New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-06-27
INDIA'S STANDARD CHANGED.
FREE COINAGE OF SILVER IN THAT
COUNTRY SUDDENLY STOPPED.
RADICAL ACTION TAKEN on THE MONEY CUES.
TIoN BY THE INDIAN GOVERNMENT IN AC-
CoRDANCE WITH THE RECoMMEN.
DATIONS OF THE HER
SCHELL COMMITTEE

SCHflL toMMiI
London. June 2S.-Tercrams received to-day
from Calcutta by the Anglo Indian banks here an.
nounce that the Indian Government has stopped the
coinage OF silver for private account at the Indian
mints.
In the House Of Lords to-day the Earl OF Kim
berley. Lord President of the Council and Secre-
tary of State for India. stated that the India
Council had passed al act for the immediate
closing of the Indian mnts to the free coinage Of
silver. lie added that arrangements being
made TO issue rupees from the mints in exchange
for gold at the rate Of sixteen pence per rupee,
and f)r receiving sOvercigns and half soveregns
at the treasures in payment OF dues at the same
rate. The Earl Of Kimberley further said that
il is intended 10 introduce the gold standard In
India, but that gold in the mean time will not he
made legal tender.
In the House of Commons Mr. Gladstone gave
information similar 70 that given in the House
of Lords by the Earl of Kimberley. lie added
that gold would not he made legal tender at
present Regarding the silver now on the way
TO India, Mr.. Gladstone said that the Govern.
ment of India had been instructed that it was
open to il to admit this silver to the mints II IL
thought fit.
Mr.. Goschen formerly Chancellor Of the Ex-
chenuer. asked if the admission TO free coinage
tablish great injury or effect the destruction OK
such silver as is in the hands of the natives. Mr.
Goschen said that the value of the silver possessed
nv the Natives amounted to 100, 900. 900 rupees.
RepYinc to Mr. Goschen, Mr.. Gladstone said he
was not i'm possession of precise information, nut
be assumed that the Indian Government would not
| make discriminatory ARRANGEMENTS to the dlsad-
| vantage of the natives holding uncoined silver.
Doubtlcss most Of the uncOinod silver referre1 10
! by Mr. Goschen was in the form of ornaments worn
| by the natives
The correspondence between the Government OF
| India and the India Office has been issued IL
opcns with letter from the India Council, under
| date Of March, 1892, urging the Home Govern
uent IN aid in the settlement Of the silver gues-
tion hy an international agreement. failing WHICH,
net 10 defer drtermnng nr0n an Indian policy, as
| if an international agreement should not ne op-
taincd the United States might suddenly stop tho
| coinage of silver, lcaving India unpIepared Inc
other communications discuss the fall in rupee
values and the fluctuations in the rates of ex-
| change
The Council in a letter written in June. 1892,
| advises that if the International Monetary Con-
ference at Brussels fails and Grect agreemens
| hotwecn India and the United States cannot be
attained. the mints Of India bc closed TO the free
! coinage Of silver and gold standard he intro
ducrd.
In a minute Mr. Barbour, Financial Secretary
of India, opposes the stoppsse of free coinage
| until il becomes evident that the United States
will not adopt free coinage. Mr.; Harbour estl-
mates that the total active circulation In Inils
| amounts TO $4,000, 900 rupees, while a mucn
| larger proportion is boarded To establish gold
currency, with a full legal-tcn'ler currency com.
| nosed entirely of gold, it would he necessary
| 10 withdraw from circulation .l3O,O0o,ooo OF
| rupees replacing them by t1',Ooo,ooo sterlln3
| cold IIe therefore, contends that with goii
standard in India a large proportion OF tne circu;
| laton must continue in silver with silver legal
| tender to any amount. II both metal; ~ main.
taned in circulation. gold coinage u the amount
| of fl5O0O.OOO will suffice.
Mr. Long, in minute 10 the Councll IN AN,
| gust 1892. discussed the adoption or the goiu
| standard and concludes by suggesting that the
| ratio of con INVERSION be about one 10 twenty
| In a subsequent telegram from the Earl OF
| Kimberley To the Viceroy Of india. dated June
| :. 1898 the former announces IN" recomihenIa-
tions cf the Iierschell commission rs anopteo ny
the Council at Smla to-day
| In advising the Indian Government 10 eXcnange
GOLD nj the ratio of pence 10 the rupee inc COM
| mission saws that the object is TO guard aGainso
| q: sudden considerable rise in exchange. Here
after the ratio ought to he raised II circumstances
! make il advisable. A.,
| According to advices from Bombay tho
| India (ouncil held at Simla to-day besides Sfop-
ping the minting Of silver on private aocounc.
| aycd the rate of exchange at Is. 4d.