New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-20

failed to count the costs falling upon British
consumers Sir wilfrd Lauriers tariff IL one
sided bargain from which England has nothing
to lose and everything to gain. 1t satisfies every
one and enables Lord Rosebery to taunt Mr.
Chamberlain with his backsliding from free
trade grace.
THE INDIAN MINIS.
Lord Rosebery, by conviction and as devoted
follower Of Mr. Gladstone, is m0nometallst
but he had nothing 10 say at the Free Trade
Hall on the question of the standards. lie was
wise and discreet for Manchester Is a bmetal-
list stronghold. and would not have listened pa
tenty to him on that subject. Manchester does
not consider itself dsloyal to free trade in sup
porting the movement for rational bimetaiilsm
for 1t looks upon gold as protected metal the
value Of which has been artificially raised by
legislation to the disadvantage of the Lancashire
cotton trade and with runous results to Its CHER
market in India While Lord Rosebery was silent
on this question. another champion OF the free
trade cause, Mr.. Courtney. who presided over
the Golden Jubilee dinner year ago, has SUD-
denly become eloquent. and as an expert IN
Indian finance he speaks with authority.
What he has to tell his constituents at Fowey
is that a fatal mistake has been made by the
Indian and British governments in rejecting the
recent monetary proposals OF the United States
and France He declares that instead OF reply
ing as they did, they might have said III
France and the United States will open their
minis, that would produce an immediate effect
on the price Of silver We cannot tell what IL
will be, but It Is probable It will raise the price
Of silver so that the silver rupee VIII become at
least equal to Is. I'D. in price. we VIII uhoer-
take TO reopen our minis to the coinage OF silver
In rupees the moment silver has reached that
level, and keep them open as long as IL Is apo'e
that level but reserve the liberty Of closing them
again II the price of silver falls below that level"
He also recalled the fact that Parliament In 1870
and In 1896 had affirmed unanimously that 1t
was desirable that there should be stable ratio
between gold and silver, because trade was dis
ordered industries crippled and the commerce or
the world put out Of joint In consequence OF the
varying ratio that existed.
1t Is not probable that so cautious an answer
as this would have been more satisfactory TO the
Bmetallst ENJOYS than the direct and uncon-
ditional negative which was returned to their
proposals 1t would have been safe. because 1t
involved no risks to either England or India; but
neither France nor the United States could have
been expected to face all the hazards OF at
tempting to establish and maintain q par be-
tween gold and silver at ! to 151s. But Mr..
Courtney's outspoken condemnation OF the re-
fusal which France and the United States re-
ceived Is highly significant coming as It does
from a convinced and dogmatic free trader who
has thoroughly Investigated the conditions OF
Indian finance Equally incisive is his question:
after all what is the Government OF India, and
how are the ten or twelve gentlemen forming 1t
chosen, and what their special qualfca-
tions?" The inquiry is a pertinent one when
these officials are blindly followed by the Home
Government in n great monetary question Of
worldwide Importance. and when they have set
tied 1t with easy-going optimism because they
affect to be confident that the gold standard can
readily and speedily be introduced In India
!. NJ F.