New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-27
FLINT'S FINE FURNITURE.
Dainty and Beautifm
are the new novelties in vina.
FACTORY PRICES.
conception OF the chief object Of closing the mini

The aim of the whole plan was not primar,
to cause rupee exchange to rise but TO check b
fail From the first, the Indian Government \
tc!pated the difficulties and inevitable delays b
in spite OF them a., the closing OF the minis w
and remains necessary to raise the value Of u
rupee above The deprecIatng coin value
One thing the closing of the minis has areat
accomplished. Before the closing Of the mints q.
change was jumping from day to day. Since the.
except for the sudden rise in the first month ths
violence OF the fluctuations has peen lessened q
the whole business community this in itself va
sufficient success.
The Indian Government still follows It's ~
slstent policy The recent declarations OF both Mr.
Mr. Balfour and the German Chancellor have
Governments had any idea OF reopening the Indian
m.rts. un.ess such a measure should form pat
Of satisfactory proposal for currency retern
the financial member. Sir James Westand, are ret.
cent. there is no reason to doubt that they ~
One member Of the Government has givn hi
reasons for hoping that the rate OF exchange Zoe
BORROWED w rsf 70 ,n money Her last loan u
England Just before the closing OF the minu saw
u o a aHs inse c s mi Sf.s %
the currency But this spring this loan Will 3
entirely expended The Government VII, then s! e.
constant imitation Of the currency is past q Ger
tain, says this gentleman. TO increase confidence
rupee. In addition to this rise. which should b
permanent. the CONTRACTION IN tne currency que
rise In the rate Of exchange Then. perhaps VII
c)me the long -hoped-for rate OF Is. a. But unta
tNis rate comes. gold standard for india seems
as far OF 'vor.
RESULTS INSTRUCTIVE TO STUDENTa
These results which have come in silver country
are not merely Of academic interest 10 the United
States. Alter allowing for all the aHerence In the
conditions the fWo countries e6ects Of SILVER
In India should at the very least be instructive 70
students of the American silver problem.
Several effects OF the silver STANDARD are 10
greater less degree peculiar to India European
officials have remit money 10 England for the sup
port Of their families and the education OF tneR
children in a deprecated currency. Many Ensl@
business men In India cannot afford TO- retfe
England with their savings. since the unfavora~
exchange would shrink their fortunes. speaking
roughly one-haif The Indian Government. too u.
ours great loss in paying Its gold interest," cnsst"
in England: and the consequent deficit mas 70
raet by increased taxes Indian experience nov
ever. emphasizes other results Of silver stanasSs
which might follow in any country when al peseIs
adopted such standard In India me s1 H%cu
ations in exchange and low exchange Tne enec"
Of each must be considered separately .,,,,.
No one in India has good word Tor nuctua',SssS
in exchange For example the fluctuations IN -
81. In 1890 demand bills on London rose ron ~
AID 10 Is cd In the next thirteen months tney ~
TO Is 3Sd Under such conditions merchants ms a.
Ing contracts in advance have only the choice Of ~
alternatives both UNPLEASANT II ,h ssnk they RI
the risk of being underbid by some nIois Ss
competitor But they too risk ran ~ ~ bst cn Is
future rate OF exchange. Again, a nuctua."tS a.
change scares English capita AVA az, he viii n
ceive his interest and eventually his capitai, ~
deprecated currency. II ~ only MAJ ne ,o.thy
quence that English capital has oecS nnern n
had to assume the building itself n h,o.,s
exchange Is admittedly the Ill "ino '""' wv
The honest difference Of opinion arises IN su
the second set Of phsnomena in favor OF this stat.
Of exchange in India were represena'a rst that
planters associations They asIess,e' snahed them
low exchange was good because ena sss really
Wills still having the same nominal wax a,nS X
to pay lower wages without the auv the othei
The Government OF india ,he obvious reply tina!
this was selfish reason; that tne p,a,r gain from
article may make temporary riu at the expense 3
his employees and OF others 70 wno sav ran Is the
payments. The measure of this uhiS' '''
amount prices have risen
THE EFFECT OF FAILING EXcHAN"h'
This introduces the important question VIZ :,
falling exchange always means increased ~ I.ss
is undeniabe that OF late years prices nav. .,,,,
enormously in India and writers with pe' r,
70 prove confidently assert this rise TO be the r's
of the fall in exchange But this rise Is due ~ -, =,
degree to increased facilities Of transport W." ~.
railways and steamships. AS result say a..
O'Conor. the Chief OF the Indian Bureau o. coap.
tistics. prices are regulated BY widenSSu. hs Ieyd
tition and grea ly increased demand; ana ,ns M
will remain high in the future. For yes r,ces
O'Conor has been studying the range OF gg,Stsdy
India. Yet he has said that while uns aousSScs
marked fluctuations in exchange had an ha, snAp
prices he has not yet determined wnat tnsh s fes
ence was. The only variation IN prices ina IA "
quite sure he could explain. so he modesiy sa -
the fluctuations due to seasons or drou'"
plenty. -, to,R
The tea planters other main argument vvssr
tanning q deprecated standard was that M1scusn
lated TIE export trade The resulting u's 80
between the Government and the ten pisn.e, trsN
up an interesting problem OF internationa,, S,S
The Government admitted that the cn heaps 70
dard temporarily brought increased pron.s, are
porters But it undertook 70 refu ,e any niHhat -
ment from this fact by simply s,a,nf i,s interns
tlonal trade by depreciation of rs stanaahh ,i,nc
the extra price received for Its exports - oA'
by the extra prices paid for It's imports; couptef.
The unconvinced tea planters issued a ,oInt oui
bias, to this liz" of argument They nlss ossuuhr
that the whole Government case rests on tne erpoH
ton that tic intrinsic value to India OF nsi 7h0
trade and 0: her import trade were I1nnon but
then proceed not only to deny THIS assupps;v vhal
Z, maintain that what India needs Is cement d
the silver standard gives, Namely enr,.
exports and encouragement OF .mporIs