New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-02-08
THE SILVER EMPIRE.
sHR1NKAGE OF NATIVE
SAVINGS IN INDIA-SENATOR VOL.
CoTT IN ENGLAND.
London. January q

London. January a.
A significant letter has appeared in "Ths
Times from expert in Indian finance. Sir
Lepel Griffin. 1t directs public attention to
momentous fact which is seldom discussed by
English journals. namely. that the sufferings Of
the plague smitten famine-strcken peninsula
are terribly intensified by the depreciation OF
silver Sir Lepel Griffin disclaims any intention
Of criticisng current methods OF Indian finance
but laws stress upon the monetary conditions In
order to innbart fresh impulse TO the charitable
work which Is now in progress throughout the
United Kingdom. The results which have fol-
lowed the depreciation Of silver have nowhere
else been equally calamitous. For generations
the swarming millions OF India have been In the
habit Of investing their savings In silver orna-
ments Now, In their hour OF direst need. they
are finding out that there has been a tremendous
shrinkage In the value Of their savings and that
they cannot sell their ornaments without ma
terlal loss.
Sir LepeI Griffin states on the authority Of Mr.
Ieslev Probyn that the amount Of silver in the
possessIon OF the Indian peasantry In the form
~ ornaments is 1872, 800, 900 ounces. There Is
no savings-ba system. The natives have been
accustomed to hoard silver in ornaments worn
nv men, women and children. In former years
Government rupees were melted down and re-
worked into ornaments. In time Of distress from
famine or plague these ornaments were readily
sold to the village bankers and rupees given In
exchange at full weight. That was when the
minis were open and there was fixed relation
between the metal and the coin. Sir Lepel Grif
fin estimates that the stock OF ornaments, which
was once worth f350,O00,00O. now has a
value OF f256,OO0,OOO This implies shrinkags
of $40. 5000 in the savings Of the peasantry
When the ornaments sold the natives receive
from 80 to 40 per cent less. weight for weight
than formerly The rupee has an artificial value
owing to the closure Of the minis and the money
lender charges from 10 to Is per cent to cover
his risk The conversion Of ornaments into cash.
which has been the main resource. OF the native
population in time Of famine is thus attended
with ruinous losses. These losses not only ag-
gravate the sufferings Of the people. but tend to
excite distrust Of the Government. which is held
responsible for the shrinkage in value Of these
native savings-the only available reserve OF the
peasantry.
AN IMPOVERISHED REALM
The gravity of the economic and political stu
alton in India can hardly be overestimated. Hero
is a great empire with over 3OOoOOOoO subjects
whose savings have deprecated to the extent OF
$40 100000 through the fall Of silver; and MIL
lions Of them suddenly confronted with their
losses when they attempt to sell their ornaments.
II is not strange that veteran Indian officials are
haunted with apprehension OF the outbreak Of
another mutiny.
| have referred to the weghty statements or
this expert in Indian finance not for the pur-
pose Of discussing the burning question OF the
expediency Of reopenng the minis as RELIEF
measure but in order to emphasize the fact that
x,of~o ,loL hac haa tvN-
povershed by the decline of silver. Not only IL
silver the only currency circulating In that popu-
lous realm, but also the meagre savings OF the
peasantry are invested in silver ornaments.
which cannot be converted into rupees without
enormous loss. Lancashire. with its diminishing
cotton trade with India, has been warned year
after year that there has been shrinkage In tho
purchasing resources Of its best market. and the
silver question has been recognized by cotton
manufacturers as one OF supreme Importance in
relation TO British trade but it not until
the present crisis arose. with the awful vista
tons of famine and pestence. that the magn-
tude of the imperial issues involved in the SOL
vency of India fully appreciated.
While England has adhered persstently to tho
single gold standard and shows signs OF
abandoning it, the fact that the extreme poverty
Of the natives Of India, who comprise one-ffth
VI the lHUdDltdItS OF tNe SlODe, peeii III
creased and intensified by the depreciation Of
silver possesses momentous significance. The
oretically. England has it's well-ordered system
of finance which. like the laws of the Modes and
Persians. never be changed; but practically
it has an impoverished Indian Empire and a
larger commerce with silver countries than any
other nation possesses and the question OF the
solvency and prosperity Of the silver trading
world is one of paramount Importance.
DEBATE WITH EMPTY BENCHES
This fact is indisputable even If the House
Of Commons be emptied whenever an Indian
debate comes on. Last night only about forty
members listened to the first discussion OF Ind
ian affairs which has occurred during the pres
ent session. II opened with keen inquiry from
Mr.. Macean respecting the relief which might
be afforded by Government purchase Of silver
ornaments at fixed price per ounce and drew
from the Secretary for India. Lord George Ham,
ilton. an expression of incredulity respecting the
practicability OF the scheme. Not long after
ward Sir William Wedderburn offered
amendment to the Address In favor Of full
inquiry respecting the poverty and hepessness
of Her Ma1esty's Indian subjects, and supported
it with a we-informed. carefully prepared
speech.
For hour two the debate dragged along.
and finally II was brought to close by an ex.
change Of compliments between Lord George
Hamilton and Sir Henry Fowler on the superior
administrative methods OF British India, and
by the withdrawal Of the amendment. The
subject under discussion was the fate OF
300. 100000 OF the Queens subjects. who are
exposed 10 the appalling horrors OF plague.
starvation. poverty and wretchedness and not
more than forty members took sufficient In
terest in 1t 10 listen to the languid debate
While expert talent and sobriety OF judgment
are lacking in the Commons for adequate dis
cussion OF the Indian question. the fnanciers
OF the city and the merchants and manufactur.
ers of the United Kingdom understand the gen.
erai economic results Of the insolvency and de-