The morning call., 1894-03-31
RUPEES AND GOLD.
India's Monetary Affairs
Discussed.
Papers on the Gold and Silver Ques-
ton Are Read Before the
Economic Congress.

Golden Gate Hall was comfortably filed
last evening when the second meeting of
the MIdwinter Fair Congress of Economies
and Politics was held. The principal ad-
dress was "England's relation to the mon
etary affairs OF India" by Professor E.
Benjamin Andrews. president of Brown
University, Rhode Island. This paper
was received with attentive interest, which,
however, quite frequently was disturbed
by applause for some special efforts made
by the speaker.
In the beginning Professor Andrews re-
viewed the change effected in June, 1S93
in Iudia's monetary system, which he
styled an experiment. 1T illustrates the
impossibiity Of a strictly national money"
said he, Showing that the worlds money,
like the worlds air. Will fOrm a certain
more or less perfect unity In spite of all
national enactments. Thus this decree,
when promulgated, took instant effect on
tile other S de of the globe. closing mines,
making troops OF Iaborers wageles>, burst
ing banks, convulsiDg trade, producing in
some retpects the most distressing panic
on record and cOnvening the American
Congress in extra session.
"The other reason why India's recent
monetary history is particularly interest
ing is that 1t sets in strikiDgly clear ght
a very ucptOIdOlo result OI Tie ueuOU6llLh-
ton OF silver. 10 which thinkers in the
United States have insufficiently attended,
viz: the destruction Of a fix rar of eX-
change between the portions of tie world
using silver as fundamental money and
those using gold alone in this character"
After giving an extended account of the
Indian money difficulties, he said that Sill
yer prices had not risen. The rupee has
not lost in general purchasing power,
much as 1t mas lost in power 10 purchase
gold and gold exchange. A given number
of rupees worth of Indian goods repre-
sents as much effort to-day as in 1873 The
additional payments 10y India To England
have been, therefore. dead loss to India,
owing to he appreciation If gold, the
standard of her foreign creditors, ana of
her contract with them. Not one of these
affections had birth in any action by In-
dIa herself. Each was thrust upon her by
perverse legislation III Europe and Amer.
lea. In some countries so fragrant an at
tack by Government upon property would
beget a revolution, inasmuch as the natives
turned their wealth into silver trinkets,
and always regarded them as money.
1T appears from the foregoing that
lndia's new monetary regime, If il ma
lures, will. while improving on the old in
certain respects, be IN others no improve
ment, but rather the reverse; and that at
best 1t must be merely temporary make
shift, not finalitv," said he. Study of the
experiment assures the writer afresh that
no monetary peace can cUme to the world
till silver is restored to its ancient place
as full money"
W. b. Harrington read a paper in which
he defended the gold standard, and in con-
ciusion briefly summed up his views as
follows:
The situation as TO the gold standard
Is quite different. Itrequires no profound
argument TO show It's merits BimetalliSm
Is a theory; recommendation a fad. It's
existence depends on no legal enactment :;
on no agreement between Governments :
on no cOmpacts between sovereigns; but it
Is based upon that law of human nature
which leads men who have the liberty Of
cnQice TO choose that which they believe
will best promote their happiness"
Is. b. Wright followed with a paper
which took issue in salient points with
that OF Professor Andrews, as il argued
for gold standard. The speaker sug-
gesied how pleasant the generous yellow
$50 gold pieces OF California appear In all
eyes. He undoubtedly surprised many OF
the economists presen by stating humor-
ously that II is rare thing now to find a
man who does not know all about this
money question, although, of course, they
don't all agree. Ia the course of his ad-
dress he had many good things to Say for
silver.
General discussion followed, in which
hve-mlnute speeches were made by sew
eral persons.