The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-14

was entirely opposed to the gold standard
for that country and to the theoreGcai
gold standard Without gold. 1.-The bust
ness men of India have STEADILY demanded
a return to the free Psofnage of silver ana
resolutions 10 that effect have been
adopted by s6fe boards of trade OF Bom
bay Calcutta and other Indian cities. Inc
meH who actually transact business IN
Ifndia. and who have seen the miseries that
have resulted to that country since the
SUSPENSION of free coinage in 1873 nave
had no doubts as to the cause OF thell
troubles, and have had no fear OF retrac-
ing their steps, They know what Is huri-
ing them and cannot be deceived by any
high sounding talk about sound cur
rencv" and 1.-THE best mbney in the
world" II was not from them, or by
their consent. that the decision was mace
last summer TO adopt the gold slanuard
fully in India They did not want II done.
And il may be added that it was not done
on the advice of the best judges ~ Eng
land intelligent opinion there was against
H. and as a result of the ievidence taken
by tho gold standard commission. the
London Financial News said at the time
The government proposals have come
so hadlv out OF he ordeal Of eXamlna
ttnn that they have no vitality lett or
Robert Giffen fairly danced on them he
prefers a silver standard Of course. put'
apart from this prediction, he looks on
a gold standard with unconvertible RUPEES
as absurd, aud one with convertible rupees
as impossible. On one or other OF these
opinions he is corroborated by nearly
every other witness, either directly or by
implication. Those who support the idea
OF a gold standard without complete con-
vertibillty do so because they see the ek-
IRENE difficulty of getting sufficient goid
at command to make the new standard
~ H. y gflU
a hybrid system though some witnesses
allege 1t to be a necessity and make
virtue OF that necessity. The irst wit
ness whose evidence is given in the new
volume was Lord Northbrook, who docs
mot understand a gold standard separat-
ed from a gold currency and the last
gold witness was Mr.. Henry Dunnins
Macleod, who cannot imagine their be-
ing separate Or the whole, then, the
Indian government scheme has been very
roughly handled-almost more so at the
hands OF those who might have been ex-
pected to hefrend it than of those who
: we're certain 10 condemn
Nevertheless the commission declared In
favor OF extending and perfectiug the gold
standard in India. The official clique
Of which Lord George Hamilton is the
head, carried out the viii OF the money
kings of London. who were not especially
interested in India hut who were afraid
that the United States and France would
return 10 bimetallism If India were per-
mittcd to return 10 the only system that
could bring it prosperity. The Wolcott
, commission had been rebuffed, it is true,
and Secretary Hay had promoted the IN
terests of the British money lings by de-
clining to make any further overtures, but
they knew that both this country and
France were favorable TO an information
al agreement and that ono could be al.
fected il the bars were let down and
. midas minis were reopened There is
no room for question that India has suf-
tered terribly in consequence. Her manu-
: features, which were nourlshing under the
I silver standard, have fallen to decay and
q industrial stagnation has followed While
this has not caused the famine and
. plague epidemic that have rayaged the
c country II has terribly aggravated then
e by depriving people of means OF support
/ No one can measure the suffering thai
: has been brought on that unhappy coun.
try on the theory that 1t would be profit.
s able TO Great Britan's moneyed inter-
e ests