Omaha daily bee., 1897-08-18
MINrs cLosfJI NoNn roo sooN.
London TImcS' View of the silver
Question i'm India.

LONDON. Avg. 5l-The Times publishes
two-cclrmn Special article today review
ing the effects of closing the Indian mlnts
in connection With the visit of the Ameri-
can bimetallic commission. 1t says THE
closing saved he Indian government from
the losses incident to a heavy fall in ex-
change and CONSEQUENTLY from a disastrous
increase in the burden of it's gold obliga-
ttono. 1t is undoubtedly true that it also
helped to keep down the gold value OF sill
yer bullion, but may not the question be
raised whether the low price Of silver is
necessarily disastrous to India, which pur-
chases 1t so largely? Since 1893 India has
been the only real Wholesale customer for
silver Other customers are of the retail
order.
The delicate adjustment of the relative
prices OF the rupee and eilver formerly ex-
isting has been rudely shattered by recent
events. Since 1896 the rupee has risen and
silver has fallen. The fact is the forces
now acting up the price OF silver have be-
come too tremendous to be dominated by
such delicate influences as pervaded the
defeat of Bryan's silver party and Japan S
adoption of the gold standard These events
have proved causes too large to be with
stood"
In orclusion the paper says THE clos
ing or the mints was justified, and all that
is needed to bring a great experiment to a
successful ending IS little courage and
patience as well as resources on the part
OF the fnanciers of the Indian empire. At
the same time plain and straightforward
language is advisable upon one point. The
Indian statesmen tampered too long with bi-
metallsm. This Irritation, which seems in
nocent and nnocuous has already cost them
dear. But for that the government would
have asSented to the closing of the mints
long before 1893.
The article comments on the "charac-
teristic crudeneas and boldness of Amer-
can diplomacy in eending a bimetallic COM
mission to ask for the re-opening of the
Indian mints while at the same time deal
ing the worst possible blow at British com
merce by passing the Dingley tariff'
at is clearly impossible" says the writer,
Ito treat seriously a commission which
argues that unless we do something for sill
YER the next election in the United States
will return Mr. Bryan to the White House
to the lasting injury of British interest. 1t
is not certain that Mr. Bryan will be cleo
ted 1t is not even certain that ii he were
elected we would suffer more than we should
with Mr.. Mckinley or another Mckinley
act. Investors in American securities have
time before the next presidential election
and before the crash to get rid of them.
One thing is certain we would be very
foolish to do anything for silver. Even
should the United States and France agree
to adopt bimetallism and England 20 re-
open the Indian mints it would only bolster
silver fer a short space, to fall again to its
proper market prices, so that Indian finances
would be in a position as bad as before, if
not worse than before"
The Westminster Gazette this afternoon
echoes the editorial of the London Times
this morning on bimetallism cabed to the
Associated PresS and says it sees no chance
of the Indian mints being reopened to the
coinage of oliver, adding: ITO fool any
longer with President McKinley's commits
sion is surely unnecessary. In declining to
abide by the market value of silver as the
standard of currency value India has taken
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