The Monte Vista journal., 1897-08-21
THE LONDON TIMES
OWES SILVER 4 BLACK rye.
aays That Iasaa.A csa.ss fshs tAs WEI
eeet Co0aisssoa Ssessusly-Ns Ilksly-
hesA That the IaAsaa llists VIII n
RA.Opsasd.

London. Aug. 1.-THE Times has
published a twO-column special article
to-day reviewing the effects OF closing
the Indian mints, In connection with
the visit Of the American Bimetallic
Commission. 1t says: 1.-The closing
saved the Indian government from the
losses incident to heavy fall In ex-
change. and, consequently. from dis
astrOus increase In the burden of its
gold obligations. II Ia undoubtedly
true that 1t also helped to keep down
the gold value Of silver bullion, and
may not the question be raised wheth-
er the low price OF silver is necessarily
disastrous to that India which pur.
chases 1t 10 largely? Since 1893 India
has been the only real wholesale custO-
mer for silver. Other customers are
Of the retail order.
1.-The delicate adjustment Of the rela-
tive prices OF the rupee and silver for
merly existing has been rudely shat
tered by recent events. Since 1896 the
rupee has risen and silver has fallen.
The fact is. the forces now acting upon
the price OF silver have become too tre-
mendous to be dominated by such deli
cate influences as preceded the defeat
OF Bryan's silver party and Japan's
adoption Of the gold standard. These
elements have proved causes too pO-
tent to he withstOOd"
The article, in concluding. says:
''The closing of the mints was justi-
,, fed. and all that is now needed to
bring n great experiment to success
full ending Is a little courage, as well as
resources on the part OF the financiers
OF the Indian empire. At the same time
M ufr mi Ia for rI la Uo to
advisable on one point. The Indian
statesmen tampered too long with bi-
metallism. This Irritation. which
seems 80 innocent and innocuous, has
already cost them dear. But for that
the government would have nssented
to the closing Of the mints long before
| 1893.
The article comments on the "char-
acteristic crudeness and bolduess of
American diplomacy In sending a bi-
metallic commission to ask for the re-
| opening OF the Indian mlnts, while at
the same time dealing the worst pos.
sible blow ut British commerce by
passing the Dinglcy tariff"
| 1T IL clearly impossible" says the
writer. ITO trent seriously commits
| sion which argues that unless We do
something for silver In the next cleo
tion the United States will return Mr..
| Bryan to the White House, to the last.
Ing injury of British interests. 1t is
not certain that Mr. Bryan will be elect
ed. 1t Is not even certain that II he
were elected we would suffer more
than We would feel n new Mckinley
with another Mckinley act. More
over. British investors In American Be-
curities have time before the next pres
idential election and before the crash
to get rid OF them.
''One thing il certain: We would be
very foolish to do anything for silver
Even should the United States md
France agree to adopt blmctallism md
England to reopen the Indian mintx, II
would only bolster up silver for brief
space. to fall again 10 Its proper mar.
kct price: 70 that Indian finances
would be in position as bad as before.
II not worse than before"