The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1896-09-03
LET AMERICANS BEWARE.
English Side=lights Thrown on the
Financial Question.
The Conspiracy by Which Silver was Demonetzed-
Testimony of the India Currency CommitteeANot
Ancient History by any nears but Fatcs with
Which Many Americans l1ay not be Familiar.
(Peoria Ull.1 Journal, Aug. 81, 1896.


trace it to the action of the Govern
ment."
! "You do not think, even if the ma
tive newspapers were to attack the
Government on such ground, and
point out its effect in that respect,
! that that is matter which need be re-
garded with apprehension"
"No; do not think that is sort of
thing that would be a burning question
in India
"And as regards to ryot, the culti-
vator, 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
leeling?"
"No; | do not think that it would.
The ryot, particularly in the Punjab,
the peasant proprietor, has been gain
ing greatly by the fall of exchange"
"But is he conscious that he is gain
ing?"
"No; | do not know that he is quite
Some of them understand it. TO a
certain extent they understand that
rupees have got cheaper, as it were,
and that he is paying less in land rev.
enue, and that he pays all his debts
easier"
"Then supposing that that process
were stopped, he would feel that he
was losing the chance of a further gain
in that respect?"
eyes, he might; but l do not think
that he would feel it clearly el ough.
If it were stopped in such a way-if
exchange were raised SO as to 60 much
above what it is now he might, but if
the operation only steadied it and kept
it at something like its present low
rate, nothing over one and fourpence,
or something of that sort, | do not
: think he would think that he had any
grievance
"Then as respects its effect upon the
people of India, you would draw
marked distinction between the effect
of the action if it were merely to fix it
at or about its present rate, and the
effect of the action if~it would cause
any considerable rise?"
| eyes; should be inclined to-"
ado you think there would be
ground for apprehension or i'll feeling
and agitation if the latter course were
followed"
eyes, l think there might be some;
| think they might that unfair.
"And you think the ryots would be
quite capable Of appreciating what
would be the probable effect upon
them of making the rupee, to say
dearer instead OF cheaper!
eyes, if it were done to great ex-
tent"
"Mr. Courtney-"What do you
mean by great extent and much9"
81 mean if the rupee began to rise
up again to anything like its old value" !"
Mr.. Currie-"May ask you wheth-
er large increase in the land revenue
is not more likely to produce such po-
litical discomfort than any action Of
the Government, such as closing the
mints?"
eyes, we have already been making
very large increases in the land reve-
nue. in the Punjab.'
Lord Herschell-"Now, supposing
that the effect of stopping the free coin
age 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 it has been rising in times
past, would not that be likely to Gre
ate discomfort among those whose rev.
enue has been fixed when money mas
been getting what you call cheaper9"
eyes, l think they would resent i,
if the effect was large; if it was no,
large they would not notice it.
J "Do you think that they would rec
! ogn:ze the difference between change
which took place, just as a fall might
| automatically owing to the itdle OF the
: silver market, ard change which wa
produced by the action of the Gov
3 eminent in dealing with the mints?'
"lf it were large rise, and 1t wa
5 pointed ou, to them by agitators ano
e other people that it was due 10 the &C
+ ton OF the Government, there woult
t be feeling; but Of course the peasant
and the masses of the people in tn
II Punjab are not quick or clever to un
} derstand these things, nor are they a
o present very much in the hands of an.
T agitators; but still the thing would hav
o bad effect, no doubt
IS Sir Thomas Farrer-"Which shoul'
you think the more dangerous thin
{ politically, an alienation owing t
% that cause Of an abnormal rise IN tax
a.ion?'
"Oh, | must say, an abnormal rise i
'e the taxstioh.'
Sir Thomas Farrer-"Then 20
would fear raising the revenue directl
~ in proportion to the rise in price
" more than you would fear any loss ,
'e the people from fall in prices OWN
ei to change in the currency?"
o, eyes"
10 Sir Thomas Farrer-"Are the pea!
ant proprie,ors much indebted
III money lende,s?"
o' "They are in places and not
IS IS other places. The peaple Of the Pu;
Us jab are not homogeneous race; The
~ are groups of races"
ia "The burden of those debts wou