New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-11
midas GOLD STANDARD.
THE COMMITTEES REPORT TO THE
HOUSES OF PARLIAMENT.
prAsoNs FOR THE REFUSAL TO REOPEN
MINIS TO SILvER-INsTAB1LTTY OF
EXCHANGE URGED.

| ryoehinston Aug. 10--In diplomatic quarters
conies OF the report just presented 10 the Houses
NJ Parliament By the committee which inVesusa'eu
the currency of India have been received IL Is on
this report that Lord George Hamilton secre'als
| ~ state for India, has based his announcement
,.h,, Tho last few DAYS that India would 20 TO
| the gold standard. This announcement mas at
tracted much attention in the United states anu
| tho conclusions are moreover TO some extent 'o"-
| nected with the negotiations carried on so"e
| months ago by Senator Wolcott and others rep
resentng this country. as 10 international Dme'al
| Ten, This Commission was made up OF the most
| influential statesmen and hnanciers OF hng'aha'
| and the testimony before them was given ny such
| aminent authorities Lord Rothschd' heao OIL
| On. great Rothschild frm Lord Aldenham. former
| Governor Of the Bank OF England; the Earl OF
| Northbrook former Governor General OF india;
| CTR Alexander Mackenzie Lieutenant Governor or
Bengal; Professor Marshall. of tho University OF
Cambridge and, indeed, practically all Of the stu
dents and scholars OF economic questions in Great
Britain The sessions were private and the testi-
uony as well as the final report has now peen
| made public for the first time.
The report first sets forth the origin and present
condition OF the monetary system Of India, ana
then says:
We proceed TO consider the question whether IN
ss sht Gs to the policy
that year and TO reopen the Indian mlnts 70 me
measures for gradual reopenng would be so fully
and imaedately discounted 10 defeat the precise
m05reoyer that the certain prospect of heavy
faIl in coinage would at once drive capital from
The policy Of opening tho mints at some future
date TO silver stands on dineIent tooris mren
tIona agreement. and consider that there Is Iea
sonabe hope Of such an agreement wtnh Hhi yea
neriof such persons aim directly at staple eh-
Change between India and the United kinsdom,
and advocate delay Sn Es 4aa S1Gsf 'a' "
With regard 10 this anticipation we conhe :, fso1
wi,h france and the United States Of AMERICA
having proved Ruthless no fresn PROCESS. a. h
as we are aware, have been or are pens mace oy
any OF the Governments concerned 49,. nrAser,
We come next to the suggestion maj tHe PfTsggn en-
S SystT competiton With countries on silver
standard THIS ssReeI Sl sne committee who ex
pressed the opinion that even II we assume me
argument 70 s.imulus or Ghe scc 40 fslI in
o1oboroa must be transtory and could continue
until circumstances have brought about the iheVla
Die tb,. opinion we concur and evidence has been
laid before which shows tnat fs-sn anu in prcs
and the local copper currency has appreciated !"
'eTs yeo6en the Indian mints to silver without an
International agreement would necessarily result
aecor bIitSy ~ Exchanges between India and gold
standard countries It Is generally recoglleu ma
trade the true interests of which are
10 he sought in stable monetary Po"'
change.
The report then DISCUSSES inc p'"''P'0
standard. and says:
At the present time the practical alternative 20
silver sod standard aTd, nat ia e u ep
Win a gold currency or q gold reserve, J., ..A
VIZ" Four fths Of the foreign trade o. India Is WITH
gold standard countries. and for TINS reason ~ 80
desirable that India should have the same Ineasoi
~ vane az those countries. The change 10 soiu
basis has been presented to us by professor Mar
shall OF Cambridge. like movemeht .Um
bringing the railway gauge on me see pr rafn
Of the worlds railways into unison with inc main
further and certainly not less important con-
sderation for country like India IS thau an moss es
tabshed gold standard IS the sinpies' anu '''''
effective means Of, attracting capital
In conclusion the report states:
For these conclude that steps sno tSe
ha taken 10 avoid all possibility Of DOUBT es 20 Ine
Se,aTmina ton not TO revert a silver standard. but
- nroceed With measures for the effective estao-
iishment OF a gold standard