The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-10

Permanency of the Policy of That
Country, Declared in 1893, Is
Merely Observation-Disclosures Cannot
Draw More Gold Than She Can
ray for Hence There Is No Need
for Alarm, Says Mr.. Roberts.
WASHINGTON, Aug. Accommodating
upon the Associated Press cable of the re-
port OF the committee on the Indian cur
rehcy' placing India on the gold basis
director OF the Mint Roberts said today,
Inc report does little more than re-
affirm and declare the permanencv of the
Pohcy adopted in 1898, when the minis
were closed to the free coinage of silver
Inc minis were closed originally because
the decline in silver had become so e,raat
as to embarrass the Indian government
which received its revenues in siIvor ord
mad to make a large share Of it's disburse-
hents In gold. The government makes
lts femlttances to London by selling bills
OF exchange on the London market. thesa
being bought by people who desire to
make remtttances to India. Before tba
minis were closed the public could either
buy these council bills or send silver
but by closing the minis the government
hopeu TO force the purchase Of the bills
at higher rate. Hard times followed ip
India, attributed by those who criticised
the government to the closing o4 the
minis, but attributed by the government
10 the famine and other causes. There
was considerable agitation in favor Of re-
opening the mints, and the business
world was in no little uncertainty abo,,s>
the future 1t was considered highly do.
slrable that the governments future
poIlcy should be definitely assured. and
accordingly, something over a year ago
d committee of eleven was appointed to
investigate the whole subject. The corr
mlttee has published two volumes OF tes-
Ciinony and now giyes~its own cenclu-
SONS. II IS unanimous in finding thGt The
hlhts should not be reOpened to silysE.
Being asked If there was any reannn IN
expect such movement of gold to India
as might disturb money markets I'm the
world centers, Mr.. Roberts replied:
Ihere Is not. India canot draw any
more than she can pay for and she is NOT
rich enough nor likely to develop exports
Iast enough to make her demands seri-
Gus. She has taken 50 100000 or $40 O0O OOo
cannot possibly take sum that will ex-
coed the increase of this years gold pro-
duction over last"
Does the final adoption of the gold
standard by India have any bearing upon
our foreign trade?"
1t puts the wheat producers of the two
countries on common monetary level
replied Mr.. Roberts, and disposes of tina
ola argument that the Indian farmer has
an advantage over the American farmer
because he receives his pay In a falling
currency. Whatever intricacies there
once were in the subject have been clear
ed up, for the Indian farmer. like fra
American farmer, Is now paid by the goIi
standard. The alleged advantage !-as an
llluSory one, for he only held it while tbe
currency continued to fall, and then only
as he could work it off on some unin-
formed or helpless fellow countryman at
former value. Furthermore, in the M
ture OF things. currency must stop fall
ing some ttme-when it becomes WORTH
less II not sooner This COMMITTEES
agrees with the Indian government that
the interests of that country as a whole
demanded that the depreciation of lis
money should cease and that its financial
system should be linked to that of the
other important nations of the world"