Thank you for visiting SNEWPapers!
Sign up free
The Guthrie Daily Leader
Guthrie, Logan County, Oklahoma
What is this article about?
Indian merchants denounce Britain's imposed gold standard as a failure causing economic depression, trade dislocation, and currency contraction; they demand reopening of mints, viewing it as a curse ruining the populace.
Clipping
OCR Quality
Full Text
While the English parliament may pronounce the gold standard an excellent thing for India, the people of India are quite of the opposite opinion.
Lombard street has no reason to complain. It can afford to be as complacent over the woes of the people of India as is Wall street over the sufferings of the people of this country, but Lombard street may find its match one of these days and be forced to retreat before an outraged public, just as Wall street is sure to have its "sound" money plots destroyed by the votes of the masses taught by sad experience the crushing evils of the oppressive gold standard.
There is no improvement in the financial condition of India. Business is depressed, and the merchants are ready to revolt. The gold standard is roundly denounced as a failure, and at a recent meeting of the Bombay chamber of commerce one of the speakers said:
"Our exchanges with China and other silver using countries have been dislocated without our having gained stability for our exchanges with gold using countries. The investment in this country of outside capital has been repelled by the artificial conditions of the currency in a degree in which I submit that it never was and never would have been repelled by fluctuations in the gold value of a silver currency.
We have lost the great advantage of a currency on a metallic basis expanding and contracting automatically according to the requirements of the country. All this might be patiently endured for a time if the legislation were a stepping-stone to a sounder and better monetary system than we had before…If I only believed this, I might be content that the present policy should be given a longer trial, because it depends for its success on a contraction of the currency, which is in itself a very serious evil."
Thus the merchants of India arraign the gold standard policy which has been forced upon them by the government of England. The gold standard has proved a curse to the people of India. It has ruined the common people and is impoverishing the classes that heretofore have considered themselves well to do.
Nothing can remedy the evil except the reopening of the mints of India, and such a remedy is earnestly demanded by the people of that country.
What sub-type of article is it?
What keywords are associated?
Where did it happen?
Foreign News Details
Primary Location
India
Outcome
the gold standard has proved a curse to the people of india, ruining the common people and impoverishing the well-to-do classes; merchants demand reopening of the mints to remedy the evil.
Event Details
While the English parliament supports the gold standard for India, the people of India oppose it. There is no improvement in India's financial condition; business is depressed, and merchants are ready to revolt. The gold standard is denounced as a failure. At a recent meeting of the Bombay chamber of commerce, a speaker criticized the policy for dislocating exchanges with silver-using countries without gaining stability with gold-using ones, repelling outside capital, and losing the advantage of an automatically expanding and contracting metallic currency. The policy depends on currency contraction, a serious evil, and is not seen as leading to a better system.