The weekly register. [volume] (Point Pleasant, Va. [W. Va.]) 1862-1909, 1898-07-13
GOLD STANDARD MANS
ARGUMENT FOR sill YER.
London Bankers Govern the
WorId-Hcnce They Say
teNit,' TO the Gold Stand
ard for India.

ard for IndIas
The New York Commercial Adj
vertiser will doubtless read with
wonder and and alarm the letter re-
Gently contributed to the London
Times by Sir Robert Giffen, the
eminent statistician and economist,
in opposition to the establishment
of the gold standard in India. Sir
Robert, as our readers will remem-
ber, says the Atlanta Constitution,
has been leading advocate of the
gold standard during the past
quarter of century. and his argu-
ments in favor thereof have been
the chief reliance of the financial
ignoramuses 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 a 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 disturbing effect on the
bankers and bullionists of London;
and he says that, in this matter, he
represents the best opinion of
London City, which is Lombart
Street. The Constitution has al
ready stated the reason, namely
that gold basis in India would
prove a disturbing factor by set
ting up drain on the gold re-
serves of the city.
What, then is to be done to
mitigate the present crisis in India
which is a very serious matter?
Sir Robert indicates what is to
be done, though he doesn't put it
in plain and direct terms. AS the
closing of the Indian mints to sill
yer was a political move intended
to hasten the sacrifice of the in
terests of the American people to
the golden god of greed, SO now
they are to be re-opened to silver
again, thus giving India and the
people of that empire the inestf-
mable commercial and agricultural
which will follow tho
of free coinage. What is
the argument in favor of it? Sir
Robert presents it very clearly and
concisely in the following para
graph:
"The depression of exchange in
the debtor country, which is the
result of the competition for bills
of the creditor country, lowers the
valuation of the money compared
with the creditors money, and
thereby the value of all goods in
the debtor country compared with
the the creditors money. Hence
there is stimulus to the export of
those goods which are suitable for
the creditor country, and the mon
ey of the debtor country is not
acted upon at all, although it is
one of the first things to be acted
on, as we have seen, when the
debtor country has the same mon
ey as its creditor"
1t will be seen here that the gold
monometalists are prompt to adopt
the arguments of the bimetallists
when occasion serves. In the par
agraph We have quoted is to be
found 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 bas-
is" which was said to be too fear
full to contemplate-too outrageous
even to be considered.
Under a gold standard, debtor
country can keep its gold reserve
only when prices of commodities
are forced down to level with, or
lower than. prices in creditor
country. Under silver standard,
the money of India will not be
acted on at all, but the exports of
goods and commodities will be
stimulated. In fine, we may say,
that Sir Roberts argument is the
truth in a nutshell, and every word
of it applied in this country from
1893 to 1897, and will apply again.
with more force than ever, when
India is again placed on a silver
basis with open mints to the white