Little Falls herald. [volume] (Little Falls, Morrison County, Minn.) 1889-1950, 1898-06-24

Matthew Marshall 81 thu. New York
Sum, points ont the great wrong
done the natives Of India By the ef-
forts Of the British financierr to es-
tablisb tho gold standard there.
This is : significant statement,
coming, IA il does, from 8, believer IN.
goldstandaTdbm. The article is as
follows: IS. gs...ss s.tz
Great Britain alone, Of al the
eouDtries Of tho world, stands firm as .
rock upon the single gold standard, and
the most faDatical British bimetallists;
do not propose that the mother country
shall abandon it, All that they ask is.
that Parliament shall aid in establish
ing bimetallism everywhere else than in
the United Kingdom, and just at tins
moment they are Especially striving for
it's establishment in India; or at least in
preventing India from discarding silver
and adopting gold in it's place. Singu
larry enough, they are aided in their re-
sistanes by many gold moRometallists
in the United Kingdom, who, while
elingipg to the gold standard for home
;ase, are unwilling that SO immense u
dependency az India should compete
With them for the supply Of the metal
which will be required ID silver is surrend-
cred by India andgOh substituted for it.
Of the debate on tins subject IN the
British parliament last March, and the
up pointmept Of a select committee to
exa mine it and report upon it, mention
was made at the time in this column.
Since then the India government, in adj
vance Of the action Of the select commit
tee, has put forward . plan OF it's own
for establishing the gold standard in
India; which has excited much hostility
and received but little support from
British fiuanciers. The plan is to get
authority from parliament to borrow in
London gold to an amount not exceed
ing e2O,0O0,O0o, or 100000, 900, u.s.
ing SO much Of it to buy up the silver
coin now circulating in India az may be
Deeded to insure the maintenance of the
rupee at it's present value OF 1s. I'D. and
putting the rest in the Indian Treasury
as a reserve for redemption purposes.
The coins bought up are to be melted
into bullion and sold for what they will
bring.
1t is evident, that, whatever the theo-
retieal merits Of this plan may be, it's
fern is such as to make it most offen-
sive to popular sentiment. The closing
to silver OF the India m'nts in 1898 pro-
voked great dissatisfaction among the
natl, Hind0os, who for centuries have
been accustomed to hoard their sav,ngs
in the form Of silver bars and ornaments,
relying upon the privilege Of having it
coined into money whenever they
needed to spend it. The taking away
Of the privilege in 1898 at once reduced
uncoined silver to oDe-haM it's former
coming value, and practically annihi-
lated one-half Of it's purchasing power.
The justice OF this the native Hindoo has
never been able to ace, but, on the con-
trary, resents it as a gross wrong. The.
India government now proposes to per-
petuate and intensity the wrong by wild
eDing still further the difference between
.anco,ned and coined silver, and to make
the difference permanent. 1t proposes,
moreover, in accomplishing it's design,
to saddle upon the country a debt which
may amount to 800, 0OO, 900, besides
so contracting the volume OF the
eountcy's currency, already much smaller
than it was Ave years ago, that it shall
be smaller still. Finally, as if to exas-
perate London as we'll as Calcutta, it
proposes to take out of the London
m ouey market 10000, 900 and carry it
away to India. The manner in which
the scheme has been presented is an ex-
cellent illustration of the want of tact
for which John Bull is famous, and of
the fatal facility he has for setting about
a good thing in the worst possible way.