People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1893-06-23

agent of the Bank Of England, framed
the act of demonstration OF 1873,
which passed a Congress IN which
but two men-John Sherman and
Hooper, of Observation-Disclosures
stood its purport.
What hindered the Democrats on
the committee from understanding the
purport of the act?--ED. T. 7. z.
Moreton Fewen, the we'll known
English fnancier, in recent article,
says:
In this consideration we have to guide
us all the evidence collected by the two
royal commissions in England, as also
the evidence of independent inquiries IN
India, SO that to-day the fact that the
value of the rupee at its home IN India,
has not at all diminished during the last
fifteen years may be accepted as demon
| strated The meaning Of this IS that an
ounce of silver-say three rupees-wlu
buy as much produce or labor IN all the
up-country markets Of India as 1t ever
| did.
In The Forum for January, 1898,
Hon. Henry Huck Gibbs, ex-governor
of the Bank of England, showing that
silver would not be "dumped" here
IN case Of free coinage, has this illu-
minatiug remark: Why should the
Indian, whose rupee, though worth
less gold than it was, buys him as
much of the nece2saries Of life as it
used to do, spend three per cent IN
getting it melted and turned into
dollars "
We refer The Nep8 to Pedda's sta
tistics prepared for the parliamentary
commission, and to Micchels copy
righted tabular reports from all the
departments in India. We refer it
to any prominent cotton exporter IN
Savannah who has looked far enough
into his business to understand the
effect of Indian competition.
With respect to the proposed cur
rency changes in Europe, the casual
reference Of The N61oS to our edito-
rial article Of last Sunday enables us
to correct a mistake glazing enough
to correct itself. Referring to the
proposition Of the goldolators to take
the American prop from under silver,
we said: The result has been al
ready foreseen by England, and ar
rangements are going forward to de-
monetize silver in India and remone-
tie gold. Here the credit was omit
ted. 1t should have read: "The re-
suit has been foreseen already by
England, and according to the mono
metallists arrangements are going
forward to demonetize silver in In
dia." We were taking an argument
of the goldolators and throwing it
against them.
As a matter Of course there is no
movement looking to the demonetl-
cation of silver in India, but there is
q movement inaugurated by the Off
cial class, which draws It's salaries IN
India and spends it in England, look
ing to the temporary closing of the
minis to free coinage. But England
is the government of India, and the
free coinage of silver there will not
be suspended--at least not while the
profits to British traders are SO enorm-
Gus and the bonus to India cotton and
wheat production so stimulating.
The N61c8 says it must seem. very
strange to business men "that the
Indian merchants, who are about the
sharpest traders in the world, 30 not
buy silver at its present low price,
have it coined into rupees, which the
Constitution says have not depreci-
ated, and thus grow enormously rich
Well, our business men are not silly,
They know that India is selling every
rupees worth of her products that
she can rake and scrape together for
our deprecated silver. They know
that India is taking all the silver she
can pay for in her produce-cotton,
wheat, jute, indigo and other stuff.
They know that the gold and, silver
that 60 there never come out again.
But if they know no more about these
matters than The Savannah N6ao$
seems to know, they would not under
take to discuss the matter.
The NeacS says it has excellent
information that the rupee has de-
preciated. Will it give us the in
formation in detail and the authority
for it? If it is to engage in the busl-
ness of goldbuggery, it should be pre-
pared to go to the bottom of the
question.