The Neihart herald. [volume] (Neihart, Mont.) 1890-1901, 1898-08-13
The SILVER REPUBLICANS.
Chairman Towne Delares "a Policy of
Coalition with All Silver Forces
in the Coming Campaign.

Duluth, Mimi, Aug 5.-Hon. Charles
A. Towne in an interview to-day. con-
frmed the Washington report to the
effect that the British India currency
commission would report in favor of
opening the India mints to silver Mr..
Towne said that he had lately had letters
from London from Moreton Frewen
among others, containing authoritative
information on the subject. The com.
mission. Mr.. Towne said. is made up of
a number of bankers and business men
of London. and he is of the opinion that
there is no doubt but their report will
be adopted.
II want to call your attention to the
fact that in England the scarcity of
gold is 50 clearly recognized that an
overwhelming sentiment exists against
the proposals of Lord Hamilton to put
India upon the gold standard said Mr..
Towne. Even the staunchest defenders
of the gold standard there oppose the
scheme. and it is recognized that to
attempt toget together the gold necessary
for the purpose would menace the
stability of the Bank of England and of
the financial fabric Of the world. The
commission finds that the total gold that
Wuuld thus be needed would be not less
thar e5O,OO0,O00 (about s250,000,000y, SC
that even if the highest estimate OF the
sun to be borrowed by the treasury
should suffice. the further sum OF E30,-
100000 would have to be sent from this
country (England, in sovereigns and
led to the general circulation in India
before any gold was released from the
! treasury.
Some idea of the fearful significance OF
such tremendous drain of gold may be
gathered from the following language OF
Sir Robert Giffen, admittedly the
greatest of English gold standard
authorities, in recent letter:
To establish gold standard at tht
present time, the Indian government
proposes to take cartain amount oI
E50,000,000 at once is spoken Of
E55,000,000 more, it is probable, vii
ultimately be required. Even thu
smaller sum, however, cannot we'll b'
spared in the present circumstances o
the money market. The demands i'm
pending upon Lombard street for golc
are very heavy. and some, at least, VIII
know the money market, are full o
anxiety as to what may happen.
In this condition of affairs, continued
Mr.. Towne. 1.-The English government 70
India has been forced to admit the faul
of the system established in 1893 an'
has brought about the appointment G
the commission which has for severa
weeks been secretly taking testimony i
London on the proposals. of Lord Hami
ton to put India absolutely on the gol
basis by melting down hundreds Of mi
lions OF silver rupees, throwing them o
the bullion market, and borrowing gol
to put under the balance. In May thi
scheme looked promising. buts since the
sloTu oi prottst 's ihdpStoiS' p"'i''
{ men. professors and producers has sweI
, over England, so that it is now ce
tainty that this commi ssion, althoug
as has been widely charged, that it WI
hacked in the interest OF the gold stai
dard, will recommend the reopening I
| the mints to the free coinage OF silv'
: as the only practicable alternative.
why do they speak Of a ratio OF -
IL" Mr.. Towne was asked.
Because" he answered, that CORE
n ponds with the present rate oy exchanl
;. between England and India, which
that OF one rupee as equal to one shillil