The times. [volume] (Richmond, Va.) 1890-1903, 1893-06-30
THE INDIAN Decentralization ACT.

The press Of the whole country is CROP
ing about trying to find out what the
action Of the Anglo-Indan Government
in closing the Indian minis to private
coinage Of silver means. Very few Of the
papers dare to tackle the question at
all, and fewer still have thrown any light
on It.
The Journal Of Commerce, Of New
York, has secured an expression Of the
views Of a number Of the large New
York merchants, whose business connects
them with transactions in India
Amongst them it prints what Mr.. H.
W. <osenbaum said, the Journal styling
it his lucid explanation OF the action
Of the Indian Government" Mr.. Rosen-
baum could have got 1t all out Of The
Times two editorials on the subject.
We quote what Mr.. Rosenbaum said.
The way l understand the position
is that the Indian Government does NOT
say that henceforth 1t will not coin silver
but IL will only stop the free coinage
of silver for private account. This does
not imply that any less silver viii be
tOfore The only difference is that il
will be bought now for account Of the
Government the same as silver is bought
for the United States Government.
II presume the principal idea of the
committee was that there is a large
amount Of gold boarded IN India. partly
IN ornaments and bullion. and a very
large part in the shape Of Australian
and English sovereigns, and that these
hOardings will be forced out by the new
departure
The rupee In india is still legal ten
der, and by the Indian Government offer
ing to give fifteen rupees for one sover-
eign, the presumption is that every one
who has any boarded gold will convert
IL into rupees. The case is about the
same as If the United States Government
were TO announce that IL would give
twenty-five silver dollars for double
eagle. and If there should be any double
eagles boarded here, while silver dollars
are at fun legal tender naturally every
debtor would try To get hold Of these
double eagles. not for the purpose Of
boarding them but for the purpose Of
turning them over 20 the United States
Government and obtaining twenty-five
dollars therefor. which would be just as
/ effective in discharging debts The
Of deprecated coin, and it's falling be-
low its legal tender value. is that the
issue is limited and Is confined to the
Government which can use It's discretion
about the proper time and proper quan-
tty Of such money TO be issued. and this
money although intrinsically worth less
than gold, will still circulate internally
at par, in the same way as our silver
dollar clrculates here or the five-franc
piece I'm France.
"A foreign debt balance naturally il
always 10 be adjusted In bullion. but
India is not a bullon-exporting country.
otherwise the act would have 10 be sun
plemented so that the rupee should be
interchangeable for gold as well as gold
INTERCHANGEABLE for the rupee, at the
fixed ratio
India owes a large debt TO foreign
countries, and a large part OF the debt
is In the form Of sterling loans but the
money India has 10 receive every year
from abroad-the balance Of trade being
largely in favor of India every year
overbalances the interest payments
&c, due abroad. and consequently India
Is never called upon 10 export gold. and
the necessity Of this provision for ex-
changing Of rupees Tor gold is obviated
AT least FOR the present"