The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1898-02-25

A COntribution to ReeutabIishment OF
RImefnIIF.rl In SILT

/ Times announced that India must be
put on the gold basis at once, that fur
/ ther trifing with the Indian currency
I and q continuance Of the effort to hang
Up the value Of the rupee at an artificial
value resting on neither silver OF gold
must at once cease or preparation be
made for the early resumption Of free
silver coinage in India The Times
was impeIled to this announcement by
the imperative demand for more money
in India For ~ years India has been
without practical addition to her cur
rency. No silver rupees have been
cCined at all since the closing Of the
minis in June, 1893, TO free coinage, and
the coinage Of minor silver pieces has
not amounted to much If any over 20
COO, 900 rupees, an Insignificant sum.
And as the coin in circulation has been
melted up and boarded, as is the wont
Of the Indian people, the scarcity Of
coin upon which to do the business Of
the country has been seriously felt. AT
last II has become so scarce as TO have
become intoIerable. Relief from some
source is a necessity. There must be
gold coinage and Uhe Establishment Of
India on a gold basis or there must be
a resumption Of the coinage Of silver
rupees. These are the conditions that
doubtless led to the remarks Of the
Times.
And IT may be that the resumption Of
silver coinage in India is much nearer
than many think, comments the Phil
adeIphia American. Resumption, not
indeed Of free coinage, but Of large coin
age Of silver rupees may be undertaken
any day. When the Indian minis were
closed in June, 1898, an effort was
made to give the rupee an arbitrary ex-
change value Of 10 pence in gold. And
at this rate, the rate Of Is rupees for one
pound sterling in gold the Indian gov
eminent offered to give silver in ex-
change for gold deposited at the Cal
cutta mint. Of course the purpose Of
this was to keep the gold value Of the
rupee from rising above 10 pence and to
secure to the rupee q fixed gold value.
But after the closing Of the Indian
minis the value Of the rupee fell Il
sympathy with the fall in silver bullion,
ard II happened that until within a few
DAYS the rupee has not once, since the
closing Of the minis, been worth as
much as Is pence in gold. Several times
during last year it approached this
figure, but did not quite reach it Now
it has not only reached it, but passed
it. And the result is that British mer-
chants who owe accounts in India are
figuring up whether IL would not be
cheaper to send gold to India, deposit it
at Calcutta and then get silver rupees
for 1t at the rate Of Is rupees for
pound. or one rupee for 16 pence worth
Of gold than to buy exchange on India
in London at the rate Of 161k pence per
rupee. If much gold should be shipped
10 India IN this way and offered TO the
Indian government for silver rupees
that government would have to resume
the coinage Of rupees to meet the de-
mand. OF course, the necessary sill
yer bullion and much more could be
purchased with the gold deposited But
il SO happens that it is not eOnTeuien
Cor the Bank Of England 10 ship gold tc
India, and so preparations are making
TO receive gold for account Of the In
dian government IN London, and 10
supply the dePOsitOrs Of this gold with
drafts calling for IS silver rupees in
posted in London.
Of course If exchange on India should
fall below 10 pence the deposit Of gold
with the Bank Of England for the &C
count Of the Indian government and
the drawing Of bills would cease. And
then also would cease the demands upon
the Indian government for the redemp-
ton Of bills given in exchange for gold,
the need for continued coinage to meet
this demand would cease, and in time
purchases Of silver for account Of the
Indian government would cease, and
coinage be suspended until exchange
again rose TO 10 pence. But IL is most
probable that India can absorb 10000
600 to 100000 Of new rupees year
without causing the rupee to fan under
IS pence.
So here is a voluntary contribution
TO the establishment Of bimetaHism
within sight, a voluntary contribution
from the government that few months
since peremPtOrily refused to have any
hand in an agreement to reestablish BIZ
metallism. Here, then, is an opening
for hopeful Mr.. Chandler to seize upon.
Let him urge the president to send of
his commission TO Europe post haste
to reopen negotiations for bimetaIlism,
with India participating on this basis
1t Is not much Of a participation on the
part Of India, to be sure, but it is some
thing, all that we are likely to get in
this direction, as Senator Chandler tells
Us sit IS the presidents intention 20
again send his ENJOYS TO Europe as
soon as the conditions are favora be Tor
continuing negotiations" So let the
president send his ENJOYS back TO Eu-
rope at once; they might as wei 60 on
second wild goose hunt now as later.
Senator Chandler has his hands fun
these days in striving 10 make out that
the administration faEOrs international
bimetaIlism and has hopes Of attaining
IT. Mr.. Gage he has, indeed, given I'D
as a confirmed gold monometallisf. as
one black sheep among a flock Of inter
national bimetaIlists, and he con
veniently puts him beyond the pale as
one "whO has only recently emerged
from the democratic party and whose
views on finance are not the presidents.
eeT7hn rrezfrln-T - We q - Frr-f her r---z