The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-24

London, Sept. 2S.-Lord Ferrer has a
three column letter in the Times this
morning on bimetallism and the Indian
mint. He says:
IN my opinion the ultimate solution
Of the question VIII be found in the
adoption of the gold standard in In
dia."
Lord Farrer then proceeds to discuss
the proposals c. the American com
missioners ard the French government,
in Which connection ne says:
There has been no official statement
of Senator Wolcctt's proposals, but WE
may form a shrewd guess from an ar
ticle which appeared IN the National
Review for August, Episodes CT tks
Month and written by some one who
appears to be in the councils Of the
American negCtiat0rs. From this We
gather that India is invited to open
her mint at 9 ra1io OF 1915 TO l, watch
in an probability is the only ratio thar
would satisfy France and the United
States This ratio would mean THAI the
present gold value of silver would have
TO be increased by 125 per cent"
After pointing OUT that various tenn
porary Ianics would probably ensue
from caS-ying cut the proposals Lord
FarVer Sketches the position Of cur
reney in the United States and France.
IRON which he concludes that there is
every reason to believe, in the pres
ent circumstances, that neither the
United States nor France, nor both
untied could possibly, by opening the
minis create demand for silver such
as would raise or maintain lis gold
value at the ratio Of 1519 to l."
Lord F'arTer continues:
AS TO India. experience has shown
emphatica1ly that the opening 9 its
minis would not be necessary. Indeed.
circumstances would he less favorable
there, for the opening of the French
and American mints would create d
competition which, possibly and prob
ably, If the Indian minis we're open TO
god, would not only Prevent silver from
flowing to India. but would also attract
silver from India, causing an export 10
Europe There is another risk. II is
Slightly improbable that any diplomatic
or legislative arrangements could re-
verse the tendency Of the world for the
past 20 years TO make gold the stand
ard Of value. The English people
adopted it in spite of the government.
1t is much more likely that the Ameri-
can bankers and merchants will ar
range TO make their dealings on a gold
gives il an artificial gold value. II is
almost certain that this VIII occur in
case Of International dealings. and it is
very likely also to occur in large deal
ings at home and abroad. Supposing
the proposal succeeded, its effect would
be in all parts Of the British empire.
and all gold standard countries that
the standard of values would be altered.
ena cling debtors TO discharge gold al
4 "a va Af -
could take silver to the French or
American minis and got it coined into
franc or dollars, which, on the hYpcth-
eSiS that the succeeded and a stable ex-
change Is secured. would be worth in
the market in the world. including Lon
dcu. one-hfteanth and a half Of this
weight in gold. It would enable the
United States or the French govern
ment surprising them to owe debts
abroad, to use the enormous stocks of
silver they possess IN raging these
debts. with less than half the silver
With which they could now pay them
such q Change would be good for
neither India nor any ether countries
which values common honesty Such q
change would be most Injurious to
Great Britain and vet this revolution
airy change would be effected by the
aid and with the full concurrence OF
our own government. 1t is Impossible
to believe that the government VIII
take such a step.
For the sake Of India and the en-
pirc IT ought u he rejected summar-
ily. We ara deeply Interested in tI,e
welfare Of the United States. Every
mistake that country makes. while it
may benefit Us as a commercial rival.
Injuries us far more as friendly dealers
and customers. What she needs above
all S. 9. restoration Of d sound system
Of currency. and this she win not get
while the -iguis fatus' of international
bimetaIlism disracts the attention OF
her rulers. The SCORER we can help To
lay that phantom the better for both
countries"