Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-08-11
INDIA CURRENCY REPORT.
Reopening Of he Minis Would Have a Dis
aslrous EHee, on Exchange.
No Fresh Prospects for International
Agreement ayors Permanent
Gold standard.

Washington. Aug i0.-tn diplomatic
circles copies of the report Just present
ed 10 the houses ~ parliament By the
committee which Investigated the cur
rcncy Of India have been received. 10
h ON this report that Lord George
Hamilton. secretary OF state FOR India.
has based his announcement within the
last few days that India Will br ON
gold standard. This announcement
has attracted much attention iu the
United states. and the conclusions are.
moreover. 10 some extent connected
with the negotiations carried ON some
months ago by senator Walcott and
others, representing this country os 10
international blmctnllism. This CONE
mlttec was made up OF the most infu-
cntlll statesmen and nnanclers uf Eng
lana. Tho report first sets forth the
origin and present condition of the
monetary syatcr of India and then
says.
I'VE proceed To consider the question
whether, Ia the light Of the nix years
experience gained since 1893. n IL dvsir-
able 10 reverse the policy Initiated In
that year and 10 reopen the indian
mlntH 60 the unrestricted culnugc OF
silver. In our opinion. any measures for
gradual rcopcnlng would be- 10 fully
ana Immediately discounted AZ 90 de-.
feat the precise objects Tor which they
are suggested, II IN obvious. more
over. that the certain prospect Of a
heavy fan In coinage would at once
drive capital from India.
The policy Of opening the mints at
some future date 90 silver stands ON "A
different footing when urged by those
Who look forward to the International
agreement ana consider that there Dr.
reasonable hope Of such an agreement
within u limited period. such persons
aim directly az stable exchange BEL.
tween india and the United kingdom
and advocate delay only In order that
an International agreement may De
reached.
with regard 10 this nntlcIpntIon w.
conrnc Ourselves here 90 atntlnr that
the negotiations N 1897 with France and
IN" United States " America, having
proved irultlcHH, no fresh prospects no
iur aR We are aware. have been or are
being made by any Of the governments
we come next 20 the suggestion
! that the present system OF closed mlntH
hnudlrupH India in hnr Industrial CONE
petition with countries on silver
standard. This aspect of tho question
was considered by Lord HcfachcIlfH
/ committee who expressed the opinion
that even n We assume the argument
~ Ia stimulus or check to production
10 BE- sound, the cncCt OF each success
! Five flll IN exchange must be- transit
/ tory ana could De continued whom cir
CumFtNnCcs have brought about tho Inc
cyltuhlo adjustment
In this opinion we concur, and evI.
| drnrc has been laid before us which
shows that prices and wages have
risen ln China since silver has fallen
In price ana the local currency has up.
pteciatcd In terms ~ silver To roe
open the Indian mlnts to silver with
out an International agreement would
/ unnecessarily result. according 10 AN
past experience, ln renewing tho lusfn-
hllity Of EXCHANGES between India ana
gold standard countries. II ~ rOurr-
ally recognized that fluctuations OF
exchange constitute AN obstacle tn IN
terultlunul trade. tho true interests OF
which are 90 be sought In stable
| monetary power Of exchange"
The report then discusses the prln-
| clplc of a gold standard and says; At
/ the present time the practical alteruu-
/ tive 60 silver munomvtlllfm Is u gold
/ standard, that o. 90 say. sold ns the
measure NJ value IN India either with
/ a gold currency ur gold reserve,
'Four-nfths Ut the foreign trade Of
/ India ls with gold standard countries.
/ ana for THIS reason 70 lH desirable that
| India should have the same measure
| of value uH those countries, Tho
| change tu q gold basis hlH been pre-
! scented 90 us by Prot Marshall OF
| Cambridge, MS like movement to-
/ ward bringing the railway gauge on