Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1899-08-10
1RE indian CURRENCY
Director Of the Mint Roberts Points
Out the Importance Of Decision
For Gold.
The Determination by the Commit
tee to Adopt Gold Standard
Will Aid America.
An Interesting Interview With the
Mint Director on the Finan-
cial Situation.

Mint Director on the Finan-
cial Situation.
Washington, Aug. Recommending
upon the cablegram telling of the re-
port of the committee on the Indian
currency placing India on the gold basis
Director of the Mint Roberts said:
1.-The report does little more than re-
affirm and declare the permanency or
the policy adopted In 1898, when the
minis were closed to the free coinage OF
silver. The minis were closed originally
because the decline in silver had be-
come so great as to embarrass the Ind
an government, which received its rev.
enues in silver and had to make large
share Of it's disbursements in gold. The
government makes Its remittances to
London by selling bills of exchange on
the London market, these being bought
by people who desire to make remit
tances to India. Before the minis We're
closed the public could either by these
council bills or send silver, but by
closing the minis the government hoped
to force the purchase of the bills at a
higher rate.
lizard times followed in India, at
tributed by those who criticised the
government to the closing of the minis.
but attributed by the government to the
famine and other causes. There was
considerable agitation in favor or re-
opening the minis, and the business
world was in no little uncertainty about
the future. 1t was considered highly
desirable that the governments future
policy should be definitely assured, and
accordingly something over year ago
a committee of eleven was appointed by
the Indian Office in London to investi-
gate the whole subject.
THE committee has published two
volumes of testimony. and now gives
its own conclusions. 1t is unanimous
in finding that the minis should not be
reopened to silver. The committee says:
Even apart from considerations at
fecting the government of India, 1T is
not in the Interest of India that her for
eign commerce. over so per cent of
which is with gold standard countries.
should be tempered with by the restor-
alton of silver monometallism.'
The committee pronounces the eff
forts of the government to hold the
value of the rupee at 16 pence a success,
and holds the sale of council bills at
| that figure to be proof that India all
ready has the gold standard. 1t hesi-
tates, however, to recommend the final
step. viz, that the Indian government
shall give gold in exchange for the sill
yer rupees current. The committee
says that in its opinion it is not neces-
! sary for the government to bind itself
to do this. 1t would impose on the gov
eminent liability to find gold at mo-
ment's notice to an amount which can
not be defined beforehand, and the liza
| bility is one which, in cur opinion, ought
not to be accepted
This has been the puzzling question
lin the Indian situation. The govern
ment has no gold reserve, nor has 1t the
means To obtain stock of gold at once.
It could only be done by the issue of
bonds, or in installments through taxa
ition, and it is not practicable to in
crease the taxes of India to any con-
| siderable degree
/ The committee concludes that the
Requirement of reserve may be left to
the future, and that the present silver
currency of India may be maintained
at a fixed value TO gold by supplying
such quantities of gold as are needed
/ for foreign remittances. That, the
members say. they regard as the prin-
cipal use of a gold reserve In fact
that is precisely the service performed
by the gold reserve Of the United
States.
1T is recommended that the Indiar
I coinage of gold and that the British
the theory that gold will flow in as more
money is needed, and that eventually
i a considerable share Of the currency
4 will thus come to be of gold.
THE significance of the report is II
a the determination not to reopen tht
mints. The policy Of India may now b,
. presumed to be settled
j Being asked IL there was any reason
. to expect such a movement of gold t.
India as might disturb money market
liz the worlds centers, MIR. Roberts re
Piled:
There is not. India cannot draw an.
more than she can pay for, and she i
not rich enough. or likely to develol
exports fast enough. to make her de
mands serious She has taken 50. 900, 90
or 100000 900 worth OF Australian golf
this year She can't possibly take
sum that will exceed the increase 0
this years gold production over last"
docs the final adoption of the gol
standard by India have any bearing up
on our foreign trader"
at puts the wheat producers of tn
two countries on common monetar
level" replied Mr.. Roberts, land dis
poses of the old argument that the In
dian farmer has an advantage over tn
!. American farmer because he receive
his pay in a falling currency. What
ever intricaces there once We're in tn
subject have been cleared up, for tn
India farmer. like the American farm
er. is now paid by the gold STANDARD
The alleged advantage was an illusor
one. for he only held 1t while the cur