Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-09-19

were tuen worm rom 10 WV" ''~'
than gold dollars. Since the opening OF
the mint only 100000 silver dollars had
been coined and $135. 900 900 In subsidiary
coin. 1t Is now certain that when the
bill was debated II contained provision
for the silver dollar. when II went to the
Committee Of Conference. the provision
was still there. and no member OF the
Conference Committee can be found who
can account for the subsequent dlsap-
pearance Of the clause providing Tor H.
Judge Kelley. chairman OF the House
Committee on Coinage; James @. Blaine
Speaker; Senator's Voorhees,, Allison,
Conkling. Thurman Hereford. and Howe.
and the members of the House knew no.
thing about II. and even President Grant.
when he signed the bill did not know
what had been done. OF the crime Sec
rotary Carlisle said. In the House OF
Representatives on February p. 1878:
1.-THE conspiracy which seems to have
been formed here and in Europe to de-
stroy by legislation and otherwise from
three seventies to one half OF the metallic
money OF the world is the most gigantic
crime OF this or any other age. The
oonsummatlon of such a scheme would
ultimately entail more misery upon the
human race than all the wars, pesti-
lence. and famines that ever occurred In
the history of the world
That is the tale Of the demonetlza,-
ton in one country, a free and powerful
country The other tale Is the demone-
tization In India, weak and ignorant
country but in both the Importance OF
keeping the people in ignorance or what
was done was regarded. Just prior TO
the stoppage of the free coinage OF silver
In India the India Currency Committee
met in London February Is. 1889 TO con-
slider It, and Sir James Lyall, whose
term as Lieutenant-Governoro OF India has
lust expired. was put on the stand. In
India they have gold and silver rupees.
as we have gold and silver dollars In
America We make the following ex-
tracts from the report OF the testimony
of Sir James on the proposed closing OF
the mint:
DO YOU think IL the step were followed
by heavy fall in silver, so that the
intrinsic value OF the rupee as silver be-
came much less than the fixed ratio
that attention would be excited, and that
any feeling would be causedY'
"Of course, it would affect a certain
number of people who have boards OF
silver. and 1t would affect all the peasants
and people who have got boards OF
silver in the shape Of jewels and things
but | do not think they would trace II
TO the action Of the government"
you do not think. even If the native
newspapers were to attack the govern
ment on such ground, and point out its
effect in that respect. that that Is mat
ter which need be regarded with appre-
hension?"
mo: I do not think that is sort OF
thing that would be a burning question
in India?'
"And. as regards to ryot, the cultivator,
YOU do not think that the mere steadying
of the rate of exchange at or about Its
present position would be calculated to
excite alarm and strong feeling?'
NO; / do not think that 1t would. The
ryot, particularly in the Punjab' the
peasant proprietor, has been gaining
greatly by the fall Of exchange"
But is he conscious that he Is gain
ing?"
mo: I do not know that nc Is quite.
Some of them understand it, To certain
extent. they understand that rupees have
got cheaper as it were, and that he Is
payine less in land revenue, and that he
pays all his debts easier"
Sir Thomas Farrer: Are the peasant
proprietors much indebted to money
lenders?
"They are in places, and not In other
places. The people Of the PunJab are
not homogeneous race; they are groups
Of races"
"The burden Of these debts would be
increased by rise in the value OF the
rupee"
Eyes. it would. 1t has been enormously
decreased lately. OF course, / should be
very sorry to see that process altogether
done away with. but / think ii would be
fair to stop it to a certain extent, and
that would be politically better than put
ting on new taxation"
Lord Herschell Now, supposing that
the effect of stopping the free coinage
were to raise the value Of the rupee, and
that the result of that were to make the
price of produce fall just as you say II
has been rising in times past, would not
that be likely to create discomfort among
those whose revenue has been fixed when
money has been getting what you call
cheaper?
eyes; / think they would resent 1t II
the effect was large: II 1t was not largo
they would not notice it,"
And you think the ryots would be
quite capable of appreciating what would
| be the probable effect upon them OF
making the rupee. so to say, dearer, in
stead of cheaper"
Yes; If it were done to a great ex-
| tent"
Mr.. Courtney: What do you mean by
great extent and much?
II mean II the rupee began to rise UP
| again to anything like its old value"
| The mints of India were closed and
silver fell In the United States at once;
| but, like the Americans in 1873. the peo-
pie of India have not yet found out the
| cause Of their trouble. This is the tale
OF the success Of the British ideS I'm two
countries. Next November will tell the
tale Of its failure in one Of those coun-
tries"
Vote Straight.
Uynchburg News.)