The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-10
lNDIA's GOLD STANDARD.
MINIS VIII Only be Open for the
COinnGe of Gold.

Washington. August Accommodating on
the Associated Press cable report of the
committee on Indian currency, placing In
dia on a gold basis. Director OF the Mint
| Roberts said today: THE report does
| little moro than reaffirm and declare the
| permanency of the policy adopted in 1893,
| when the minis were closed to the free
coinage OF silver. The minis were closed
originally because the decline in silver had
become so great as TO em0arrass the In
dian government, which received its rev.
enues in silver and had to make a large
share of its disbursements in gold. The
government makes it's remittances in Lon
don by selling bills of exchange in the
London market, these being bought by
people who desire to make remlttances to
India. Before the minis were closed the
public could either buy ;bese council
bills or send silver, but by closing the
minis the government hoped to force the
purchase Of the bills at higher rate.
Hard times followed ID India, attributed
the closing of the minis, but attributed
by the government to the famine and otf or
causes. There was considerable agitation
in favor OF eopenin2 the m'nts aad the
business world was In 40 lirtle uncertainty
about the future, 1t was considered highly
desirable that the governments future pol
Icy should be definitely assured and ac
cordingly something over a year ago a
committee OF eleven was appointed by the
indian officers in London TO investigate the
whole subject. The committee has pub
| lished two volumes of testimony and now
| gives its own conclusions. 1t Is unani-
nous in finding that the minis should net
be roopened 10 silver,
| The report says; Even apart from con-
siderations affecting the government OF In-
dia 1t is not in the interests of India that
| her foreign commerce, over so per cent of
| which is with gold standard countries.
should be tempered with by the restora-
| ton OF silver monometallism.'
] The committee pronounces the efforts OF
the government to hold the value OF the
rupee at led. success. and holds the sals
OF council bills at that figure 10 be proof
! that India has already the gold standard,
! IL hesitates, however, to recommend the
| final step. viz; That the indian government
shall give gold in exchange for silver ru-
PEGS current. Shey say that in their
| opinion IT Is not necessary for the govern
impose on the government a liability TO
find gold at a moments notice to an
amount which can not he defined before
hand and the liability IS one which, in our
opinion. should not be accepted,
This has been the puzzling question In
the Indian situation. The government has
no geld reserve nor has It the means to
obtain stock of gold at once. II coald
only be done by the issue of bonds, or in
installment through taxation. and II Is
not practicable to increase the taxes of
india to any considerable degree. The
committee concludes that the require
ments OF reserve may be left to the fu-
tnre and that the present silver currency
OF India may be maintained at fixed
value to gold by supplying such quantities
OF gold as are needed for foreign remit
tances. That, they say. they regard as
the principal use Of gold reserve.
In fact. that is precisely the service per-
formed by the gold reserve of the United
States. The Indian committee refers to
the example OF the United States. 1t says
the indian minis will be opened to the un-
restricted coinage OF gold and that SOW
ereigns be made legal tender upon the
theory that gold will now In, Is moro