Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1895-05-03

$ bills, which are form OF drafts upo
n India. AS the taxes in India are pal
: in silver which is deposited in the In
n dian Treasury, the Secretary for Stat
r OF Great Britain is enabled to sci
q every year some ninety millions o
t ounces of the white precious metal
! This silver is sold through the Banl
{ OF England in the form of Indiar
Council bills or drafts, which are prac
tically convenient form OF silver ex
3 change. An Anglo Indian merchant
/ or banker, if he wishes to remit money
) to India, has simply to buy Council
! drafts. Every week the Bank OF Eng
land has been in the habit of selling
an amount of silver in this form ag.
gregating $l,50OO,OOO or Sl,75O,OOO
more or less, according to the require
ments of trade and to the amount OF
silver in the Indian Treasury. Thus
the Secretary for State in England,
who, under Lord Rosebery's admins
tratiOn, is the Earl OF Kimberley, has
been called the greatest silver king of
the world. These drafts are payable
in India at designated places. They
are naturally valued even at a higher
price than is silver bullion, as person
wishing to send money to India can
do so by simply sending draft by let
ter to any part OF the vast Indian EN-.
pire. The lower the price, as measured
in gold, to which silver can be driven
the higher the profit OF a certain class
of Englishmen, especially as silver
buys in India just as much as it did
before gold was appreciated by bad
monetary legislation in the United
States.
The moment that the bad law OF
1873, closing the United States mints
to the unrestricted coinage of silver,
is repealed, that moment silver will
again become worth at least ST. 1929
an ounce. Nobody would sell silver
to England at lower value than that
at which they could have it minted in
the United States. Thus England
could get less from that time on than
one-half of the vast tribute which she
is now getting from silver-using coun-
tries. AS India exports vastly more
merchandise than she imports, Eng.
land may be expected to have to buy
silver from the United States, in large
part, to send to India in part payment
for those exports. The Directors of
the Bank OF England know that when
the Government OF the United States
re-establishes its bimetallic coinage
system that England will have to pay
for the silver which she buys at least
at the rate of 16 to of gold. To get
silver even at that price England will
have to have many United States
silver dollars melted into bullion.
RECONCILIATION OF SILVER WOULD RE-
STORE PROSPERITY.
Should silver be fully remonetized
in the United States our country
would at once be greatly enriched in
various ways. The silver bullion in
our country, including the 126, 900 900
or SO ounces in the National Treasury,
viewed as commodity, would be
more than doubled in value. The
States OF the Rocky Mountain regions,
which can at present produce some
two-fifths or more OF the coin metal
greatly needed by some thirteen hun
dred or so millions of the people of
the world, would enter upon career
of splendid prosperity. The farming
industry OF our land would be bene-
fitted on even vaster scale than the
mining industry. The old-time pros
perity which followed the discovery of
gold in California in the year 1S4S
would be in measure restored to the
people OF the United States. The tide
of immigration to our country that
has been smaller during the last year
than it has been at any time for thirty
years would again flow to our shores.
In the year 1882 the number of immi-
grants which came to the United
States was 7SS 900. In the year which
has just closed it would seem that as
many emigrants have returned to Eu-
rope as came to our shores-a sad
commentary on the business depres-
sion under gold monetary system.
A desirable class of immigrants would
in many ways enrich our country.
On an average each immigrant would
bring in money at least one or more
hundred dollars. Were silver fully
remonetized the prosperity of the
Rocky Mountain States would be such
as to attract a great number of immi-
grants.
Should the Government OF the Unit
ed States re-adopt its historic bimet-
allie coinage system, the nations of the
world would find it to their interest
to recognize the equivalency of value
between the precious metals estab-
lished by the monetary laws of the
United States.
ORIENTAL DEMAND FOR SILVER.
India has been for many hundreds
OF years a great importer of the white
metal. Her needs are such that she
must have it. Her mountains, al
though among the grandest of the
world, yield but very little OF that COW
eted metal. As silver is the coin
metal of her several hundred millions
OF people she must get it from some
source. Asia and Africa and Europe
yield but very little OF the white pre-.
ciOus metal. The yield OF Australia
is small compared to that OF America
The mountains of America must, prac-
tically, not only supply India with the
white metal. but supply the population
of the world. The people of India
greatly need more metallic money
than they now have. The amount of
silver in mao in India IA co;p - aa,;