The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-08-10
INDIA ON GOLD BASIS
DIRECTOR OF THE UNITED STATES
MINT ROBERTS DISCUSSES
THE CHANGE
WILL NOT AFFECT AMERICA

Permanency of the Policy of That
Country, Declared in 1893, Is
Merely Reaffirmed-India 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 chr
rehcy' placing India on the gold basis
director of the Mint Roberts said TODAY,
Inc report does little more than re-
ailirm and declare the permanency of tba
pohcy adopted in 1885, when the minis
were closed to the free coinage Of silva.
Inc minis were closed originally because
'ne decline IN silver had become so great
as 70 emoarrass the Indian government.
WHICH received Its revenues in silver and
had to make large share of its disburse-
ments In gold. The government naIysss
ITS remittances to London by selIina, hills
OF exchange on the London market. these
being bought by people who desire to
make remittances to India. Before tbo
mlnts were closed the public could either
BUY these council bills or send silver
put by closing the minis the government
hoped TO force the purchase Of the bills
al higher rate. Hard times followed in
Indla' attributed by those who criticised
the government to the closing of the
mlnts, but attributed by the governments
TO the famine and other causes. There
was considerable agitation in favor of re-
opening the minis, and the business
world was in no little uncertainty abous,
the future. 1t was considered highly de-
Slfaole that the governments future
policy should be definitely assured and
accordingly, something over vaar or,
d committee of eleven was appointed re-
investigate the whole subject The corn
inltCee mas published two volumes OF tes-
CiInony and now gives@its own cencIu-
sIohs' 1t Is unanimous in finding thEt the
mlnts should not be reopened to silysr
BENG asked If there was any resAon to
expect such movement of gold to India
as niSeht disturb money markets I'm the
world centers Mr.. Roberts replied.
There is not. India canot draw any
more than she can pay for, and she is not
rlch enough nor likely to develop exports
last enough to make her demands seri-
Gus. She has taken So, 200 900 or $40 OOO ON
worth of Australian gold this year She
cannot possibly take a sum that will ex-
ceed the increase of this years gold pro-
duction over last"
Does the final adoption of the gold
standard by India have any bearing unon
our foreign trader"
1t puts the wheat producers. of the two
countries ON common monetary level"
replied Mr. Roberts, ''and dtsposes of the
old argument that the Indian farmer has
an advantage over the American farmer
because he receives his pay In 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 goli
standard. The alleged advantage .-a5 an
lllusory one, for he only held it while tbe
currency continued to fall, and then only
as ne could work it off on some unin-
formed or helpless fellow countryman nj
former value. Furthermore, in the na
ture OF things. currency must stoD fall
ing some ttme-when it becomes worth.
less II not sooner. This COMMITTEES
agrees with the Indian government thar
the interests of that country as a whole
demanded that the depreciation of its
money should cease and that its financial
system should be linked to that of the
other important nations of the world"