Daily capital journal. (Salem, Or.) 1896-1899, 1898-08-15
MoNpAy, AUGUST rs, 1898.

Daily, -Four Months $1.o0. ir Advance.
Weekly, One Year @1.Oo, in Advance
The assertion that the mints OF
India viii soon be again opened to
the free coinage Of silver seems TO be
somewhas premature, although IL is
founded on Che report, which is
claimed TO be authentic. that the
British Indian currency commission
viii recommend the opening Of the
Indian mints TO silver at the ratlu Of
% toll Even II the commission does
so report, 10 will still remain for the
British government TO order the
measure carried out, and there is no
assurance that IL will do so. The
movement Will meet with strong op-
position 10 England, : opposition
from sources OF most powerful IN
fluence. In these quarters, free coin
age at the ratio OF % TO ], Or even 33
to !, will he az Objectionable as at the
ratio of 10 TO !, for 1t is free coinage,
blmetalism, itself TO which consistent
monometallsts object. IL is not a
stable and honest dollar, or rupee,
that these people want, but an ap
preciating dollar, or rupee, which will
increase the value of their mortgages
and fixed incomes. The single gold
standard gives this, and, IL the re-
naming silver.uslng countries can be
induced to adopt the gold standard
and take part in the struggle for gold,
the unite Of yaiue Will again double
up. The prospective profits OF such
coup are not TO be relinquished
withouta desperate fight, and there
will be formidable opposition to the
re-openlng OF the Indian mlnts; for
that backward step" would surely
check the movement toward universal
gold monometalism.
Fortunately, however, there are
millions OF genuine, though misguided
"honest money" men who oppose the
free coinage OF silver at the ratio OF 10
TO because they really think that 1t
would give us "dishonest money! but
who would not make strenuous objec-
tlon we're the ratio so fixed as to con-
form to bullion values.
nThe ratio of % To is suggested be-
cause that corresponds with the pres
ent rate OF exchange between India |
and Eneland. Since Inc closing Of
the Indian mlnts the rupee has risen,
through artificial scarcity and the
laws Of supply and demand, TO value
of 10 pence per rupee, while Its bullion
value is about II pence, It's former par
value having been "A pence. The pro-
posed ratio is intended to preserve the
present status, so as not to again de-
moralze the finances, or cause sud
den change In the range OF prices, In
India.
How viii the new ratio be regarded
by the bimetalllsts Of the United
StatesY That depends on how well
they understand the true fundamen-
ais of the money question. 10 TO is
the right ratio, for the reason that II
Is the proportion Ia which the two
metals are existant In the worlds
available supply. At the same time, 1t
is OF more Importance that the free
coinage countries should all have the
same ratio than that the ratio should
be matbmetically the natural one. IL
Is "a matter OF 1.-THE level OF prices.
10 20 would give US higher level
than 22 to |, because there would be
more money units, more "d0llars.
But the debtors OF the world should
be willing TO partly pocket their
losses" for the sake OF restoring bl-
metallic prices and conditions. rather
than lose all by insisting on absolute
equity.
III 1t be true that. "foreign bIme-
talIsts are using great efforts 10 bring
about an agreement between India,
France aud the United States for they
free coinage OF gold and silver at the
ratio OF % 10 -, IL would be infinitely
better 20 help forward that moyement
than topursue our present suicidal
course toward bankruptcy.
But, taken ali together. The news
from India Is more encouraging than
any other piece OF news that has tran
spired since Mr.. Mckinley voted for
free coinage In 1878.
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