8 SUESS, The New Gold Discoveries. 



not intend to speak of the influence of this fact on prices, 

 nor on different branches of industrial and agricultural 

 activity, but I wish to say a few words on Asia. 



India has from 1893 to 1896 produced 18-55 millions 

 sterling of gold. Exports and imports of gold have been 

 extremely variable ; still India had a net import of 2*29 

 millions sterling for these years, so that the Indian pro- 

 duction also was not delivered up to Europe. But this 

 home production is of small account for the country. 

 India, deeply and innocently injured by the fall of silver, 

 now hardly strong enough to bear the burden of her debts 

 amounting already to about 18 millions sterling in gold 

 per annum, loaded with new gold debts to pay old 

 interest and with new experiments ; the same India 

 to which in 1892 an eminent Indian statesman thought 

 to assure a gold circulation by means of merely 15 

 millions sterling, and which is now, six years later 

 and after the great increase of the world's production, 

 haunted by the spectre of a gold standard without gold ; 

 this vast and rich empire, blessed by nature and sprinkled 

 with the blood of so many of England's noblest children, 

 is at this moment a deterring way-mark on the path v/hich 

 China is being forced to enter. Can any earnest man, 

 casting his eye over the world's increasing traffic, and over 

 this great and increasing gold monetary movement, which 

 we are witnessing, I say, can anyone believe that this 

 process may be called upon by a modern Joshua to 

 stand still at is. 4d.? But is not this forced application 

 of a foreign standard the resurrection of that colonial 

 policy of past times, condemned by history and by civili- 

 sation? Does advanced Europe, proud of her Christianity, 

 indeed think of subduing foreign nations by giving to 

 each of their liabilities an ulcerating character? Do 

 enlightened statesmen not perceive, that in Asia, that ocean 

 of mankind, no reasonable policy of whatever direction is 

 compatible with a gold standard ? 



