Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1898-01-13
HOW FREE SILVER WOULD WORK.
Admissions of the Indian Govern
ment ON This Point

Admissions of the Indian Govern
ment ON This Point.
The British government has pub
lished the Correspondence Respecting
the Proposals on Currency Made by the
Special ENJOYS from the United States.
The answer of the government of India
to the proposal to open the minis at
the ratio of 1874 to is that it would re-
suit in a rise of prices in the present
gold-price countries, and fall ofprices
in India and in the silver-price coun-
tries. Prices in India are about mid
way between the silver prices and gold
pEces, that is to say the closing of the
Indian minis in 1898 was to keep the
average of prices on a level with the
gold prices of England, and as the gold
level has sunk about 25 per cent. the In
dian level of prices has fallen CORE
spondingly.
As to the effect of the fall in prices in
India should bimetallism be es. "a blished
at 16 to the government of India says:
sit is enough to kill our export trade,
for the time at least. = We presume
that France and the United States con-
template with equanimity the possible
effects of the change of prices (rising
prices) upon their trade and produc-
ton generally, while it is manifestly
impossible for US, affected as we are in
the opposite direction, to take the same
view.
There is no doubt that the effect
would be to throw some branches of the
export trade of India and the indus
Ar-ia xhnroxx-ifh (fha T1on I.
ing industries, for example), into the
most depressed condition for some time
at least. The period of depression might
be long or comparatively short, though
there are authorities who are inclined
to attribute permanently disastrous
effect to such a large and sudden rise in
exchange, and to apprehend that In
dian commerce might be utterly shaken
by the change.
''The anticipated fall in prices is one
that will adversely affect both our rev.
enues and the general condition of the
agricultural classes in the country"
The reader will observe that the In
dian government admits the claim of
bimetallists of the United States, name
", that for US to enter upon the free
coinage OF silver at 10 TO would CHECK
the exports from silver-using countries
and stimulate our exports in a CORE
spending degree. Among the exports
of India are wheat and cotton. The ex-
ports of these has been stimulated and
is being stimulated by gold prices fall
ing while silver prices in India remained
stable or slightly rose. For US to enter
upon the free coinage of silver would
reverse these conditions, namely. check
India's export trade and so tend to
raise the gold price of wheat and cot
ton, and at this higher price we would
supply our wheat and cotton.
The question is, have farmers and
the other producers of the United States
the intelligence to recognize the i'm
portance of the admissions of the gov
eminent of India? And the Indian gov
eminent speaks from experience, for in
1890, when the United States increased
her silver purchases and so increased
the value of silver, the result in India
was that the falling prices which they
experienced checked her exports and
stimulated imports into India. Such is
the statement in Appleton's Annual for
1891, title India.
GEORGE H. SHELLEY.