Mohave County miner., 1893-12-16
SfL YER ~ INDIA. READ THIS.

The more We learn oil tne circumstances
ling and OF the reasons given ac-
ton OF the Indian government in clos
ing the mints OF India to the coinage OF
silver for individual account, the more
apparent 1t becomes that the decision To
take that course was hastily reached, the
action III ADVISED. Professor J ) Mich.
olson, an able financial writer. has an
article in TIE Contemporary Review en-.
titled "rhe Indian Currency Expert.
ment" which throws a new light upon
the subject.
When the financial world VAS startled
by the announcement OF the order Of the
Indian government, which was instantly
followed by the extraordinary fall OF the
gold price Of silver in the London market
the American bimetallists were demora.
lized for time, and the gold ring cried
with one voice that IL would be foolhardy
for this country to attempt to slstain
silver any longer. The white metal they
insisted, is doomed, and the sooner We
recognize the fact the better il will be for
our financial standing before the world.
But now that the motives and reasons
which actuated and controlled the In
dian government are made known We
find that the Indian mints were closed,
not because the government had any de-
sire to abandon bimetalism or to adopt
the gold standard, but because Of the fear
that the United States was about to throw
silver coinage oyer and that there would
consequently be further fail in the
price OF silver in London. For 10 years,
as Prof. Nicholson points out, the govern
ment Of India has hoped for an interna-
tional return 10 Dimetallism. And ia
the very plan propounded by Sir David
Balfour to be adopted by India for the
introduction OF gold standard, he con-
cludes with a strong argument and APP
peal for the double standard and with
the expression OF a serious doubt as TO
the possibility Of effectiDg the proposed
change
The experiment OF closing the Indian
mints 10 silver and oil attempting TO fix
an arbitrary gold value of the rupee was
forced upon the government of India by
the necessity of doing something to stay
the further fall OF silver which was ap.
pretended from the action OF the United
States. The president bad recommended
the abandonment of further purchases
and had not recommended other legisla
lion looking to silver coinage.
India pays 10 the home government
eli 900 900 annu lily. This amount must
be remitted in gold or exchange equiva-
lent. The entire reven es OF the Indian
government are paid In silver rupees. 1t
Was inferred that when the United States
should deal the final blow to silver the
remittance could no longer be made
hence the attempt to fix an artificial gold
price for the Indian coin
The result Of the experiment is now
known TO the world. And 80 signal has
been the failure OF the whole sche me for
forcing India to the gold standard that
the attempt has not peen pursued. 1t
has been found that the inherent conser-
vatism of the teeming millions OF India
10 an obstacle not to be overcome by an
order OF the Indo-British council. IL is
about as difficult to change the money OF
people as it is TO change their religion.
Professor Nicholson does not attempt
to predict the outcome OF the India cur.
rency experiment. But he presents a
view Of the matter as il bears upon the
commercial and industrial world beyond
India "The closure of the Indian
mints to silver" he says: "is certain to
intensity the evils that followed on close
IRE OF the mints Of Europe. There must
be further appreciation Of gold-in
other words, further fall in general
prices, with an intensifcation of the bur-
den Of Indebtedness, increasing difficulty
in the adjustment OF wages. contactlon Of
enterprise through falling profit and
liqui 1ations on a small scale"
These striking words present picture
Of the results which would flow from the
Abandonment Of silver by the United
States.-San Francisco Chronicle.
Hamilton w f.ray tha Con