Show w The i-The DAY j A bank failure anure reported thi this week has hI unusual interest for tor the world It I Isn't a large bank Its bank its bank its capital is is Ia only about or or orthe the equivalent lent of that in pounds sterling and so far as we know its affiliations are not important But Bu this bank is in northern India It I is Js in a region where England is especially anxious at ot this time to avoid avoid political ton tion Its Is difficulties are Bald sid to grow out of inability to lq liquidate its Is Investments investments in In- vestments coupled with wit heavy with withdrawals of deposits The situation gives the British Brish government a magnificent opportunity to demonstrate to its Is Indian Indian subjects subject the superiority of the monometallic monetary By system em recently recently re re- centy introduced as a a substitute for forth forthe forthe th the and the previous pure bimetallic system If I the new new standard so 80 highly recommended recommended rec rec- rec proves unequal to the task of stopping bank thawing thaw thaw- ing tag out frozen Investments and safeguarding safeguarding safe safe- guarding the funds fund of depositors the g Indian people naturally are arc likely to decide that tat they have hae been handed a gold brick brick and multiply their demands de mands for the return of f their deposits depos depos- depoS its in coin It e o i Where will wl the government government- turn tur for col coin to redeem bank paper paper and currency If Ir pre presented wholesale by bythe bythe bythe the terrified populace India can cn no longer look to England for gold the has not enough of It itt I t to maintain the parity of her herow own currency India cannot annot tender under sliver sit sli ver vcr willing as as' as 8 her silver minded people would be to accept It Ir without without with with- out s surrendering the fiscal policy lishing she has he been ben forty fort ye years rs I ir In e establishing tab tab- tb Dare Iare Britain while her Asiatic empire is ii seething with wt political un un- un rest risk a serious financial lal panic and the tho to virtual repudiation of the outstanding g Indian currency India is the spot snot pt in the badly battered fiscal anatomy of Great Grea Britain Th The h beginning beginning- of bank suspensions suspensions sus sus- pensions is an indication that Indias India's monetary troubles trouble are nearing an acute stage The bursting of a I bank at this particular time and that par particular place Is la something like Uke the bursting of a a firecracker in a powder magazine e 0 We Vc have to look back only a few years to see lee England's hold on India threatened b by a money famine The Theames allies ames were buying war war materials from the Indians and an paying put t vast ast sums sum in paper currency Means wherewith wherewith wherewith- to sustain sustin the te v value lue of this paper were were getting painfully short N Nothing Nothing- was said then n of o putting the currency on an exclusively gold I bais basis Absolutely not not England counted herself hesel extremely lucky in being able to secure cur silver siver luCky from the United States treasury at t a dollar IU nn pin ounce That silver sUver alone saved ived a situation sit alt sll hardly I Ire more re serious than tan that which Is II now coming coming- to a head The white whit metal was well wel worth wort a 1 dollar dolar an n ounce to so so the lesson soak in that wo we WC find her offering the tho same silver sUver to anyone buy at from 30 3 to 40 cents an ou ounce c. c This too to at a time when the non non- liquidity ty of investments always a symptom of money stringency was W pushing the te ba banks k of the bc country Into insolvency They say sIY history repeats repeat Itself isel If I this be true wo we ought not to t be surprised d If if Great Britain is Is' again found in the world market clamoring for silver In any quantity at at a dol dollar r ar or r even more tin nn ounce |