The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1898-09-16
LESSONS FROM EXPERIENCE.
British Financiers Are Learning That
= Gold STANDARD IL linz
possible for Indfa.

British fnanciers are learning a few
costly, yet wholesome lessons from the
school of experience One of the most
forcible of these is the fact that .
monetary standard not adapted to the
needs and uses of a country cannot be
successfully forced upon it and long
maintained under even the strongest
possible pressure of a great and power
full nation. Experience has amply de-
monstrated hat natural laws cannot
be defied in India with any greater
success than elsewhere, and this fact
is slowly but surely ~impressing itself
upon the English mind.
Even the London Times, most con-
servative in all its opinions and most
ultra in its support of the gold stand
ard. is forced to practically acknowl-
edge that the effort TO establish that
system of currencyin India Is failure.
and that it Is probably an hIpossi.
bility. In a signed communication 10
that paper. Sir Robert Giffen acknowl-
edges the gold standard failure, as fol-
lows:
1T is a hard saying TO some that's
gold standard is I'M oossible for India.
The subject has been discussed as il
the choice of a money standard were
within the unlimited discretion of q
government, and as II the only Ques-
tion we're the method of acquiring the
standard selected. This is not a sciens
tific view. Governments would GER
tainly act wisely at all time in having
regard TO the economic conditions Of
their subjects. and their tastes and
habits in the matter of currency To
force something unnatural, nd es.
pecially TO attempt a change when q
community has already got a money
which admirably serves the purposes
for which money is required. is always
injudicious and injurious.
But such a change may be impossi-
bic as well, and this is a point not TO be
overlooked in the matter of a gold
standard for India. Isagold standard
for India really possible or not? In q
discussion from this point Of view I
am in full agreement. / believe, with
the best city opinion. which encourages
me to take up the subject. We may
throw aside at the beginning all idea
of establishing n gold standard
without a gold money. or with.
out a currency Immediately and readi.
~ convertible into gold. which implies
the existence of a gold reserve AL
such fancy schemes are essentially
bad. They are 10 be rejected. among
other grounds, on the score of the in
jury they infict by causing ~discredit.
This has been exempliied in the case
of India during the last few years.
Capital. we are told on all sides. has
been brought home from India at the
high exchange ruling. and new capital
will not go out because no one knows
what the money OF India will be. This
is the penalty the government and
people of India pay for an artificial
and badly managed system of money.
The same discredit must continue until
there is again an automatic standerd
money with which the government
does not NEEDLE"
Daily the fact is becoming more and
more apparent that the only possible
relief for the Indian situation lies in
the reopening Of the minis Of that
country to the free coinage Of silver:
and. unpleasant as the acknowledge
ment may be, there are evidences in
abundance that the British financiers
are already preparing themselves for
the change. This fact. considered in
connection with the development Of
entirely unexpected strength on the
part of American coin bonds, forms
ground for most substantial encour-
agement TO the advocates of free sill
YER coinage and a full bimetallic cur
rency in this country--Denver Times.
Sun.