The New York herald., 1873-12-03

OF my services li.aughter) IL the conservative
to give me an intimaton. Whenever have de-
sired to leave IL they have TOO kindly requested me
To remain where was, and II make a mistake
they only manifest their feeling by being more In
| dulgent TO me. daughter and cheers.l will not
espsss on the rule OF the evening TO MAJ aSe e ANY
me to think that was justified III making the re-
marks have made. tCneers.) Unfortunately the
| Lord Provost for me has touched upon suDIect
| with great kindness, and even minuteness, which
cannot even allude to. tLaughter1 think an
author who speaks about his own books Is almost
| as bad az u person who talks about his
own children. tLaughter) You know what nap
pens under these circumstances. Everybody soon
gets wrapt in abstraction, one looks at the ceiling
ana the other nj tile fire. and one, perhaps, yaWns;
OF such topic Qaughterl-and always thougnt
tnat literary man who dilates on MS own WIFI
ings might be put n the same categ9ry & AZ ns,
| dren. Qaugnter.l Therefore, allow me 10 ex-
press on that head my surprise and delight that q
rhapsody III vivian Gley,n written 80 years ago,
has received the high honor IN one OF the greatest
ciues IN tile Kingdom TO be introduced again TO
your INDULGENCE. wili therefore. on this subject
only say that whatever may be the merits or de-
merits OF my works, they are the rcsnlt OF my own
feeling and my own observation. (Cheers.) IL Is
my late, fortunately, to pay visit TO one OF the
greatest commercial communities IN tue world,
Certainly ss wgr, in tns country at me oaya wnsa
\ found IN nv experience that wnen the bank
rate OF interest was at the minimum OF
nine per cent. or something OF that kind, my cor
respondence with Glasgow immensely increased
uaughterl, and therefore l VIII with your per-
4
/ ject because must say that cannot myself give
] N my adhesion 70 the alarm which some feel at
1 the present moment at what they consider the
collapse OF our commercial prosperity. cannot
say myself that see any signs or that declenslon
wodld rather attribute the somewhat startling
results which we have recently witnessed 10 other
1 causes l do not see myself that there are any
symptoms In Britain OF reckless speculation, or any
4 circumstances o. that kind which can justify the
| alarm which has prevailed or the inconvenience
which no doubt has been very generally ielt. see
that IN the returns o the railways, ana IN the wages
o. all those connected with tnem, there is no re-
duction; and have always found that IS very
| good sign to national prosperity and
the general state OF trade. lhear. hearlo don not
4 find that there is any dangerous commitment TO
ioreign loans-less perhaps, than at some times
| or any evidence of 'rash speculation OF any kind
cEear, hear. No doubt our young relations on tne
ardor which characteristics youth, been somewhat
1 lmprudent; no DOUBT they have commenced many
undertakings without any capital whatever
Qaugater.)-I attribute the great burst OF Specn-
lation III that country PROBABLY 10 the nexpected
receipt OF The Alabama money. loud laughter
and cheerS) | have known young people When
/ they came into fortune uneXpectedly-u laugh
ter)-piay rigs OF that KIND, and we need not be
astonished at what tnat ends in. ("Hear, hearty
/ But the commercial system OF this country is now
so vast and various tnat with tue greatest respect
for our Transatlantic cousins-and believe no one
has greater respect ana regard i0r them than my
SELL DO not believe that disorders which havetaken
I place there eou.d have occasioned, or could ade-
quately occasion the disorders IN own country 10
reference to the vaue Of money and those clrcuin-
stances 70 which have referred. (Cheersl ! my
sell attribute 1T to quite another cause, ana II
touch upon that, ana shall do SO very briefly, it
Will be because do not tnnk it has excited as
much as 1t deserves the grave attention o men 50
deeply interested in the prosperity oil the country
! and the action ol commerce as those whom have
| the honor oI meeting to-day (Cneers) attribute
| the great monetary disturbance which has taken
1 place. and which III a certain degree is acting very
injuriously upon trade-I attribute il to the great
changes which various countries OF Europe, various
governments OF Europe, make in reference to their
| standard Of value. You OF course are perfectly
acquainted with all those circumstances and know
| to what they generally lead, but attribute and
trace the present state OF afiairs very much
| TO commission that was sitting IN Paris
at the time OF the Great Exhibition. 1t
was a commission the object OF which was to es-
tablisn a uniform coinage throughout the Worid-a
very nice and beautiful idea OF cosmopolitan philan
thropy and probably II It c0nld De iuiiilled would
do no harm, though 1t might be dinlcult TO attain.
MS commission ut Paris never came TO any dis
tinct recommendation upon that subject but they
dld upon another subject and that was that no
time should be lost by any OF The states OF Europe
to establish Uniform gold standard OF value.
This. ! know myself arose from al opinion ex.
tremely prevalent amongst the governments and
the statesmen OF Europe, and must say amongst
very distinguished economists abroad, and mer-
chants, VINO ought to have been wiser, IN
attrlbuting the commercial prosperity and pre-
ponderance OF England to our gold standard.
gold standard OF value ought, to use a celebrated
expression OF late, Ito think once, twice and
thrice'- (laughter before they give 1t up; but
the greatest dcasion in the world is to attribute
| the commercial preponderance OF Britain to our
having god STANDARD. Our gold standard IS not
the cause OF our commercial prosperity and pre-
ponderance; u ~ the consequence Of that pros
perity, ~ IS very well TO establish II; but you
1t must rise gradually from the large transactions
oi q country aud the consequent command it may
have over the precious metals; and when the
various States OF Europe suddenly determine TO
have q god standard and take steps to Drlng that
ourselves Tor great Conyulslons IN the monetary
market, occasioned not by over-speculation, as IN
tue Old days IT was always alleged and Justly,
as The main cause OF our loss, hut to
new cause with which we are not yet ac
quatnted and the consequences OF witch Lake ns
very much unawares, and that IL why l take
TINS opportunity OF drawing your attention to the
subject. tAppiause Take the case OF Germany
While there has been such want OF gold coin in
various parts OF europe and III England, Germany
mas 80 900 900 sternng valne oil gold coin winch Is
virtually locked up, and 1t is locked up because IL
Is the object OF Germany to substitute gold COIN
age ior silver one. While Germany has 50, 100000
god has so 000 900 90 900 900 OF silver coin
age circulating and they know very Wen that IL
they were 10 attempt violently to establish gold
circulation instead ol SILVER one the consequences
would be that silver already reduced in value, would
become reduced stu more and the 5o,ooOO0 gold
would leave GermanY. 1t rs not Tor US TO crlticlse
the conduct OF 4 foreign Power, out It IS necessary
to make ourselves acquainted with wnat tney are
doing ana nave clear idca OF the consequences.
oerlu@hy az this moment Is Sa@ing lne
most violent steps To get rld, artihclaly,
OF the 9d,00o,Goo OF Its circulation. The otner
DAY sne sent very large amount TO Calcutta Tor
example, and what was the consequence For
considerable time you could not have purchased
bill on England at Calcutta. these are all crcum-
stances which are caicuiated greatly TO disturb the
success o. commerce. and tnc stabInty OF our none
tary arrangements. t"Hear, ncar, and cheers.1
year or two may put the matter right: but, until
TINS great problem OF establishing gold coinage
throughout Europe s carried into perfect iulnl-
ment you VIII be liable III your monetary affairs TO
disturbances ana causes or disturbances which
heretofore VIC have never experienced because
they arc new causes l"Hear, hearp9 II may dwell
Tor one moment more on this SUBJECT take the case
oi france. France Is one OF those countries which
floats lnconvcrtible paper; but France has also at
this moment 9u,0J0,0UO sterling oi irancs-lfanc
pieces-in her country. and greater number or
course, IN circulation. Well, what will be
the position OF France when all the silver has de.
precated IN value, when Germany. acting upon
France as she can 40 by the commercial arrange
ments with which you are familiar, gets rid OF ner
SILVER Coinage by pouring IT into Franccs You Will
see that France Will be IN position OF embarrass-
ment aud distress from that circumstances, ana
will make violent efforts to establish gold coinage
at any cost do not care TO treat OI matters OF
this nature on occasion OF this kind, because
they require to be treated with greater precision
OF language and with greater pans and patience
than or you can AFFORD at tots moments but 1t did
Lnu