The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-12-25
INTERNATIONAL B1MErALL1sM.

The repeal of the Sherman silver
purchase law and the recommendation
of President Cleveland that efforts
should be made to secure internationa
agreement as to future silver coinage
have been assailed by unprincipled Re
publicans and few unthinking Demo
Gratis, but they were both in agree.
ment with the platform on which the
Democratic party gained the victory il
1892. They are also in accord with the
views of the leading financiers of the
nation.
It has been argued with some degree
OF plausibility that the great govern
ment of the United States is able to es-
tablish its own financial policy indie
pendent of all the world. But it must
be admitted that in view of our COM
mercial relations abroad, it would be
far better if a bimetallic system could
be adopted which would have inter
national sanction, so that the parity OF
the two money metals could be main
tanned abroad as well as at home, and
our gold and silver coins be recognized
at their full face value everywhere on
earth. The following cabIegram from
Ballard Smith to the New York World
shows that President Cleveland's sug-
gestions and the Democratic platform
are not without effect, and may yet
assume practical form as the basis for
an International settlement of the sill
yer question:
London. Dec. 16-The event of the
week in London which is of the most
Importance to the United States was
the bill practically adopted in parlia-
ment last Tuesday authorizing the In
dian government to borrow 100000. 900
to meet maturing obligations between
now and March.
The Importance of this to the United
States lies in the frank admission that.
so FAR at least, the experiment of clos
ing the Indian minis to the free coin
age of silver has completely failed to
achieve what that closing was meant
to achieve-that is, the maintaining of
the value of the rupee.
The London morning journals of
both parties and the weekly financial
newspapers published today unite in
declaring that the situation in India is
most critical, and the Manchester Guar
dian, representing the vast Lancashire
interests, very bluntly intimates that if
President Cleveland resunmons the
conference for establishing an inter
national agreement, as he asks in his
message for power to do, England must
be prepared TO assume a much more
FcOmplaiSdnt attitude than at Brl1ssels
The present situation in India NAV he
briefly stated thus: The Indian gov
eminent holds at home a large amount
in silver to pay gold debts in England.
70 pay these debts now in silver at
present prices would entail a, loss
which, as the Times says, would be
so large as would cause the most
serious financial embarrassment -
Therefore. India is obliged to borrow
enough to tide over the present emer-
gency, hoping for either radical inn
provement in Indian affairs or the an
probation in value of silver before the
new debt falls due.
All the financial papers today ex-
press disbelief that either of these con-
ditions Is to be hoped for, and they
substantially agree with the Manches-
ter Guardian in admitting that the So
luton must be found in an information
al agreement The Guardian. summing
UP its argument, intimates that this
solution must be speedily adopted.
The Indian, the American and the
British governments it says. have
the ability in themselves alone, and un-
aided by any other power. to solve
the problem once for all, and to dictate
the monetary system of the world.
Both the Indian and the United States
governments desire the bimetallic solu-
ton which has been advocated by all
the ablest finance ministers of India,
is approved by scientific economists
throughout the world and by an in