The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-28
THE INDIAN REORGANIZATION OF
SILVER.

hIINkh
To understand what the English Gov
eminent has done towards demonetizine
| silver in India several things must be
carried In the mind.
lst II must be borne in mind that India
is an immense empire OF more than %
millions Of people who are practically
slaves. Cod r. too valuable 10 hire labor
with there. One OF our copper cents will
hire stalwart Hindoo to cut wheat with
a cradle all day IN a hot summer sun.
Cold cannot be subdiyided into parts
small enough for common use. A baser
metal is therefore necessary. which makes
silver the money OF the people.
2nd. The coinage ratio between gold and
silver In India is between fifteen and
sixteen 70 one. At this ratio a silver
I rupee is worth 4s cents OF our money.
and A gold rupee o. there were such
! thing ought 70 be worth the same. But
because civilization is advancing and la
Dor rising IN value In India. and because
\ the output Of the silver mines is becom-
I Ing greater all the time. the price Of Sill
/ yer has declined until the silver rupee is
worth really only 2 cents.
3rd Whilst gold has not been the money
% the people in India. she has been
great absorber ~ gold Reliable statistics
place the importation OF gold into India
during the past fifty years at 3spo.ooocoo.
Almost all this is sunk Ike water on
sand. IN ornaments or stockings. The
English Government sees the necessity Of
bringing II into circulation as coin. The
present action Of the Anglo-Indian Cow
eminent provides that coinage OF silver
for private account shall cease. though
the Government will continue 20 CON 50
much Of Il as Il may think II prudent.
Il will also trade a silver rupee. with a
legal tender value OF = cents. for 3
cents worth Of real value Of gold. The
plain object here Is 70 tempt the HindOOs
10 part with their gold. For 80 cents they
get what will pay IS cents OF debt. They
viii give their gold UP on this temptation.
1t viii be coined by the Government and
India will come 70 have a gold coinage
But what will become Of the ,oyervalued
silver rupees?
The Governments revenues in India
are immense. and it can sustain an i'm
mense amount Of overvalued silver By
receiving IL for dues. The habits Of the
Hindoos will make them for long time
willing 10 take these overvalued silver
rupees from the Government for all that
IL owes 10 them. The thing will adjust It.
self in time by the Government gradually
retiring the silver rupees as the inhabi-
tants become accustomed 10 the gold
coinage. and silver will gradually dis
appea- except as the prejudices
Of the people demand it and token
coinage calls for It. India and her re-
sources are so immense that the day
when an overvalued silver currency will /
cause trouble with a gold currency as its /
running mate. is very remote. Mean /
while this action Of the Anglo-Indian /
Government leaves Mexico and the United /
States the only countries where silver re-
mains full money metal They cannot /
Of course carry the whole silver stock OF
the world and even the most foolish free |
silver man will now have to abandon his |
claim.
We look on this as the coup de grace"
70 the free coinage idea Of silver. and we |
think 1t secures the repeal Of the sher-
man law and return 10 prosperity IN |
America