Show DISCUSSED IN LONDON Views of the Press Regarding tho Action of die Council LONDON Aug 16Tho Times in its financial article this morning says Denver Den-ver Rio Grande preferred was quoted higher yesterday owing to the absurd impression im-pression that the Indian government was about to reopen the mints to silver Whether tho decision taken lately on this subject be wise or not it is not at all likely that the government will interrupt i soon as the origin of the rumor was the action of the Indian council in sell ing drafts at Is li d From the beginning begin-ning it was doubtful whether the council would be able to force the market to buy on their own terms The fact that Indian exports would be immediately contracted and Indian imports expanded thus simultaneously sim-ultaneously reducing the demand for and increasing the supply of remittance to the east had we must assume been overlooked or not sufficiently allowed for Moreover account could have been taken of other means of romittances which at a pinch could be and actually were made use of such as rupee paper and even silver On the other hand we fear a majority of the council overestimated the rapidity which a cessation of coinage would begin to give the rupee monopoly a value This would be a matter on which it would be foolish for any outsider to offer an opinion But arguing on purely a priority ground we should certainly have thought it rash to assume that a cessation of coinage of less than two months could possibly effect the value of an article of which so large amount was known to be in existance Perhaps the stoppage of mintage for a year may produce pro-duce some effect but even that is in no way certain The Standard regards the Indian councils coun-cils action as a complete confession of failure governments seldom paralleled in the action of The Financial News says What further fur-ther results will flow from the Indian councils action it is impossible to foretell fore-tell It virtually nullified the step taken on June 26 and logically must sooner or later lead to the question whether after all it is not better for the Indian government govern-ment to admit its blunder and reopen its mints |