The Topeka state journal., 1897-09-24
LIKE CURES LIKE.
To Remove the Evils of Gold
Standard
Lord Farrer Recommends Its
Extension to India.
MAKES THESAME PLEA
That is Made by Gold STANDARD
Advocates Here.
Against the Use of Silver at a
Fixed Ratio to Gold.

London, Sept. 24.-Lord Farrer has
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 will be found in the adoption
of the gold standard in India
Lord Farrer then proceeds to discuss
the proposals of the American commits
sioners and the French government, in
which connection he says:
There has been official statement
of Senator Wolcott's proposals, but we
Gle which appeared in the tSiti National m f Re- t
view for August entitled Episodes of the
pears to be in the councils of the Ameri-
can negotiatorS. From this we gather
that India is invited to open her mint
at a ratio of 151a to /, which in all prob
ability is the only ratio that would SatiS-
fly France and the United States This
ratio would mean that the present goid
value OF silver would have to be increas-
porary panicS would probably enSue from
sketches the position Of currency in the
United States and France, from which
to believe, in the present circumstances,
that neither the United States nor France,
nor both united, could possibly by open
such as would raise or maintain its gold
value at the ratio Of l514 to l."
AS to India, experience has shown en-
phatieally that the opening of its mints
would not create the necessary demand.
Indeed, circumstances would be less ia
Xorable there, for the opening of the
ate a competition which possibly, espe-
cially if the Indian mints We're open to
flowing to India. but would also attract
silver from India, causing an export to
highly improbable that any diplomatic
legislative arrangements could reverse
two hundred years to make gold the
standard of value. The English people
do TO of
much more likely that the American
bankers and merchants will arrange to
thus thus eTade @ the law which Gives Silver an
di ARTIFICIAL t, gSd I vaIue It is almost % Ger
national dealings: and it is very likely to
occur in large dealings at home and
ed. its effect would be in all parts of the
British empire and all the gold standard
countries that the standard of values
would be altered, enabling debtors to dis
charge gold debts a t the rate of 151a to l,
French or American mints and get it
coined into francs or dollars, which on
the hypothesis that they succeed and
stable exchange is secured, would be
worth in the markets of the world, in
of this weight in gold. 1t would enable
the United States or the French govern
abroad to use the enormous stocks of
silver. they possess in paying these debts.
with less than half the silver with which
such a change would be good for
values common honesty. Such a change
would be most injurious to Great Britain
and the British empire. and yet this revo-
lutionary change would be effected by the
aid and with the full concurrence of our
own government. 1t is impossible to be-
lieve that the government will take such
a step.
the proposal is impracticable, if desirable.
and undesirable if practicable.
For the sake of India and the empire,
it ought to be rejected Summarily. But
there is another reason for rejecting 1t
the welfare of the United States. Every
mistake that country makes, while 1t may
benefit US commercial rival, injuries
far more as friendly dealers and GUS
toners. What she needs. above all is a
restoration of sound system of currency
and this she will not get while the 'igniS
fatuus' of international bimetalliSm dis
tracts the attention of her rulers. The
sooner we can help to lay that phantom,
the better for both Countries
London. Sept. 24-The Times says edi-
torially this morning:
I'VE do not suppose, in view of the en-
phatic remonstrance of the London bank
ers and the general business community. |
that there will be any desire to go fur
ther, even in a speculative way, with a
policy thoroughly diScredited from the be-
ginning. We must deprecate in the most
emphatic way any attempt to bring po- |
litical influence to bear upon the admin |
istrative policy of the bank
In concluding its editorial, the Times !
lit is difficult to resist the force of |
Lord Farrers argument An international |
arrangement to raise silver to the arti- |
fetal value contemplated would be rev
olutionary measure, accomplished prob |
ably without the consent of legislature, |
which would carry with 1t the greatest |
merce."