The commonwealth. (Greenwood, Miss.) 1896-1923, 1898-04-14
INDIA AND BIMETALLISM.
A LESSON FROM EXPERIENCE.
aYJyoae c. J. HlLlYER, Of WAsHINaToN 2. c,

/ with the famine in money take hold O
the Indian mind
Tho above is, first a complete yerid
cation Of the prediction Of silver adyo
Gates in respect To India. 1t is also ,
thorough yindication Of the theory fol
which bimetallists have contended. Il
illustrates in the most convincing way
the necessary effect upon any nation o.
the metals upon which its money sys
tenn is based Of the privilege Of free
coinage. This narrative Of facts is in
all its details an actaal portrayal Of The
results to the people Of any country ol
a contraction Of tho volume Of standard
money. It is to the citizens Of the Uni
tea States an object lesson 50 clear that
It's misunderstanding would accuse a
lack or the intelligence essential to the
success Of popular government Let us
look at this deplorable Indian situation
in the Light Of its antecedents. I have
heretofore stated in your columns about
all which this additional evidence con
firms, but I am willing to repeat myself
and even plagianze from others in or
der to impress a truth which deem i'm
portant
The standard money Of India for cen
turies has been tile silver rupee, cores
ponding approximately to our half dol
lar All Tile value os Indian property
and commodities were predicated on
this silver coin All the economies or
savings Of Indian people were in these
rupees or in silver bullion in the form
Of ornaments valued on the rupee basis
The value, NOT only Of Indian property,
but Of Indian labor has from time inn
memorial been measured by the rupee
All Indian indebtedness, except the OBJ
legations Of the Indian government
was, and IS, payable in the silver rupee
Up to 1893 the Indian mint had been
opened to the free coinage Of these
coins. In Chat year by the order Of the
English Council the mint closed Be-
tween 1878 ala 1893 the general closing
Of European mints to silver coinage So
enhanced the value Of gold that great
and though variable, By reasons Of
American legislation. IN the long run
continuous depreciation Of the silver
Fnpee, relative to its gold equivalent
ehsued. The consequence to India was
remarkable. increase Of industrial ac
tiyity. producing on silver basis, to
which her people were accustomed on
which all Indian values were predfcated,
and selling to gold-using nations or H.
competition with them to other silver
using countries she occupied a position
81 commercial advantage operating to
stimulate every branch Of her indus
tries That during the decade preced
ing 1893 India was conspicuously pros
porous; that this period was marked by
a constant expansion Of her external
and growth Of internal actiy
tiles that her people under the influ
enee OF q gradual but uninterrupted im
provement Of their material conditions
were contanted and hopeful is matter
of history which no one then did or
now does dispute In less than FIVE
years an this has been change Ihe
extent 81 the nietamorphosa piesuTed
clearly Bat hot extTaya ahtlg ii th
tent which haye qnoted Intbe plaea
of prosperity paralysis Of industry
IL the piaceofhopa and cheerful actlv
ity Encouragement and aismal folebbd
ing; Sd the place of contentment. NUT
terines IF rebellion What has wrought
this phenomenal revolution Il the e9a
prospects and sentiment 9t
three hundred milliQu q people Sin
ply an interference with their money
system by closing TIE Indian mint to
free coinage Of liver end an eua tQr
10 force them towards gold standRrd
81 q contaet jon of the goiameQi iheir
currency It mag seem 70 some ezag
geuion to aseribe such areachins
consequences so simple q eanse %