The White Pine news. [volume] (Treasure City, Nev.) 1868-1906, 1898-08-13
INDIAN MINTs SOON TO OPEN.

In regard to the opinion recently ex-
pressed by Moreton Frewen, the great
English bimetallist, that India would
soon open her minis to the free coinage
of silver at the ratio of % to l, the Salt
Lake Tribune has the following to say:
1.-THE rumor that India is to open her
minis, very soon, to the free coinage Of
silver, is not only not improbable but it
is almost necessity. The fiscal condi-
ton of India is most deplorable. There
is no money among the common people,
and among business men the pressure
has become uncomfortable. Interest is so
high that it is beyond the capacity OF
merchants to pay it, and then values
are so uncertain that no security that
ordinary men can offer is acceptable
The mighty stringency has already had
most uemOruliZlng effect upon the
people. Prices are so low tor staples
ana payment is so uncertain, that many
nablve farmers have ceased cultivatlng
the soil, and are permitting it TO return
70 jungle.
"Ine plan to close the minis and to
force the distressed country to the gola
standard originated in London, anu in
Indld has hover been inuorsed except
Oy Government Officlals-mOstly Eng
fish In the military and civil service.
Iney wanted their monthly pay IN gold
after silver hau fallen so mucn that to
send their salaries 10 their families In
Engiend en-. allied heavy discount. 1t
Mas Inns class III The Government of la
ola which, without consulting the mer-
chants anu bankers Of that country,
prepared ana forwarded the refusal Ol
Une lnulan Government to second the
enor65 Oh France and the United States
iii restoring silver 10 it's old place as
s5dnuaru nuney. The project of those
oincers was W borrow enough GOLD Of
Great Britain To make fund ON which
~ establish the gold standard, on what
dhey called II tirIn basis. But with the
mlgnby drain of gold to America TO pay
for the fuod and cotton OF last year, and
because OF the uncertainty of India be-
ing able to keep the gold, even If it were
10 De forwarded to her, the banking
power OF England became alarmed az
sne prospect and recoiled before the
proposition to snip away Sl0O, 900, 900 to
me Aforementioned country. That
settled the matter, and ever since it has
oeen but question of time when the
mints will have to be opened. Then
England herself IS not in first-rate fix.
Her last years engineers s. strike, which
meant a general strike among English
mechanics, crippled the country ex-
ceedly. 1t stopped the wages of thou
sands of skilled workmen; it prevented
the filling of contracts to the Govern
ment and to outsiders, and made it nee
cessary for English companies to give
large orders to foreigners, notably to
American companies.
I'm this situation there is much trou-
BILE both to the home and the India
Government. Moreover, the petitions
from the trades unions the agricultur-
lists, the manufacturers, at home, from
some of the colonies, especially Austria
lia for restoration of silver, are most
hard to resist. Then the Chinese Gov.
eminent has begun to stir in its hive
and wants 100, OUO, 900 ounces year in
silver for thirty years to come. Hence
we think the rumOr of the near reopen
ing of the India mints is but a prelude
to the announcement that they will be
opened on day which Is close at hand
f1SSuiilihS tul5 iiuCils ~ Is " ulbt DOS-
sible that the United States and France
have been consulted, and that both
Governments are bound by an agree
ment in relation to the matter; that is,
as much bound as they can be in ad-
vance of final ratification by their Con-
crosses.
Neither is 1t unlikely that there has
been discussion as to change OF ratio
to % to |. Senator WolcOtt limited at
something like that in his speech ex-
planning his mission abroad. We do
not look upon that as the very essential
point just now. What we want to see
Is the full recognition of silver as stand =
ard money the same as gold. With
that done, II the ratio Is wrong, the
markets OF the world will make 1t APP
parent within a year. There is no oc-
casion to change the ratio from is to
or from l54 to l, but the essential thing
Is TO bring the gold power OF the world
to acknowledge that silver is primary
money of ultimate redemption, the same
as gold. The transformation that would
follow would come as an answer to
prayer. >