Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1899-01-26

The increase for 81 and the first part
Of '9S, everyone viii understand, was
due to famine conditions in certain
countries of the old world, compelling
the people in those countries to call
upon their boarded savings for the
means of sustaining life, thus pro-
ducing temporary expansion of the
currency and IN upward tendency of
prices. But, those conditions having
passed, you will observe the renewal
Of the decline in June of the present
year and its steady continuance down
nearly to the lowest level previously
reached. That we shall return to tn at
level and go still lower (unless the
cause shall be removed) no one doubts
who has ever given a moments un-
prejudiced thought to the subject.
The rupee is not merely token coin,
like our shilling, with legal limitations
on its legal tender power, but it is the
standard money and common currency
Of India and Ceylon. Under conditions
of full liberty between gold and silver
fer the monetary purpose there would
indeed be fixity of value between the
rupee and the sovereign, a fixity, how
ever, not like that proposed by the In
dian government, but fixity resulting
from the absence of restrictions on the
coinage and circulation. A system, ar
tificial from first to last, such as that
put forward in the proposals of the In
dian government, is opposed in the
strongest way to the naturalness of
the working of true gold and silver
monetary system.
This question is of practical impor
lance, having regard to the fact that
gold has already appreciated to such an
extent that in the wholesale markets
G ga has now the same general purchas-
ing power as 6 100 had in the years 1867
TT, and also to the fact that, although
Just now there is lull in the apprecia-
ton of gold, there is every reason to
expect that, in the absence of open
mints and unrestricted legal tender for
both gold and silver alike, this upward
tendency will continue. 1t goes with
cut saying that if India is placed per-
nanently on the gold standard. bear
ing in mind her vast population and
boarding propensities, an enormous
quantity of gold will be absorbed. Its
velue will thus be increased to greater
extent than would otherwise be the
case, and its appreciation would also
be intensified. Seeing that India is
so largely indebted to this country, and
that this Indebtedness, together with
the annual payments for interest and
other home charges, must be paid in
geld, or in commodities measured by
gold, it would appear to be mistaken
policy on the part of India to do any
thing that would lead to the apprecia-
ton of gold. The best way to prevent
its appreciation is not to use it.
In conclusion, it appears TO me that
the animus of the gold standard prop
agation in your country can be found in
your financial reports. A recent state
nlent of the United States comptroller
OF the currency shows that the total
amount of national bank notes in circu-
lstion on October 81, 1895, was $685. |
sic, 2S1. an increase for the month of
4,Is9, 331, and an increase for the year
Of Sc, 49o, GIG. The circulation based |
on United States bonds amounted 20 |
S21O. o45, 45S, an increase for the month |
of S4.9S9. 1893 and an increase for the |
year of S6,119, 776. The circulation Sc
cured by lawful money aggregated |
s2e. SOC, SIS, decrease for the month of |
$500. O62 and an increase for ,he year |
Of $3.50, 140. The amount of United |
States registered bonds on deposit 10 /
secure circulation was $235, 61s, 470. and |
to secure public deposits $40, 81, 100. OF |
these amounts SIS, 50, 220 is in the new
three per cent. loan of 1898. The re-
markable fact about this statement |
seems TO be that the volume of bank
currency in the United States based on |
debt merely-in this case the war debt |
lis increasing rapidly, far more rapid
~ than the increase based ON what |
Is known as lawful money.-that is,
greenbacks and gold and silver dollars |
notwithstanding the large imports |
CT gold into the United States. IL IS |
difficult TO understand how this can be |
described n progress in the direction