The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1897-08-19
ARTICLE ON B|ME1ALL|SM|
LONDON TIMES HOLDS OUT r1rr,
HOPE TO THE AMERICAN
COMMISSION. H
SILVER Has COST INDIA DEARLY
Tampered Too Long With BimetoI-
~, hsm-The Agreement Sought
u would Only Temporarily
Raise the Price of Silver.

London, Aug. 1.-THE Times pub.
lshes column article today reviewing
the effect of closing the Indian mints
IN connection with the visit of the
american bimetallic commission:
f.. 1t says: "The closing saved the In.
dlan government from the losses Incl
dent to a heavy fall in exchange and
consequently from disastrous in
crease in the burden of it's gold obliga-
tion.
1T is undoubtedly true that it also
helped to keep down the gold value of
eNss9ver bullion, but may not the uues-
! IN be raised whether the low price of
s. ei necessarily disastrous to India
vhich hich pG.p ases ii so largely? Since
1888 India mas been the only real whole
sale customer for silver. Other custom
ers are of the retail order.
The delicate adjustment of the rel
ative prices of the rupee and silver
formerly existing has been reduly shat
tered by recent events. Since 1896 the
rupee has risen and silver has fallen.
The fact is the force now acting upon
the price of silver has become too tre-
mendous to be dominated by such deli
cate Influences as preceded the de-
1eat OF Bryap's silver party and Japan's
adoption of the gold standard These
events have proved causes too potent to
be withstOod."
The article in conclusion says:
Ihe closing of the mints We're
justified and all that is now needed to
bring great experiment to a successful
ending is little courage and patience as
T well as resources on the part of the
tinanciers of the Indian empire. At the
Lott -t, ,;srl,@ ! e., .,,1
language is advisable upon one point
The Indian statesman tampered too long
with bimetallism. This Irritation, which
seems so innocent has already cost
them dearly. But for that the govern
ment would have essented to the clos
ing of the mints long before 1898.
The article comments on the char
acteristic crudeness and boldness of
American diplomacy in sending a BIZ
metallic commission to ask for the re-
opening of the Indian mints while at
the same time dealing the worst pos
tsible blow. at English commerce by pass
'Sg the -.lgley tariff"
Es"It is clearly impossible" says the
Tter, "to treat seriously commission
YyV!ich argues that unless something is
sAlone for silver the next election in the
United States will send Mr.. Bryan to
the White House to the lasting injury
of British interests. 1t is not certain
that Mr.. Bryan will be elected.
1t is not even certain that Il
he were elected we would suffer more
than from the Mckinley act. Moreover
British investors in American securities
have time before the next presidential
election and before the crash to get rid
of them.
aJwithoandroaolga 'fvcdgpY ,oBh''
"One thing is certain. We would be
very foolish to do anything for silver.
Even should the United States and
France agree to adopt bi-metallism and
England reopen the Indian mints it
would only bolster up silver for a brief
space, to fall again to its proper market
price so that Indian fnanciers would be
in a position as bad as before, if not
worse"