The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1898-08-17
& Gold Bug Failure.

The currency situation IN india Is so
badly mixed in consequence OF the clos
ing of mints Of that country to silver that
acommission has been appointed to un-
ravel the tangle. 1t Will be remem-
bered that the mints Of India was
closed by English influences to silver
in 1893. The purpose OF the govern
ment in closing the mints to silver was
to introduce the gold standard after the
rupee, by reason of scarcity, became
again worth as much as thirty-two
cents Now let US see how this gold
bug scheme worked. In commenting
on the matter the Atlanta Journal,
which is one of the ablest as well as
one of the faircst gold bug organs,
makes this confession:
But this has been found impracti
cable. 1t has been found difficult to
get the gold. Gold has not flowed into
India, as it was expected to do, after
the rupee rose to 81 cents On the
contrary, it has flowed out, owing to
the uncertainty of the monetary future.
At the same time there has been great
stringency in the money market and
distress in businers circles. amounting
almost to panic. There is no telling
what the Indian monetary commission
may do, but the business interests Of
India are strongly opposed to contln-
uance of the experiment inaugurated
in 1898. The unanimity with which
export and import merchants, bimetal-
lists and monometallists unite in pro-
testing against it is one Of the most
striking facts Of the situation. They
agree that the experiment strikes at
the root of productive industry and
commerce. As the Madras chamber of
commerce puts it: 1t is incorrect to
say that volume of currency must be
made consistent with l6-pence ru-
pee" 1t would be better, II is said, to
let the rupee pass at its intrinsic value.
About S25, 600, 900 is saved by the arti-
fetal enhancement of the rupees value,
but in spite Of this fact all classes in
India are clamorous for re-openin@ of
the mints to silver 1t is claimed that
the present policy is cutting down ey
ports severely and that the free coinage
of rupees would so improve trade and
industries that even increased taxes
could be easily borne. India is on the
verge of an interesting experiment
whatever she may do with her curren-
cy. That some change Will be made is
absolutely certain.
According to the Journal it has been
found impracticable to force India to a
gold standard because the demonetiZa-
tion of silver in that country has caused
great stringency in the money market
and distress in business circles; amount
ing almost to panic. The Journal
goes on to say that the business inter
ests of India are strongly opposed to
continuance of the experiment inaugu-
rated in 1898" This is significant
when it is remembered that the exper i
ment inaugurated in 1893 was to fasten
he gold standard on India. The Jour
nal goes on and says the unanimity
with which export and import merch-
ants. bimetallists and m onometallists
unite in protesting against it is one Of
the most striking facts Of the situa
tion," they agree that the effort to es-
tablish the gold standard strikes
at the root Of productive indutry and
commerce According to the Journal
"all classes in India are clamorous for
rcopening of the mints to silver,
as they claim that the present policy is
cutting down exports severely and that
the free coinage Of silver would so I'M
prove trade and industries that even
increased taxes could be easily borne.
Really these extracts read like they
might have been taken from strong
silver paper But they were not.
They are taken from Il gold bug pa
per. and for that reason are significant.
FIVE mistake not Bryan in his speeches
predicted this result in Irdia. 1t IS no
surprise to those who have studied the
subject. Only the goldbugs in this
country who allowed Cleveland and
Carlisle to do their thinking will be
surprised to learn that the gold stand
ard in India is gradually forcing her
people into bankruptcy as it has done
in this country.