The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-16
INDIA ON A GOLD BASIS.

In his Interview concerning the re-
port OF the committee on Indian cur
rency appointed by the British govern
ment to investigate the financial and
commercial troubles of India, Director
! of the Mint Roberts says that the re-
| port does little more than reaffirm and
! declare the permanency of the policy
! adopted in 1893. when the minis were
closed to the free coinage Of silver"
1t will be recalled that this action in
1893 produced a panic, not only in In
dia, but in almost every silver produc-
ing and silver using country. Its eff
feet in the United States, owing to the
support and sanction the policy re-
ceived here, was so widespread and
disastrous that the people are only
gradually recovering from it yet. And
to its youth, vigor, wealth and illimit
able resources this republic owes its
ability to recover at all. The experience
of India has furnished painful lesson
in financial legislation, which evidently
made deeper impression upon the peo-
pie of that land than it did upon the
members of the currency committee.
Mr.. Roberts admits that hard times
followed in India" The committee
knew it. But with them, as it was with
the goldites in this country. they heard
the command of the money power
rather than the cry of distress from a
struggling people British statesmen
who, for a quarter of a century or
more, have advocated the adoption of
the single gold standard for India, reg
coiled from the scene Of misery which
followed the practical application of
their theory. Sir Robert Giffin has ac-
Enowledged that the gold standard
has worked great injury TO India" An
English authority in political economy, /
Thomas W. Levin. in a recent lecture
at Cambridge, said: I'VE see what a
profound feeling of social discomfort |
this suspension of the free coinage of |
silver is engendering, and many compe- |
tent authorities think that this has /
been the main cause of the recent |
frontier disturbances. If our Indian I
officials preserve any touch !
Of sympathy with their native depend
ents, they would surely realize the ex-
treme danger of the present monetary
situation in India"
Hon. Robert II. Elliott. leading
statesman of India, called the atten-
ton of the currency committee to the
evidence of decay, and causes surely
leading to ruin throughout the length
and breadth OF the land" AND yet. he
pointed out and proved by statistics
and the testimony of business men,
that while India was on a silver basis
her condition was full of hope, for
,apital was pouring into the country,
progress had declared itself all along
he line, and industries were increas-
ms and finding employment for the
people" Another statesman of India.
Thomas Christie North, called attention
% the baneful effects of the 1898 poll
" and warned his government to
turn from the path which must surely
cad TO impending ruin" But the warn
ng fell on deaf ears or upon ears al
'eady filed with the wishes of the !
money kings of the earth.
In its report the committee says. and {
he director of the United States mint
quotes it with his endorsement: Even
part from consideration affecting the
government of India, it is not in the n
interest Of India that her foreign COM
nerce, over so per cent Of which is | i