The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-05-25
midas GOLD STANDARD
A Review of Conditions Since Clos
ing the MINIS TO Silver.
The Opium Trade With China a Fac
ment's Policy Carried Ont in Spite
of the Plague, the Famine, and
a Depressed Commercial Status.

Consul General r. F. Patterson, writing
TO the State Department from Calcutta,
gives some interesting figures connected
with the closing OF midas minis to the
free coinage Of silver IN 1888. and with
results more or less related 70 this act
and dependent upon il He says in his re-
port:
AS the question Of the free coinage OF
silver is still under discussion in the Uni
ted States, il Will be interesting TO know
the course that has been taken by the Gov
on this question and the result Of its pres
ent hscal policy In stating the facts. l
will try to avoid treading on political or
controversial ground. ae."
in 1898. the minis Of India that had
previously been open 20 the free coinage
Of silver, were closed, except to such coin
age as was required by the Government TO
supply the currency for the business OF the
country; and since that time the exchange
value of the rupee has huotuated greatly,
although il has been the policy Of the Gov
eminent TO establish its fixed value at
thirty cents, which Is has now practically
accomplished
Strong objections we're made to stereo-
tipping the rupee at is. 4d-. on the ground
that the normal value Of trade required q
rupee al lower sterling value. II was fur
Their urged that 8 rupee appreciated 20 Is.
"a. would check exports and especially
would exercise an EVIL influence on the
opium trade with CHINA silver-currency
country. Besides. the exporters Of the pro-
ducts Of India contended that it was the
interest OF the producers TO get as many
how much they deprecated, rather than
take a smaller amount on a parity with
gold, though intrinsically worth more.
The policy Of the Government has been
carried out under the most adverse condi-
tons. the plague covering many districts,
and the failure Of rain last year causing
distressing and disastrous famine a large
areas; besides. the cotton spinning and
weaving industry has been IN a more or
less critical condition the past year. In
spite Of these conditions. the total value OF
trade during the ten months ended Deem
Der 81, compared with preceding years. has
been in round numbers: 1S97-'9s, imports
S244, 500 goo, exports S279. 500 coo. and total
trade 1000. coo; 1858. imports SEE.
100000. exports $S25 .00O,oe9, total trade
S547, eco 900; 1S99-1S00. imports $25I. OOO. COO
exports 1924. 500, 900. total trade S575. $780,
600.
The import trade completely recovered
from its depression; but some part OF its
increase is due to fresh capital coming out
to India and the imports of gold in sover-
eigns from Australia and in yen from
Japan.
at was In its effect on tie export trade
that the enhancement OF the value of the
rupee was chiefly dreaded; but the figures
DO not justify the fears expressed, although
there has been a serious decline In the ex-
port Of wheat and OF rice, Owing-as re-
CARDS the latter especially, which would
otherwise have been exported-to its being
required for the famine districts OF India.
Nevertheless, IN spite OF this. the decline
in the whole volume Of the exports is a
very small fraction.
But the statistics for opium do not sup
port the allegation that the enhancement OF
the rupee and the fall in the exchange Of
China on India would check the opium
trade The demand has been brisker and
the average price higher the past year
The foregoing shows that the closing OF
the minis and the consequent enhancement
OF the value OF the rupee have not retard-
ed the export trade of India, as was pre-
dieted by those who opposed the policy of
the government which led up to the sold
standard.
THE measure passed the 18th Of last
September to make gold a legal tender in