Southwest-sentinel. [volume] (Silver City, N.M.) 1883-189?, 1893-07-25

for the purpose of showing how so
great an economic and financial re-
suit may be achieved, is mere pa
ternalism, and uINtarranted by
our system or policy. Putting
aside that question for the pres
ent, does not the estimate given
show the vast openings that await
capital, skill, enterprise and in-
dustry in the direction POINTED
out?
An Eminent Engllshman on silver.
". Y. Srn.
The monetary revolution COM
menced by Senator Sherman at
Washington in 1878 has culminat-
ed with the action of the liberal
government of Great Britain yes
terday in closing the mints Of In
dia to silver. 1 cannot see what
argument is left for the gold party
at Washington.
That party has been in the hab-
it of referring on all occasions to
the currency system of the British
empire as to one worthy of all ac-
ceptation, how "honest" was the
money in the empire, the gold Sow
ereigu was a sovereign, the silver
legal tender rupee was a rupee;
each would stand the test of the
melting pot; by a stroke of the
pen all this is changed. The ru-
pee is at this moment even as your
'f60-cent dollar" it is a dishonest
rnpee and the great liberal party
is the party of dishonest money.
Let us look at what has happen
ed IN the last twenty-four hours.
In no country in the world is the
community more in debt to its local
money lenders (sowkars) than in
India. The rupee is a silver coin
containing 1G5 grains of pure sill
yer. Every man in India who had
contracted a rupee debt, did it
with a knowledge that he could
repay the debt at the rate of 165
grains per rupee, because the mints
were always open to the free coin
age of rupees at hat rate.
The minis haye now been closed
without a word of warming and at
the price of silver announced this
evening (35 pence per ounce) it
would require in any city in India
and in any bazaar in any of those
cities, not 1G5 grains of silver to
buy the rupee, but over 100 grains.
The English sovereign contains 113
grains of pure gold. If the debtor
classes were woke up tomorrow to
find that by an act of state they
were required to pay not 113
grams, but 124 grainsk This is
exactly what has taken place by
this tampering with the silver cur
rency of $50, 900 of our fellow
subjects, fellow subjects who have
no votes.
And what does Mr.. Gladstone
say as to this in reply to a ques-
ton from Mr.. Everett last night
in the house of commons?
"In answer to my honorable
friend l have to say hat all meas
ures altering or modifying the
state of the currency may have, or
are likely to have, effect upon pc
cuniary values SO far as to infu-
ence current values" etc.
1t is impossible to criticise the
Gladstone Of today. Blu what
are you going to do about it.
IL you repeal the Sherman act
certainly your 65-cent dollar will
become a 30-cent dollar. In other
words there will be a premium of
70 per cent. on coinage of standard
dollars by enterprising citizens in
the mountain fastuess Of Colorado
and their operating would, l think,
be safeguarded by local sympathy.
IL, on the other hand, You demon
etize silver entirely, you force
France to call in her 5-franc cur
rency also, and such a contraction
would leave not a bank nor a mort
gage company standing in the en-
tire western hemisphere.
Therefore L venture to affirm
that at last we are at the dawn,
the crisis anticipated for now ff-
teen year has come. If you open
your minis at, say l to 20, no doubt
the India mints would at once be
opened, but 1 venture to say, with
the utmost confidence, that if your
nation opens her minis to silver
and demonetizes your gold, you
would embark mon snch q sen Of