The Indian Government has arrived at a wise decision, but
supported it by weak arguments. It has resolved to leave the Silver question alone, to settle itself through the national pro- cesses of trade, only agreeing to raise money for public works in India, instead of in England, and to diminish the home outlay as far as possible by purchasing stores on the spot. That is wise, but the Government asserts that the value of gold may have risen, instead of the value of silver falling—a suggestion for which there is no evidence—and that the chief cause of the difficulty has been the demonetisation of silver by the European Governments. This cannot be the case, France having purchased, in addition to her regular supply, more silver than the Governments of Europe have set loose. It is, however, most satisfactory to find that the Indian Govern- ment is not going to treble the confusion by adopting heroic remedies, such, for instance, as ceasing to coin silver. This proposal, strongly,pressed in India, where its effect would be to cheapen all produce, the quantity of purchasing coin being reduced, has been specifically rejected.
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