Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1893-10-01
L Y HOARDs IN INDIA.
Many Millions of Dollars Withheld
from Circulation.
a Very Largo Per Cert. of the Native
n,intaso In tho Hands OF Persons
Who Arc Holding II for u I,ise
I'm Nnlne-


The extent to which the natives Of
India have boarded silver is u matter
of great Importance III the consiicrG-
ton OF the whole silver question, Gays
the New York San. Earl NorthbrooiI,
one OF the Earrings OF London, ct
one time = viccroy of India, and there
fore l rcputcd authority on the sub
jcct, estimates the silver hoar,ls in the
hands of the people of India at about
one hundred and fifty millions of
pounds sterling. j. L. O'Conaor, 1
wcll-lInown Arglo-Ind!Gn Official, says
that there are no vcry large nuGr.!s Oi
silver in India Outside the vaults OF
the India currency department, anil
that the bullion stored in those vaults
only waits its turn 10 pass into tac
minis, as does tho great bulk OF silver
imported into India.
Anyone who win turn to the finance
and revenue accounts issued b. thu
British government in India - see
for himself what is done with tn
great quantities az silver which India
Imports. In the half 'century-lSi2.ij
to 1919! the aggregate net imports
CT silver into India Amounted to 5,2Ii,-
5s3,3oo rupees.
In the same fifty years the silver re.
cCivcd in the minis amounted 20 3 1872
$50 $50 rupees. from this latter sum
should be deducted o,i%3,:lC rupees,
being the value Of oll'rupccs rCcu!ncl.
and then we have the nm OF. say,
2,90O.00o,Coo rupees, representing the
silver rcccivcl 1t the minis i'll this
pCTio. OF fifty years. The diffcrcnc.
between this sum and the net import
amount to only 30j,Gli,5 so rupee.
That is, the annual average of silver
passing into the miuts las been ahout
SOS lac5, and the annual average OF sill
Yer not passing into TIE minis las been
only about 81 lacs. II fact, moro than
o. per cent. of the aggregate imports
las been coined III the mintS OF India.
Bat il must % be supposed that even
the relatively small sum mentioned rs
not having gone into the minis has not
been coined. Ii IS not assuming too
much 10 say that the whole OF the 50
crOrc3 which did not pass through the
m;ntSo of tie British government passed
through the minis OF the native Etatc,.
7. {. Harrison, anOthur AnGlo-lndiaa
official Of position in the finance de-
p2rtnent, SUriniScS that the Eati;c
.n!intaGc Of silver since 1895 exceeds -
crcrcs. But whether the native coin
age is so crorcs or 30 crorcs, what Is
clear IS that practically all the silver
received in India is coined in the Miats
Of the government and Of the ua,iye
states. That there are vast Loar,!5 OF
silver in tho country is certain, though
IL Is permissible 60 doubt whether they
are quite 80 vast rs ON people tl.i.i;,
or very widely distributed among tho
people. These boards, however, con-
siat not of uucoined metal, but of
coined and current rupees. and their
valuo will certainly not be dimini,hci
by n change in the monetary STANDARD
which does not deprive the rupee OF It's
character of fu!! legal tender. On the
contrary, my effect which may be pro.
duced by the change just made will be
in the direction Of reducing the prices
OF commodities. and Sc far rs that e.
feet il produced the posscssor OF hoard
ca rupees will find that his hoard has
~incrcuS.l in value.