Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-04
INDIA WILL BUY SILVER
1t viii Coin 1t Also as the United States
Did Under the Bland Act.
Washington Evening Star, 3D.

| Mr. Malcolm Mccall, a bonanza merchant OF
| Calcutta, India, told tho stars lobbyist last
| night at La Normandie that he thought the
present silver crisis was concOcted by the parti-
sans OF gold. Much of the talk he SAID, that
was now rite in every corner OF the press, hnan-
| cial circles, and political rendezvous was Idle
twadde.
| The mints OF India have been closed to the
free private coinage OF silver, but India Will buy
silver and coin 1t practically as the United states
| dld under tho Bland act heretofore at the
| government mints At Bombay and Calcutta indi-
viduals have had their silver converted into ru-
pees at the rate OF $50 grains standard or lit
| lie over ! 90 grains fine. This "a stopped.
PRICES HAVE NOT VARIED FOR FIFTY YEARS.
"Prices IN India for nifty years bave not va
ried appreciaDly IN rupees. The abundance OF
| silver has given a slight rise 10 prices. India
| owes England large debt, named in pounds
| sterling gold and with interest payable III gold.
| THIS interest amounts to SSO,OO0,OOO per an
| mum.
LIVERY week England sells council bills.
| These are drafts on the Indian treasury for
| 30 many rupees Now, the Treasury gets these
| rupees by taxation and then pays them out IN
| interest TO the stopmother country. heretofore
| tho price OF council DllIs uoQendou Oh 'he piico
| OF silver.
ain closing the mints Of India against free
coinage the British government nxed the rate at
| which they would receive gold IN London tor
rupees in India at Is. Id. Der rupee or 324 cents
IA your money, which would be equivalent 10
about "a cents per silver dollar, and makes "a
ratio Of / 70 2lbs oil gold to silver
WONT GIVE GOLD FOR RUPEES.
"Now, mark ye, tho English government will
receive gold in London for rupee drafts 1t will
give rupees al that rano Tor gold, bat II WILL not
give gold for rupees. nor have they made gold
a legal tender. II they saodld all balances OF
trade due 10 India which have been paid IN Sill
yer would be payable IN gold.
"lhis balance has yibrated between 10000
600 and as 100000 annually. England there
fore cunningly reserves the right TO pay
balances % India In silver. she proposes 10
make tho profits herself, which arc between the
cost OF the bullion and the race value OF tie
rupee. -, A.,
India without gold currency IS a dangerous
experiment.
dDadabhai Naoroji the nindoo member OF
tho House OF Commons, hit the nail on tho head
when he said that the Indian goVorntheht ectea
for tne Auelo-Indian salariei onlcias ana
freighted the natives With Increased burdens.
SILVER THE MEASURE OF yALuR.
"eiiyer has always been the measure Of yalne
with the LAND OF my adoption and viii rcmain 10
tin some more patent reason Tor change arises
than the speculative greed aud nmbiIion OF ine
owLers OF competing money metal
You bave had the Biandan sherman acts
since 1878. In al, your campaigns u mas been
alleged that tao tirin was Responsible Tor tue
Ills OF the times
Z. Now suddenly You change bont aud raise n
hue and cry against tue shermanlaw
"The last commerce statement OF .he lfea,
sDry showed ap excess OF imports over exports oL
s9i ,0D0, 900 and an export excess OF soid OF
6O,000.O00.
"1rue. American gold 10 nowlng essIHstu,
srt a ,s moi beng driyen out by SILVER, but Is
being drawn out 10 pay trade balances
~ think Iheso baiances are the result OF the
obstYuciion OF agricultural exports.
SILVER AND aUPsEs.
aFor nifty years 2h rupees could DO made
from oae ounce OF silver. fhis amount OF silver
wen ID buy one Dusn0i OF Indian wheat and land
II al liverpool unless tho American farmer can
Ian the same amount OF wheat at Liverpool Tor
-. Ind,sn wheat aud cotton are bought with
silver and tho British merchant will not give the
Imer,can farmer ono grain more Of 3ilvor tor Q
bushel of wheat or q pound OF cotton than no wnl
Wy II sns market rets Of silver tails wheat and
cotton must follow suit. "A.