Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-01-13
East Indie Silver.

A csblegram in Wednesdays DrspATcu
makes a statement which NAV be regarded
"a singular indeed as coming from the
source whence IL originated. 1t was 10 the
effect that the Bombay branch Of the East
Jndia Currency Association had requested
"the government "--tfie English home
government. we suppose-to order the I'm
mediate stoppaee OF the free coinage of
silver, and 10 refuse to sell India council
bills under fixed rate. THIS Is an anti-silvef
movement in country where silver is in
universal use. These councilbilis have
played an important part in the silver
problem. or, Al. ~ rate, in the discussion
Of the ii problem. India has been the
country " .ence: sspps influence il favor
of the free coinage Of silve. was expected
TO be brought to bear upon the mono
metallists Of Great Britain. All such hopes
must now. We suppose. he surrendered.
The monometallists In the United States
will be reinforced by this East India move
ment. and the bimetallists here will have
20 be careful how they proceed in the mat
ter OF legislation favorable to the full re-
monetization Of the white metal. II this
anti-silver demonstration had been made
O litsle sooner it might have had a controll-
ing influence upon the Brussels Interna-
tional Bimetallic Conference. That is TO
say. that body would perhaps have be-
come disguised with the condition OF
things obtaining in the very home of sill
yer money. and might have adjourned sine
die instead of agreeing TO hold another
session next spring.
This India movement must, too, place
England IN new relation TO the silver
question. II is indeed not little remarka-
BILE that that country, which Is most deeply
interested In maintaining the parity OF
gold and silver, should be the one which is
recognized as an immovable obstacle in the
path leading 20 that parity.
In his recent speech in the United States
Senate Mr.. STEWART. of Nevada, after ask
ing whether or not India had been
ruined by "cheap silver" or the silver
standard" said that the royal commission
which investigated that matter had de-
cided that cheap silver had benefited
India. He Instanced rs proofs of the
correctness of this decision that whilst
silver was ut par with gold India de-
pended upon England for manufactures
and was unable to export either
wheat or manufactured textile fabrics
In any considerable quantity. but now
manufactures such fabrics extensively
for home consumption, and exports annu-
ally over fifty millions of dollars worth of
textile fabrics. and nearly the same guam
tity in value of raw cotton. But MIR.
STEWARDS argument proves too much. III
India is benefited by cheap silver =" the
United States would be benefited by cheap
silver. Mr.. STEWART, however, would not
like to see silver any cheaper in this coun
try than IL nov is. but advocates the tree
coinage Of that metal rs a means of re-
storing II to that parity with gold which
had always been maintained In this eoun-
try from the days of ALEXANDER HAMILTON
20 the DAYS of john SHERMAN.
Mr.. STEWART further SAYS that operators
who buy silver in the United States at
market prices and exchange 1t at par in
India for wheat. cotton. and other farm
products make enormous profits. "One
of the principal arguments of Englishmen
against the restoration OF silver to parity
with gold is that cheap silver liborates
them from paying tribute to the United
States, and enables them to procure cheap
food and cheap raw material from India"
Here again, Mr.. STEwART's argument proves
too much. In the light of the Bombay
movement which we are considering
be must recast that argument.
We await with deep interest in the
subject further details of the Bombay
movement.