New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-02-28
ro,d standard OF her own are not 20
nent ~ -.--.x.a axnerts believe and that Il

40 rod standard or ner own fare NOT 60
"..-shIe as some experts believe. and tnat IL
. u.s.. ,rpossibe that a material advance toward
-, oh,ect may be made during the next year
-. has referred TO the enormous advantages
be "- ,.or,d he derived from the establishment
:, gold standard in INDIA win s'Aple ra'e
81 sa,ss NJ the rupee at Ii pence; and has
..,ur,ed tina, England VIII materially assist the
assa'~ Government in working out this solution
49,. most serious problem OF its finances. Lord
% hamilton is Secretary for India. and in
sr-,,nr the conclusion Of the official experts
ca,cut,a in their adverse report OF last Oc-
an the hrnetailism proposals he dscloses
y. ,rAssnt trend OF monetary policy in the d.
- ., a single gold standard. The ways and
". nv which the stable rate OF exchange at
.s ,s 10 be introduced and regulated he
~ 20, reveal: but the Interior purpose of the
S,ais charged with the direction of Indian
.".ros is definitely foreshadowed.
:, Mil be observed that have not attempted
,,s letter 70 enter upon controversial ground
-, am only laying stress upon two plain facts:
~. that. according 10 the evidence Of all the
.'..,ial writer's in India, action on the part OF
-. Government is imperatively necessary and
moi be deferred and. secondly, that the
r..srres which are likely to be adopted are in
=. a,rection OF a gold standard with a basis Of
..he exchange Of the rupee az 10 pence. The
-..essity FOR speedy action and the probability
10, within two years serious effort Will be
r.se TO settle the exchange value OF the rupee
:, a permanent gold basis are matters Of much
eater Importance 10 Americans than the con-
.-oversv which has gone on FOR five years over
che closure Of the Indian minis TO silver Nearly
~ the English experts have agreed that the
closure was blunder and has remained the
weakest point in recent Indian monetary poiicy.
,,s that II cannot be defended on the ground OF
.h.trse; principle but the inanciers in power
- india have decided that they have gone 100
az 10 turn back. and that the only course opea
~ them is to persevsre with their scarcity rupee
and 10 adapt il as rapidly as possible 10 the re-
ouirements OF gold standard
1NFERENCEs FOR AMERICANS.
There are several practical differences 70 DC
drawn by Americans from the present ten
ssuc!es OF Indian financial policy. The nrs' Is
cha, there has been no reaction against the re-
,usal Of Lord Elgin and his colleagues TO CO.
onsrate with the United States and France III u
ssheme of systematiEed international actloh III
tsvor Of bimetallism. Their neg set TO take az
vantage OF a great opportunity Tor resto'H's t!le
rsIus of silver by International agreement IN
Wolves an obligation to proceed resoiut ~ II no.
ohs,inatev with their own alternative poi'N!
~ cold standard. Last October they were az
me parting Of the ways and they SET tHer
s,ces sternly against inte:.~> nh olihetalnsis
and they have not repented. TIE hhancleIs oL
the city do not understand the ways ana I ls
nv which the single standard is TO b. introduced
Int they are I'm sympathy with the poNcy. Inc
Salisbury Government Is taking no luI.her IN,
tsrsst In silver negotiations Lancashire win
"The Manchester Guardian as us aDie lhst' NC
,or remains strongly bmetast but the move
ment is not making progress elsewhere me
English farmers. who have been getting soOu
prices for their wheat for two seasons are no.
Influenced by the monetary argument as they
were few years ago. The working masses af@
taking about foreign competition. and the rum ,
Gus labor war and are not open 10 TO, 30
when bimetallists repeat their argument ih9Ie
are no signs in England Of Increased puollc n
,eres, in bmetalsm. nor or reaction IN iioia
against the policy OF the official hnanclers.
The second inference which is open 10 Ai''sri-
ran observers is that the Indian Government IS
moving toward policy which, If 1t be crowned
with success. will put an end to the controfers!
over binetaliism as a practical question. Let
I, ne assured that India. with its hon des or popI-
latiop can be converted into gold country with
silver as 2 subsidiary coinage and the conciu-
sion will he irresistible that the cause OF pl-
rnstallIsn1 will receive fatal blow in Europe
Russia and Austria Hungary will complete me
process OF currency redemption on gold basis;
and so far as Europe is concerned, the battle
Of the standards Will end with decisive victory
for gold. The real monetary battlefield has
been India where the miutS were not closed 10
the free coinage OF sill yer for twenty years AFTER
Germany had adopted single gold standard
and where the shrinkase in the value OF silver
ornaments, the only savings OF the peasantry
has pSen estimated by l@epei OIllllu
100000 If India can be transformed into a goa
country with single standard and subsidiary
silver coinage bmetalsm will become lost
cause.
The final inference which Americans are at
liberty 10 draw from the confessions OF Anglo
Indian financial writer's is that England Is cor
.ronted with crisis of extraordinary difficulty
and gravity. Having rejected the overtures OF
the United States and France for International
action. and having given as reason for refusal
me assumption that the adoption OF ;he pro-
posed ratio would send up the exchange "alne
Of the rupee TO % pence and parayze industry
and trade, Lord Elgin and his advisers are now
compelled to face situation Of industrial ex-
haustion and monetary stringency which is pro-
rounced intolerabe by ali competent observers.
They cannot stand still. but are compelled to
take decisive action in the direction Of gold
standard; and they are at their wits end TO
know how 10 set about il. The battle Of the
standards is 70 be fought OUT in India 10
speedy issue. under conditions Of unexemped
difficulty and perplexity; and Americans are IN
a position 10 look on complacently and TO profit
by the experience whatever it may be.