The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-05-09
INDIA.
Wheat and Silver-Silver the Only
Kind of Money Ever Used in India.
WALTER MUIR,
Hunter, n. d.

India is now a dependency Of Eng
land. Her population is about equal to
two-thrds of all the countries of Europe
and America combined. Ninety per cent of
the people never saw nor heard of any
thing but silver money Their money con-
slsts of silver rupees and its fractions.
The rupee has legal-tender value of
about As cents, which. given to it by
an act of the English parliament, passed
in 1884, and has never yet been changed.
But very few of the immense population
of India yet know that any difference exists
between the coined and bullion value of
their money. The few papers that are
printed in that country, like many of our
own, subsidized with English money
to keep the people in ignorance.
THE INDIAN COUNCIL.
Much is being said about the action of the
Indian council in reducing and fixing the
value of rupees, but that proposition is only
intended to fix d permanent rate of eX-
change between England and India. No
reliable authority in either country has ever
yet intimated any intention of changing
the legal tender value Of rupees among the
people of India. Such act would bring
on revolution and rebellion at once Eng
land dare not do it.
THE TRICK. THAT HAS GIVEN TEN
PORAL PROSPERITY TO INDIA AND
ROBBED AMERICAN PRODUCERS.
Indian wheat in Bombay during the past
so years has averaged about Sl.10 per bushel
and cotton about 11112 cents per pound in
rupees, at their legal tender value.
Before silver was demonetzed a bushel
of wheat in England would buy more than
SIPS worth Of gold or silver bullion in
that country. A dollar in gold will now
buy twice as much wheat as it would then
while dollars worth of silver bullion will
only buy the same quantity it would at
that time; and that is the reason why those
who live on fixed incomes from stocks,
bonds.
are opposed to higher prices for silver. The
following table shows the difference be-
tween the gold cost of Indian wheat and
cotton caused by a change in the market
price of silver:
With silver bullion worth 1924 cents per
ounce the gold cost of Indian wheat, laid
down in English markets, would be s.. 201a
per buShel; at so cents per ounce, 1884,
cents per bushel difference 3I cents per
bushel. At 1891 cents per ounce Indian
cotton would cost IN cents per pound ;
difference "a cents per pound. Thus the
gold cost of Indian wheat and cotton in
English markets has made prices for Amer
lean wheat and cotton at horne and abroad
ever since silver was demonetized
Now, supposing that the wheat producers
of this country had sold their wheat at
31E cents per bushel more than they have
received; and that Southern farmers had
sold their cotton for 314 cents per pound
more than they have received during the
past nine years, is there any one who be-
Iieves that the present hard times and
money panic would exist here? But they
are here, and every intelligent person
knows that they were caused by forcing
American producers to sell the products
of their toll a gold basis.
The following figures show about the
approximate loss sustained by some of the
states caused by the decline in prices for
silver bullion:
r. J. HALL