The times. [volume] (Richmond, Va.) 1890-1903, 1897-09-26
SUNDAY. SEPTEMBER. &c. 1897.
ENGLAND AND SILVER.

II has been one Of the assumed aNlons
OF the free silver people that the estaD-
lishment Of the gold standard was but
a great conspiracy engineered by Eng
gland. IN order TO Cypress the rest OF
the world for her own benefit ana that
all OF the English interests are on the
side Of gold monometalllsm.
We pointed out in these columns sew
eral years ago that IL the United states
chung resoluteIy TO the gold standard
which had been established and practical
lv maintained exclusively as the standard
Of the United states for more than sixty
years. that we would not be the people
10 complain If any suffering arose IN the
world from our maintaining this position.
The reason being that the United States
has as little interest in maintaining sill
yer at a parity with gold as any nation
I'm the world. outside. Of course, OF the
individual interests Of silver mine own
ors. We pointed ont then, and we repeat
that every transaction In the United
states had been based upon gold stand
ard. and that the people knew exactly
what they were doing, and in this respect
we hold a position vastly superior to
those countries which. like Mexico and
Russia. Japan. China and India, had sill
YER as their standard OF value. and
whose transactions were based upon the
value Of that metal.
Russia and Japan have, however. faced
the issue, and have herolcally arranged to
adopt the gold standard out and out
while India in 1898 attempted to fix some
thing like a stability I'm her standard OF
value by closing her minis to silver and
by attempting 90 put an arbitrary gold
value upon the silver rupee of 81 cents
when its nominal value was As cents,
and its real value very much less than
so cents. This was done because It was
OF the utmost importance. not merely to
the British Government as such, but TO
millions of Enelishment and hundreds OF
millions OF the Indian subjects of the
British Empire that the fan IN the price
OF the silver rupee should. II possible be
checked All of the taxes OF India are
collected I'm silver. all of the salaries OF
its British and native officials are paid
IN II. while the interest upon the debt
OF India is largely payable in gold. The
case of India I'm this respect being similar
10 that of the Mexican railways. whose
revenue Is silver. but whose bonded la
bllities are gold
The Englishmen employed in the Indian
service receiving their salaries in silver,
and having for the most part TO remit
10 their families al home, or 70 meet
expenses incurred in England, suffered
such a diminution Of their compensation
by reason of the depreciation Of the silver
IN which they were paid that great
cry was raised OF actual suffering, and
the greatest pressure was brought to bear
not merely on their account, but for the
protection OF the great British trade with
India. for the adoption OF some plan
whereby this loss might be stopped, and
a stable rate OF exchange established be-
tween the rupee and the pound sterling.
1t is plain. therefore. that England, OF
all countries IN the world. with its cnor-
nous Indian Empire. relying exclusively
upon silver. was more interested than
any other country on earth to arrest the
decline Of silver. and. II possible, 70 main
tain a fixed parity between It and gold.
That the English Government has not
done this is simply because the teachings
Of their ablest scientists in finance, and
their experience have satisfied the English
nnanciors that the accomplishment OF
this their desire Is simply impossible.
The recent very in-advised expressions
Of Mr. Hugh Smith. governor Of the Bank
OF England. touching the use OF silver.
were. no doubt. made under heavy pres
sure. hut even these cautious limitations
upon the use OF silver have raised a cry OF
alarm. and we will. no doubt. see that the
great fundamental truth, that there can
be but one standard OF value. will be es-
tabnshed in the minds Of thoughtful men
more firmly than ever.
II great desire. aided by great study
and long experience. could accomplish
0!metallsm. as II is usually understood.
that - fxed ratio between gold ana
silver az any price, then the Interest OF
England would lead her 70 occupy the
van In the movement OF nations 10 this
end Nothing but the deepest conviction
that the whole theory and hope Of the