The times. [volume] (Richmond, Va.) 1890-1903, 1894-05-04
THE FINANCE OF INDIA.
a MOST INTERESTING PAPER MEAD
BEFORE BINETALLiC CONGRESS
ey Sir David Barbour, Late Finance Min
lister of India-Oiher Papers Read
snd Discussed.

LONDON. May S--H. II. Gibbs, presi-
dent of the British BimetallIc League.
presided over the second days session
OF the international Bimetalnc Congress
in the Mansion House to-day.
Sir William Houldsworth. NJ. r., read
a paper on the effects upon agriculturists.
manufacturers, wage-earners, merchants,
bankers and investors Of the fall in the
general level of prices. This fan in prices,
he continued. was caused by contracted
currency and must lead to commercial
and industrial depression and the conse-
ouent injury OF all classes. MT Hould5-
worth contcnded that falling prices as
courage capitalistic enterprises, ana the
increasing burden Of obligations depriVeS
,bcr, nf the power Of extending produc-
tion. He quoted from the letter OF CEN
eral Francis A. Walker In support OF MS
argument that declining prices retard
Industry and diminish the demand Tor
labor A low rate Of interest, he sald' -
evidence OF an abundance OF capital dhu
a coexisting depression OF trade.
Robert Lacey Everett. NJ. T., and Ed
mund p. Knox. ". T., in discussing
Uouldworth's paper maintained mat
recommendation would press powerlu'iy
and unfairly upon the tillers OF the SOIL
as IT'S tendency was to lower the Vaiue oI
agricultural products
Henry II. Gibbs read paper on the
..principle on whith an internalloHai
rauo ought 20 be based NJ Glbos stateu
tbat the proportion OF gold to silver at
tno end " the year 1899 was - IL TO ].
A. the rresent time the proportion was
?, 10 /. All proposals. for bridging the
cbasro he asserted. converge toward the
restoration Of silver 10 its former STATUS
of full debt-paying power.
FINANCES o. INDIA.
Cir Dovid Harbour. late Finance Min
lister for India. read paper on ne
Finance of India" in which he said the
ox,' 'enditures of a country always tend
to exceed the revenues. The sudden de-
clines i'm the price of rupees have lea 10
an injurious reduction Of expenditures
the cessation Of public works and the
loss Of control by the Indian budget OF
its mower TO maintain surplus or 10
prevent a deficit. Indian exchange had
been temporarily improved, and the coun-
try had been lulled into false sense OF
security when the Untet states lncreaSed
tteir purchases Of silver; but When those
purchases ceased Indian exchange 1ell
lower than ever.
The effect Of the divergence OF gold
and silver upon the finances Of india mad
been a crisis involving a waste of money
and mischievous fluctuations OF policy
and there was a prospect or a iurtheI
severe decline. when the Government OF
India would be unable to meet their Cd
| legations. The result OF attempting 10
introduce a gold standard in India had
L. q Tr4lf
silver standard countries, increase India $
| sterling debt. increase the expenditures
| Increase the taxation. and TO cause the
| almost total abandonment OF pubic
| works. IL was too soon. he said, to say
| whether the attempt would be- success
| fu1 Int II was plain that it must require
| time and further heavy sacrifices.
Good wishes from Our Senators.
| WASHINGTON. d. c.. May Sub
ioined is the text Of the cable mes
sage sent TO the English meeting held yes
terdav al the Mansion House. London, t.
discuss the financial questions.
~ ord Mayor of London, Mansion House
London:
I'VE desire to express our cordial
| sympathy with the movement 10 promote
| the restoration Of silver by internahona
| agreement in aid Of which we under
|
vour Lordship's presidency. We believe
that free coinage Of both gold and silver
| by international agreement at "A iNec
ratio would secure 10 mankind Che bless
ing of a sufficient volume of metallic
money, and. what is hardly less important
| secure to the world Of trade immunity
| from violent exchange fluctuations.
John Sherman B. Allison, ID. w. Voor
hees. George =. Hoar. Nelson w. Aldrich
David B. Hill. Edward Murphy, ~ Z
| German, O. IA. Platt. Calvin Brice. Jos
| NJ. Carey. VIM. Frye, c. *. Davis ). NJ
Cullom, Henry Cabot Lodge
II will be seen that this message u
signed by the representative men OF boti
parties, but not a name among tn
| western silver Republicans appears.
Senator Wolcott. Of Colorado, this after
noon. speaking Of this circumstance, SAT-
| il did not indicate their disapprovai o
the scheme. on the contrary they wer
| glad Of fl: but the names attached To tn
! message were those only Of men recog
nized in England az the advocates o
| cold monometallism In this cause.