushing thing; the American sherman
act Is a mere bagateHe
Distr,ist. want Of confidence. are uni
,,sr.ol IN the United States. The situa-
49,, &c alarming. The danger IS, that
sttyer Will gradually go down In value.
I'm n reaches the price which Mr..
cdaastone's secretary fixes it-siXteen
nance Uhirty-three cents) an ounce
hrinoing wheat and cotton and every
s.ania connected with India, down Win
~ congress will be called upon 10 pro-
vide a remedy for the great financial
distress prevailing, and the greater u's-
tress threatened. II viii fail TO proVloe
thn remedy. Wall street will prevent
England will prevent. MI 4S'ci 1871
supplies the reason.
The sherman act directs the purchase
Of foIr and half millions Of ounces o.
silver per month. or fifty-four millions o.
ounces pee eunum. by the Secretary o.
the Treasury on Government account
This is about the quantity Of the meta
that would be annually exported. over ans
above the home consumption. II directs
the silver to be paid for with Treasury
notes. and makes the notes Legal tehuer
| II, Of pIIlliC dues. uuf