The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-09-03
Serss .lss 81 lrpr1


Tcunt te 0vrr 0even No.
~ Mriioas of Douerr.
The extent tovhieh TIN natives OF india
have boarded silver ia amatter Of great i'm
6ortance In the consideration Of the whole sill.
var question. Earl Northbrook. one OF the
BarInes OF London. at one time yiceroy OF
India. and therefore reputed authority on
the anbieot. estimates tho silver boards In the
hands OF the poople OF India Mt about one hum
dred and fifty miliona OF pounds sterling Mr.
7 +. O'Conor. q well-known Anglo. Indian
on,oiel. says that there are no very large
honrds Of silver In India outside the vaults Of
the India Currency Department aud that the
bullion stored In those vaults only waits it's
turn to pass into the mints. az does the great
bulk OF silver imported into lnda.
Any one who will turn to the finance and
revenue accounts issued every year by the
British Government in India caneee for him
self what ia done with the great quantities Of
silver which India imports. In the hall CEN
fury 1928 to lSo1-92 the aggregate net i'm
ports OF silver into India amounted TO S.24l.-
57S 800 rupees.
In the Same nifty years the silver received In
the mints amounted to 3.169.52o.3S rupees
From this latter sum should be deducted lTe.-
433. 40 rupees. being tho value OF old rupees
recoined. and then We have the sum Of. say.
1890. 600. 900 rupees. representing the euvef
received in the mints in this period OF hfty
yearA The difference between this sum ana
the net imports amounts to only 306.21%.50o
rupees. That 10. the annual average OF silver
passing into the minis has been about beS
laos. and tho annual average Of silver not
passing into the mints has been only about
sixty-one laca. In fact. more than ~ per
cent. OF the aggregate IMPORTS has been coined
in the mints Of India But It must not be sup
posed that even the relatively small sum men-
toned 40 not having conc into the mints has
not been coined. It 10 not assuming too much
to say that tho whole Ct the thirty orores
which did not pass through tho mints Of the
British Government passed through the mints
OF tho native States.
Mr.. F. @ Harrison. another Anglo Indian Of
ncial Of position In the Finance Dsparp.
mont. surmises that the native mintage OF
silver since 1885 exceeds 70 orores. But
whether tho native coinage II 80 ororss or 70
orores. what 10 clear 10 that practically all the
silver received In India 10 coined In the mints
Of tho Government and Of the native states
That there are vasthoards Of silver In the ooun-
try is certain. though It 10 permissible to doubt
whether they are quite 30 vast % some people
think. or very widely distributed among the
people. These boards. however. consist, NOE
Of uncoined metal. but Of coined and ourrent
rupees. and their value will certainly not bs
diminished by o change In the monetary
standard which docs not deprive the rupee Of
its character OF full legal tender. On the CON-
trary. any effect which may DO produced By
tho change just made will DO in the direction
OF reducing the prioes Of commodities and %
far as that effect Is produced the posssssor Of
boarded rupees will ind that his hoard has
increased in value.
Of silver held in tho form Of Ornamental The
Ia hat hoa rda ~ amt In India n
this form any more than in any other country.
When q native takes his rupees to . silver.
smith to be converted into ornaments or ves-
sells his main and primary object 10 tho graft.
lcation Of himself and his womenkind By the
possession Of ornaments. No doubt there 10
latent in his mind feeling that the ornaments
possess permanent value. and that II time
OF serious stress should overtaks him. they
might be pledged. sold. or coined for the relief
Of his necessities But the same idea 10 also
latent In every man oil over the world whe
buys jewelry or plato china or pictures
In India. for the mass Of the people. the pur.
chase Of such ornaments 10 almost the one
form Of Indulgence to which . man who has
made Q little money treats himself. Every
body knows. who knows anything of the social
customs Of the natives, that these ornaments
are the very last thing to be parted With on .
reverse OF fortune. and that even In the lowoss
social depths they are not put on tho market
until the last piece Of coined money has van.
ished and no household utensils Of brass or
copper are left with which to obtain coin Its
Q misuse OF terms to refer to these ornaments
| as "hoards." and It 10 an unqualified error to
suppose that they are made from rupees. for
the purpose or with the anticipation Of being
| placed on tho market from time to time ~ 90
casion arises. such method Of boarding
would DO most costly and ineffective. and
would certainly not appeal to tho frugal and
| practical nature Of the native artisan or agrt.
| culturist, who has as shrewd notion Of the
value Of money as the agriculturist and arti-
| san In other parts Of the world.
Tho man who boards in tho form OF orne-
ments resigns himself whom he does 90 to 0
certain loss Of from 25 to 80 per cont. though
| he would lose nothing ut all II he boarded In
| tho form OF bullion or coined rupees Orna-
| ments are essentially and primarily ornaments
| with natives. just as they are with ourselves
| and the boards and savings which they put
| away for use In case OF necessity are rupees
hidden away In supposed safe place instead
| Of being placed In bank. as is our custom.
Even II tho admission were made that some Of
these ornaments may be regarded as hoards.
| 1t must not be noted that tho amount OF the
| boards has been greatly exaggerated.
| No doubt there are proportionately larger
| in western countries. where the standard Of
personal comfort is higher. But the PROPOSE
ton that all these quantities may from time Ia
time come into the market is not sustainabie,
| / am inclined to think that on the average
| twenty rupess is the highest figure that may
be taken US the whole value Of the silver orna-
;Ss ssa by nnsys sT 70 tn.
annual average value OF county silver and
ornaments" received in the mint has been
about seven laos. which 10 less than hall .
pie per head OF the population in lndia; The
three years Of the great famine tlS17-1s to
| 1S78-SQ) brought an annual average Of about
| eleven million Of rupees to the mint IN country
silver" aud ornaments.m put we shall lot 20 see
native owner Of silver ornaments Will be put
when he desires to sell them Is not to be som
| pared with the loss which in Europe mas oeen
Incurred ~ the owner Of silver plate or trim
| kets bought before the heavy fall IN the Price
OF silver. but we have not heard any COM
plants made Oh behalf Of them Irdthing IL az
the loss in India. both Individually and "a me e
aggregate, 1t is permissible to observe that IL
ing the period of the fall In the gold value OF
| silver. Large numbers OF those who possess