The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-05-29
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THE INDIAN CURRENCY.

for the gold standard, and other countries
are supposed to follow. Recently the home
government has had very serous
problem on hand In the shape OF midas
currency, and parliament thought 10 rid
| itself OF the matter by referring II to a
commission II was supposed that this
| would effectually sheve the whole BUSH
ness. for year or two Mt least, but this
was mistake--the annoying problem will
not down at official bidding The whole
subject has been revived by the submission
to parliament of the correspondence from
the Indian authorities.
| The indianapolis Sentinel directs atten-
ton to the fact, as revealed In this CORE
| spondence, that the Indian government has
| already resolved on an effort to bring sill
yer and silver paper to level with gold
al the rate Of one shilling four pence to
| the rupee or at ratio of about q to /.
10 do this 1t is necessary to maintain
redemption fund, like our gold reserve and
as India has no gold and no prospect Of
getting any, 1t proposes to resort to a
British loan, and also to call In and melt
down large part of tho silver rupees now
forming the circulating medium OF the
country Added to this IL a complicated
system or sales OF rupee paper which is
INTENDED to force the banks OF India to
maintain the gold standard. lust as the
Hanna monetary scheme proposes I'm this
country. The British press Is solid enough
Tor gold standard at home, but it has
sense enough to see that this means the
completion of midas ruin, and 1t assalls
the plan sayogely. Tho statst says:
~ inu'a can not without great strain
,u'se mo phltry sum Of 10000 O1J, and has
20 come begging for aid to tho United King
doui. what TX to be thought Of the nnanriai
administration of India or OF the future nros.
peets Of the peninsula What. In short 4, 10
oauo,a 40, on lnula u she Ia involved In great
wnt! me empire contains nearly 400 900 600
OF feople. 1t Is constantly Increasing "a
debt both at home and abroad And vel Tho
inuinn government supposes that II can beg
tor pecuniary help without giving n serious
nlow 10 It's own credit II seems to us in
eredible that the commission appointed by
Lord George Hamilton will approve Of 20
snlcldai policy as this. The rest OF the
letter IL tissue OF false political cconomv
aud sheer nonsense. Those who wrote ii can
not nave Understood what they were ponnng
| ANA to those who have any clear conccntinn
OF economic truth II is little better than 9Th
nerlsh The whole plan In crude undigested
ntlt' hearted and bound to fail II has never
peen tui,y thought out, It has never toen
conceived by persona with ADEQUATE economl,
| khowledgc, II would never he listened IN N
.ne lndIh ofncc were property marned aul
u me secretary of state for India understood
mat tho new committee appointed to inuulre
into Tho matter win have tho GOOD senae mud
the public spirit to reIcot thn n,hn,n N'
surdity
The Economist Ia equally forclblc In It's
concentration OF the theory Of forcing the
banks to maintain the gold standard. II
says,
Tho truth OF course, is that white the gov.
crnmont speaks OF attracting gold nv o,es
tablishing confidence, It Ia upon the cocrcjyo
part OF their scheme that they really rely
40 put II bluntly. tho Indian market ls to b.
tortured into procuring the gold noressnrv
,nr tne carrying ont OF the governments rlnn
IT. Is only few months ago since sir James
Westinnd, speaking Of the tension IN the
money market, said. II wish 10 give n dis
tinct denial TO any allegations that We are
hamporing tho banks. that we are willfuily
keening back money. with the Intention of
Starving commerce ana forcing up rates OF
thcn regulated Is to be the fixed policy Of
tne government Commerce Is TO he starved
maj rates of exchange may he forced nm.
ana inc starvation must be kctn II n Is TO
serve lts purpose. II 10 aud 10 per cent rntes
Tor money have failed TO attract gold, what
rates must suffice IN order 10 muse u to now
IN y such volume rs TO All The void caused
ny tho Withdrawal Of shy, 10000 OOo or 70. 600.
900 OF silver coin7 Not only so, tho Indian
money market IL TO he constantly under the
thumb or the government. which can turn tie
screw on as md whom Il chooses mud AZ 10
hr 20 kent IN u state OF constant unccr-
FANNY, And Tor our part, we can not help
thinking that n the desired improyement H.,
erchnnrc ~ onlv 10 he attpined hy thus
rtarvlng md d,sorerniying Tho trnda o. In
ain II WIZ no much too dcnrlv purchased.
II IL relief from tho DISTRESSING Ncnctsrv
rtr'neency md ursrt''rment tina, ,hr 'Nercsp-
tilc community ~ India nrc nravlrg for mud
me answer OF the government ls to nut FOR
wNrd n "rh"wn v'hi"h 'rv~lvrs IN ntau ~isV.
Ing OF tho evils from which relief is sought
At The same time the bimetalllst nnpers
nrc condemning bo,h the hopclessness ot
tho scheme. and the ohstinacy OF those who
object to roopenlng the Indian minis. The
Manchester Guardian says
Other things remainins equal. exrhsnce
would decline, md thercnpon the Indian gov
crnmont would declare that the currency was
redundant, and proceed TO melt down rupees
so ~ to lower vases and curtail railway
traftc. Yet the authors Of the Dispatch in
defiance OF mare experienced opinion In India
and In this country, have excluded from con-
sheraton by the COMMITTEES appointed 70 in
quiro Into the whole circumstances any al
Tentative to the mistaken policy adopted In
| 1898, OF which the present hopeless nrornsas
arc the logical outcome, One ground Of hope
rcmninsi II is impossible 10 believe that the
new indian currcncv committee will accept
such visionary scheme - that submitted
10 It's consideration, or allow itself to he re-
strlcted to tho ntteranco OF but half the
truth.
The evident fact is that India is very
near the end OF her rope. and that Great
Britain must either consent TO the reopen
Ing OF the Indian mints, with OF without
the corporation of other countries, or
must bring on condition that will cause
worse revolts In India than Russian in
huence could induce. The gold standard is
bearing Its legitimate fruits.
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DANGEROUS TENDENCIES OF TIM
TIMES.
Nothing Was ever more truly said than
that eternal vigilance is the price OF lin
erty. The maxim is one of those proyerb-
ial sayings that can not be too often re-.
peated' nor too thoroughly impressed upon
hsn mi Ind 80 he ..lt