Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-07-14
A GOLD MANS ARGUMENT.
Sir Robert GiRen Says a Gold stand
ard VIII Not Do for
India,

The New 1Ork commercial AdYer-
tiser will doubtless read with wonder
and alarm the letter recently con-
tributed to the London Times by Sir
Robert Giffen, the eminent statisti-
clan and economist, in opposition to
the establishment of the gold stand
ard in India. Sir Robert, as our read
ers will remember, has been a leading
advocate of the gold standard during
the past quarter of century, and his
arguments in favor thereof have been
the chief reliance of the financial ig-
noramuses in this country who had no
arguments of their own.
In effect, Sir Robert Giffen says that
a gold standard will not do for India
He calls a halt to the campaign, and
practically admits that as the British
pound sterling has conquered the
United States, in the midst of much
ruin, misery and sacrifice, there is no
need for the advocates of gold to seize
on India. He doesn't say that the gold
standard will not be a good thing for
India, but he thinks that the gold
standard in India would have a dis
turbing effect on the bankers and bull
lionists of London; and he says that,
in this matter, he represents the best
opinion of London city, which is Lom-
bard street The Constitution has al
ready stated the reason, namely, that
a gold basis in India would prove a
disturbing factor by setting up drain
on the gold reserves of the city.
What, then, is to be done to mitigate
the present crisis in India, which is a
Dol I'D
Gates what is to be done, though he
doesn't put it in plain and direct terms.
AS the closing of the Indian minis to
silver was political move intended to
hasten the sacrifice of the interests of
the American people to the golden god
of greed, so now they are to be re-
opened to silver again, thus giving In
dia and the people of that empire the
inestimable commercial and agricul-
tural advantages which will follow the
renewal of free coinage. What is the
argument in favor of it? Sir Robert
presents it very clearly and concisely
in the following paragraphs:
The depression of exchange in the debtor
country which is the result of the comp
tftion for bills of the creditor country,
lowers the valuation of the money COM
pared with the creditors money, and there
by the value of all goods in the debtor
country compared with the creditors
money. Hence there is a stimulus to the
export of those goods which are suitable
for the creditor country, and the money of
the debtor country is not acted upon at all,
although it is one of the first things to be
acted on, as we have seen, when the debtor
country has the same money as it's cred
itor."
1t will be seen here that the gold
monometallists are prompt to adopt
the arguments of the bimetallists
when occasion serves. In the para
graph we have quoted is to be found a
condensation of the main contention
of those who voted for Mr.. Bryan. The
only difference is that Sir Robert is
here contending for the much dreaded
silver basis" which was said to be too
fearful to contemplate-too outrage
ous-even to be considered.
Under a gold standard, a debtor
country can keep its gold reserve only
when prices of commodities are forced
down to a level with, or lower than,
prices in n creditor country. Under
silver standard, the money of India
will not be acted on at all, but the eX-
ports of goods and commodities will be
stimulated. In fine, we may say, that
Sir Roberts argument is the truth in
a nutshell, and every word OF it aP-
piled in this country from 1893 to 1897,
and will apply again, with more force
than ever, when India is again placed
on a silver basis with open minis to the
white metal. and the food crops of the
world are not cut short.
The depression which is now central
over India will then be transferred to
the United States, and the work of
spoilation to the profit of our dear
mother country will go merrily on
Atlanta Constitution.