The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-23
GOLD STANDARD IN india
Senator Teller Believes That
1t Will Be Tried.
He PREDICTS A FAILURE
Currency Commission VIII Establish
n Reserve to Maintain Parity Be
tion-Nntiycs Ignorant of the Issue
Unaware That Mints Are Closed.

Senator Teller is of the opinion, despite
reports to the contrary, that the Indian
Monetary Commission. of which Lord
Hamilton is at the head, will seek TO
establish the gold standard as a basis OF
the currency for India instead of reopen
ing the mints for the free coinage of
silver al the ratio of % IL TO l or at any
other ratio. The report published yester-
day morning that a number of members
of the commission were in favor of a coin
age union between America, China, and
India for the free coinage of silver at that
ratio. he says, is not probable.
To a Times reporter last night Senator
Teller said that he believed that the gold
standard would be established in India
with a bank reserve 10 maintain the parity
between that metal and the silver coin
now in circulation. or which might be
coined but he did not think the mints
would be rcopened The gold standard,
he said. would have been established be-
fore had not the bankers been afraid to
allow the gold which would be necessary
TO establish it TO 90 out Of England.
To establish the gold standard in India.
he said would require $3.50 600. 900 of gold
| Immediately, not for circulation, but as a
| England and the United States have been
ayerse to allowing that much gold to go
out of either country at one time, be-
! lieving that ii would cause panic and in
| Senator Teller's opinion, 4 panic would
result
Notwithstanding these fears, however,
| he believes that the attempt TO establish
| the gold standard in India will be made,
but he is confident that it Will not be
successful.
Sir Robert GifIen. who was referred TO
| In the published report yesterday morning
as being in favor OF free silver for India
/ is, Senator Teller says, a believer in the
single gold standard for n creditor country.
/ He believes. however, that India is debtor
country and consequently not adapted for
| the gold standard. Others on the commits
sion may be averse to the gold standard.
bat the indications are now that it will be
| tried. The whole matter is in the hands
of the English. Senator Teller says, the
average Indian having no adequate idea of
what currency reform means.
| Since the closing of the mints In 1888,
| said Mr.. Teller. India has suffered a great
deal. The people of the country have been
aware that something was wrong. OF
| course, but they do not know even now
( what it is. The Indians possess a great
| deal of treasure in the way OF silver. most
of which they have had worked up by ma
| tive silyersmiths into ornaments of some
| sort That is their way of preserving their
treasure instead of placing it in banks.
| Before the mints closed they could sell
| this silver for the full value as coinage
| metal. Since then. however they have
only been able to get the ordinary market
price for their bullion. This has. Of course
worked TO their disadvantage, but few OF
them are aware OF the reason. Many OF
the native Inhabitants do not even know
that the mints are closed.
Under the gold standard the mints may