The Forrest City times., 1898-07-22
ARGUMENT OF A GOLD MAN.
Sir Robert GIMen Says n Gold stand
ard Will Not DO for
India.


The New York Commercial Adver-
tiser will doubtless read with wonder
and alarm the letter recently con-
tributed TO the London Times by Sir
Robert Giffen, the eminent statisti-
clan and economist, in opposition to
the establishment of the gold stand
ard in India. Sir Robert, as our read
ers will remember, has been leading
advocate of the gold standard during
the past quarter of a century, aud his
arguments in favor thereof have been
the chief reliance of the financial ig-
noramuses in this country who had no
arguments of their own.
In effect. Sir Robert Giffen says that
a gold standard will not do for India
He calls halt to the campaign, and
practically admits that as the British
pound sterling has conquered the
United States, in the midst of much
ruin. misery and sacrifice, there is no
need for the advocates of gold TO seize
on India. He doesn't say that the gold
standard will not be good thing for
India, but he thinks that the gold
standard in India would have a dis
turbing effect on the bankers and bull
lionists of London; and he says that.
In this matter, he represents the best
opinion of London city, which is Lom-
bard street. The Constitution has al
ready stated the reason, namely, that
gold basis in India would prove a
disturbing factor by setting up drain
on the gold reserves of the city.
What, then, is to be done to mitigate
the present crisis in India, which is a
very serious matter? Sir Robert indi-
Gates what is to be done, though he
doesn't put it in plain and direct terms.
As the closing of the Indian mints to
silver was political move intended to
hasten the sacrifice of the interests of
the American people to the golden god
of greed, SO now they are to be re-
opened to silver again, thus giving In
dia and the people of that empire the
inestimable commercial and agricul-
tural advantages which will follow the
argument in favor of it? Sir Robert
presents it very clearly and concisely
in the following paragraph:
The depression of exchange In the debtor
| country. which Is the result OF the comp e.
| tition for bills of the creditor country.
| lowers the valuation Of the money COM
| pared with the creditors money. and there
| by the value Of all goods In the debtor
| country compared with the creditor 3
| money. Hence there II q stimulus to the
| export OF those goods which are suitable
for the creditor country. and the money Of
| the debtor country is not acted upon at all.
| although 1t Is one OF the nrst things to be
| acted on. as we have seen. when the debtor
| country has the same money as it's cred
ttor"
| 1t will be seen here that the gold
monometallists are prompt to adopt
the arguments of the bimetallists
| when occasion serves. In the para
graph we have quoted is to be found a
| condensation of the main contention
of those who voted for Mr.. Bryan. The
only difference is that Sir Robert Is
here contending for the much dreaded
"silver basis" which was said to be toe
fearful to contemplate-too outrage
ous-even to be considered.
| Under gold standard, debtor
country can keep it's gold reserve only
when prices of commodities are forced
| OOWn to u iCNCi Win, VI lOWCI
prices in a creditor country. Under q
silver standard, the money of India
will not be acted on at all, but the ex-
ports of goods and commodities will be
stimulated. In fine, we may say, that
Sir Roberts argument is the truth in
nutshell, and every word of it ap
piled in this country from 1893 to 1897
and will apply again, with more force
than ever, when India Is again placed
on silver basis with open mints to the
white metal, and the food crops of the
world are not cut short.
The depression which is now centra
over India will then be transferred IL
the United States, and the work oi
spoilation to the profit of our dear
mother country will go merrily on
| Atlanta Constitution