The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
Practically, the United States stood alone in advocacy of bimetallism.
In addition to this fact, the situation was rendered much more trying
for her delegates by the fact that since their appointment the
presidential election had placed the Democratic party in power, and
great uncertainty prevailed as to the attitude and intentions of a new
President and Congress. "In these circumstances it soon became evident
that the delegates were anxious for an adjournment of the question to
give the new Government the opportunity of expressing their views, and
that the conference would adjourn without any practical result. But,
nevertheless, some very important statements and declarations were
elicited in the course of the debates. In the first place, in addition
to the distinct declarations on the part of some of the most important
European powers that they would not entertain bimetallism, the
representatives of the United States announced in very clear language
that at any moment their Government might be disinclined to continue
their purchases of silver, and that they were determined to protect
their stock of gold. The Indian delegates alluded to the possibility of
their Government finding itself under the necessity of closing its Mint
to the free coinage of silver."
[Sidenote: GOLD STANDARD FOR INDIA]
Already, before the calling of the Brussels Conference, it had been
recognised that, in case of failure to arrive at a bimetallic agreement,
it would be essential thus far to close the Indian Mint, and to attempt
the establishment of a gold standard in India. This impression, together
with a draft scheme for a gold currency, was conveyed in a minute of Sir
David Barbour's, addressed to the Secretary of State, 21st June 1892. As
the result of correspondence between the Secretary of State for India in
Council and the Government of India the British Government, on the 21st
October 1892, i.e. a month before the meeting of the Brussels
Conference, nominated a committee to consider the proposals submitted by
the Indian Government for stopping the free coinage of silver in India,
with a view to the introduction of a gold standard.
The committee consisted of--The Lord High Chancellor; The Right Hon.
Leonard H. Courtney, M.P.; Sir Thomas Henry Farrer, Bart.; Sir Reginald
Earle Welby, G.C.B.; Arthur Godley, Esq., C.B.; Lieutenant-General
Richard Strachey, C.S.I.; Bertram Wodehouse Currie, Esq.
A hope was at first expressed that the committee would be able to make
its report before the meeting of the conference at Brussels. But it was
not actually made until the 31st May 1893.
India.
Public-domain text, read in full here on John Shaqi.
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