Indian opinion is evidently greatly excited by the fall in
the value of silver, which now adds more than a clear third to the cost of every family remittance to Europe, and lowers by the same amount every pension not guaranteed at a fixed rate. The Anglo-Indians fully expect that the American Government will be forced to desist from buying silver, and that the value of the rupee will then fall to a shilling, and are growing frantic in their appeals to the Government to' " do something." The excitement is perfectly natural, and will probably be perfectly useless, no one being able to devise a working policy. One group demands that the Indian Government should cease to coin rupees ; but the only possible result of that measure must be to diminish the demand for the metal, and so lower its price. Sir E. Watkin, on Wednesday, suggested that the Indian Government should remit in pro- duce ; but what products are there in which Government could remit £17,000,000 a year without disorganising trade? and how would that help private remitters ? We suppose, if taxes in Northern India were received in wheat, and the wheat sold here by auction, a great sum might be obtained ; but it would be a most dangerous experiment, possibly fatal to the freedom of the wheat trade, which would be perpetually liable to under- selling. Finally, there is the project of adopting a gold standard; but this would demonetise silver in India,—ren- dering all silver hoards comparatively useless,—and would demand the collection of a stock of gold which might seriously affect the European and American supply. We fear there is nothing to do but wait till silver has touched its lowest price,—say 30d. an ounce,—and then slowly readjust all taxes, salaries, and pensions. By the admission of all econo- mists, it is a wonderfully difficult question, and certainly nothing like a plausible solution has been proposed yet.
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