The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-08-18

~IE recently reported interview
with Mint Director Roberts in
States

~ ne feCentlS-rtpOfleu interview
with Mint Director Roberts in
which he deals with the East In
dian monetary situation is of more than
passing interest. Mr. Roberts is a pro-
nounced advocate of the gold standard,
and before his appointment to his pres
ent position, had acquired considera BILE
reputation as a writer on that side of
the monetary issue-especially by his
reply to Coin Harvey" He is a man
of unquestoned ability, but, like all
other opponents of silver restoration
when the direct issue is not under de-
bate. he is forced to make substantial
concessions in favor of the silver men S
position.
In the interview mentioned Mr.. Rob
erts comedies that the closing of the
Indian mint to silver in 1895 was fol-
lowed by hard times in that country,
although he attempts to break the force
of the admission by stating that opin-
ions differed as to the cause of the dis
tress. The fact remains, though, and
it has never been denied by a we'll
India enjoyed unexamped prosperity
and that the moment her mint was
closed and the supply of new money
shut off, the whole aspect of affairs
changed and hard times set in.
1t is true that the country had a
couple of short crops, leading to fam
inc in certain localities, but it is sus-
ceptible of demonstration that the
money famine greatly intensified the
distress. In this respect the expert
ence of India was not singular, for
the change from bimetallism to the
gold standard was followed by long
period of industrial depression in every
country that discarded silver Or linn
tied its use. Not because of any in
herent superiority in silver but merely
because the act operated as lmita-
ton upon the supply of money.
Even more significant is Mr.. Rob
erts' admission that the adoption of
the gold standard by India will de-
prive its farmers of the advantage
which their silver currency gave them
in competition with gold standard
countries. Here again he endeavors
to destroy the effect of the admission
by declaring the advantage to be il
lusory, for the Indian farmers only
held it while the currency continued to
fall, and in the nature of things
currency must stop falling some
time-when it becomes worthless, if
not sooner" In this Mr.. Roberts is
merely making a play upon forms of
expression, manifestly for the purpose
of concsaling the substance of the
issue.
Just so long as the alleged fall of
silver continued the Indian farmer did
have the advantage, and prospered as
he never had before. And this advan-
tage continued up to the very day
when the order in council was made
closing the mint. Then the whole sit
uation changed and distress began.
Mr. Roberts idea, however, seems to
be that, no matter how much pros
perity people may be enjoying, it
is all "illustory" unless it be upon the
basis of the gold standard; while upon
the other hand no matter how much
distress may prevail, a people should
be contented and happy so long as
they have what certain financiers are
pleased to term a sound currency"
But the fatal defect in this conten-
ton lies in the failure to grasp, or at
least concede, the truth that the al
legged fall of silver was in reality a
rise of gold. No matter how much the
rupee may have fallen relatively to
gold. it had fully maintained it's value
compared with commodities and prop
erty This was true not only in India,
but in England, America and every
other country, as the most thorough
Investigations have conclusively proved.
Silver never fell below the commodity
level until the closing of the Indian
mint and the repeal Of the Sherman
law forced it there. Hence, it was
at all times a true measure of value,
and the suggestion that the Indian
farmer who was prospecting through its
use was enjoying an "illusory advan-
tage,' is itself illusory.