| Show INDIAN CURRENCY PLAN director of mint roberts comments on scheme SAYS IT REAFFIRMS POLICY declares declare lie he maintains the permanency of the scheme adopted in 1893 when the mints were closed to the free coinage of silver explains why that action was wag taken by the indian government hard times which roll followed owed in india ho he also comments upon aug 9 commenting upon the associated press cable of trio the comment on the indian currency placing india on tho the sold gold basis director of the mint noberta said today the report does docs little moro than ihan re rc aniro ond and declare the permanency u of tile the policy adopted allo pled in IW ahon mh en ilia mints mere closed to the free coinage jofs of silver v er T the I 1 to mints were closed originally Iven the lit in silver had become so great as to embarrass tile the indian government melch lec elved it its revenue in III silver and had to make a large lareo of its disbursements jn in gold tho the government makes its remittances to london by selling bills of exchange on oil the london market chiso are an ir ought by people nho v ho desire to mako make the to lif indri before eloped closed the could eitler c buy council counci i bills or send silver but bv closing tile tho mints tile the iov government overn ment hoped to force the purchase of tile the bills at a higher rate hard times fol louied limed li in initial attributed by those mho aho the G government ov to the iho closing of tho the mints but attributed by tin tile government to tho the famine wilid nril other causes I 1 1 I hero fiero mas na considerable alt arl atlon tation in faor ot of reopening the iho and tho the business zoild bild oa ad in no little uncertainty about tins the fatute it was con sidled highly desirable that the government 0 r a future policy should be definitely n assured anti and accordingly something oer a year apo ago a 1 committee of eleven was appointed by t the he indian officers in london to ingeno investigate ate t the h e lif hole subject the comin committee t haa ha A published two tivo volumes of te testimony I 1 on Y find and now gives its bvm conclusions P I 1 it t Is unanimous in finding that I 1 the I 1 inlets lait 9 should riot not be reopened to silver th tho a committee says even anait from considerations con p id orations at a the government of india it Is not in tho the interest of india that her foreign over su so per cent of Is alth th gold cold standard countries should be tampered ed with by the restoration to of silver allver lain the committee pronounces lit lh c efforts f of tho the government to hold tho th alue balue of the rupee at 16 pence a suc cess of oc at that figure I 1 to 0 ile be a proof that india already has ban t tha lie gold standard it hesitates however hoever to recommend the linal step viz that tho the indian government shall che gold in exchange for the silver rupees current they say that in their opinion it Is not necessary for or the government to bind itself to do this it would impose on the government gove r ament a liability to find gold at a in ino omenta ments notice to an amount which cannot be defined be bc i forehand and the liability la Is ono one w which aich in our opinion ought not to li be accepted this has been the puzzling question in the indian situation the govern merit ment has bag no gold ie deserve ica erve serve nor has it the means to 10 obtain a stork stock of gold at once it could only bo be done by the issue of bonds or in installments through taxation and it Is 1 not practicable to increase ln creise taxes ff at india inda to any considerable degree tho the committee concluded that that the acquirement of A reserve may be left to tho lite future and that the prea sent nt taliver silver currency of I 1 india may be maintained at it a fixed 1 alue to 10 gold by applying such quantities I 1 14 es of gold an n tire needed for foreign remit tans that they say they regard as ai the principal use of a natural reserve in fact that Is precisely pre clidy the service performed perform nd by the gold reserve of the united states the indian committee refers to t the itie example of tile the united stated it Is recommended that tile the indian mints be opened to the th unrestricted strict ed coinage of gold and that tho the roves sov cielen eign may be madea legal tender ilider upun upon the theory that gold will aill how flow in oa as moro mere ni amcy Is 14 needed anil t list eventually a co n bidet able share of the currency mill thus come to lie be of voll rold tho the c of the report Is in tho the not to open ito mints the policy of india may now be presumed to be settled nettled asked asked if there wax was any reason to expect such a movement of t gold to lo lelia india aa a might disturb money maikels in tho W worlds alla center sir mr roberts roberta replied tiler there I 1 lq Is not india cannot drew draw any moro than ilaa aho can pay for and she ti 14 riot not rich enough or likely to lo exports fast enough to make her demands serious she has haa taken or worth morth of australian gold this year sho ho cannot possibly taki a sum that will absorb tho ilia In tresse of i this thin yeats gold production over lag last 11 does the final adoption of the eoll got standard liy India have any healing UP n trade it puts tile wen alth producers rf of the ta countries on a common level 1 replied mr roberts and disposes of r tile the old aid argument that tile III indian farmer lies lias nn an advantage over ever tile american farmer because he receives ilia his pay in n Q 4 falling failing currency whatever ri il it lea fles cles there once wore were fr in tile tho subject have bon been cleared up for the lite redlan indian farmer lile like the AmP american rIcan farmer Is now paid by the go gold al stan standard ard tho ilia 1 alleged advantage advant aee W haq an I 1 illusory am one no for he only held the Pur currency rency would continue to fall and then only as lie ha could work it off on sonic uninformed or helpless follow fellow countryman at a former value furthermore in the nature of things IL a currency must stop fall liff somo some time when then it ft becomes 01 thlema if not sooner this committee agrees with nith the indian government that the interests Interest fl or of that co country un as a whole demand that the depreciation of its money should cease and that hat its financial nn ancial system should be linked to that of the other important na nations ilona of tho the enild RECRUITS rob THIRTY FIFTH con G ou sha after fter gives seasons reasons why slow progress Is mode made washington aug 9 gen shatter has forwarded to G n corbin a dispatch lie received yesterday brorn lacut col plummer who ile in g or gantz ans rig lite thirty fifth infantry at vancouver couver barracks bai ba racks tracks tile the dispatch is 14 in r reply to one dent cent from the department suggesting that blow pro progress giess was be ing made in recruiting that regarn regiment elit and that efforts should be put forth to burry along alone cot col plummer says livery possible effort IM 14 being made to recruit this regiment recruit are coming burh faster since deglint regimental wital recruiting officers cers have been out than e mire are now men here vancouver the material la Is exceptionally good southern were california and other I 1 portions ort lons of the district lave have not lint been covered it la Is believed thew la in ample material tn lit the distri district to nil fill the regiment with alth clag the he same bamo alaia a of men as already about goo men of the oregon volunteers will arrive in pot t land within I 1 thin a few days and it la Is believed 1 lev 0 it many of these men will i ill re 1 in t in blew cw of these it 1 li I earnestly eam recommended that thai re rc crul crusting tIng officers in the E eat t be cautioned to select only tile the me mort 0 able men inell 01 aa ll it la Is believed the best baht ln teres areata t p ot oc ilia Y will ill bo be bervell by filling 1 the he regi in c tm w aa 1 I far as ad possible from the district a allotted to it 11 in forwarding this s to 10 the iho war al department slit plan part twine ment gen shatter ian f t e r pays in dinv inv opinion recruiting mill bo be more rapid as soon ad aa tile the oregon regiment gets bark back wind and as am officers of the regiment a anre re dit dispersed persed throughout eliout tio the country b but ut there aro are very few surplus i men lit in california I 1 recommend that if recruits or arc available for tho the thirty fifth they bo be sent from tile east |
