, 1876-10-05

There Is as much debate In France ns in
America over tho double and single monetary
standards. Ii. CnEvAL1Rn is tho cha,apion
OF tho monomotallio or gold standard II.
ConNusont leads tho binlctalliBts, who favor
tho use Of gold and silver. Tho latter has
recently published an essay in explanation
md defense Of his yiews, md attacking those
Of NJ. 0HEyAI1ER. NJ. ConNUsou1 lays down
the bimotallio principle to be simply that
If tho Unitcd States, England, France, aud
Germany would establish currency Of gold
and silver on tho basis Of relative value
Of silver To gold Of ii! to i, this very pro-
oeoding would arrest tho fluctuations In
tho value Of silvor, would bring 1t back to
its ong-ostablishod yaluo compared with
gold, and would mike permanent the re-.
1ation thus recognized. II. CuzvAL1En In
sists that Franco should discontinue the use
Of bimetallio money and substitute for 1t tho
singlo gold standard. II. ConNusou1 points
in reply to tho distress catisol by nlonometal-
Ism in Germany, where industry and the in
comes Of the people have been doranged by
tho sudden and unsoientidc transition to the
single from the double standard; in England,
where great sutforings have been brought
upon trade by the violent fluctuations of the
silver money Of India; and in Austria,
whose securities arc ali payable in silver, and
arc consequently depreciating rapidly. Such
results would be only too likely to follow In
Franco II the bimetallio system established in
1903 wero abruptly changed after having
been at work on tho business manners aud
methods Of tho people for sevonty-throe
years. II. CoaNusoH1 makes point
of importance in favor Of the double stand
ard. Under it, ho says, 1t is not gold that is
the standard, nor silver, but tho relation be-
tween silver and gold Of 154 to l. There is
much tho aame reotiGcation of disturbing
variations In such monotary scheme as
takes place in tho pendulum Of an obsorva-
tory clock tho different parts OF which arc
30 arranged that expansion in one direction
is offset BY axpansion in another direction,
A point on which N. conNusoH1 does not
dwell, aud which is ofton overlooked by
other opponents Of the single gold standard,
is tho disturbance that tho variability in tho
value Of that matal will bring, II it alono is
the standard, into business calculations.
Gold auctuates widely In value. Prof. ".
STANLEY JEyoNs shows that botween 1880 and
1909 1t fell in tho ration of 100 to 81, or &c
per cent; from 1909 to 1919 it rose again to
the extraordinary extent Of 146 por cent,
Since 1910 gold has fallen at least 20 per
cont. An illustration Of what is meant BY
the disturbing effect of auch variations il
Seen In the fact that the increase Of 146 per
cent between 1909 mud 1s40 made all rent
payable on leases covering that period, all
gold interest on annuities bonds, and tho
like, worth two-and-a-hnlf times as
much as they were worth before 1909,
and substantially compelled the pay
mont In such cases Of q much greater
interest than was contemplated in the
original agreement. To such degree arc
the OWLS Of fluotuatlon to he feared that MI
oxtrema school Of political economists, not
satisfied with double standard, demand a
multiple standard. They want values meas.
ured not against tho simple relation between
gold and silver, but against tho compound
ratio between gold, silver, iron; coal, wheat,
etc., ctc They adauee some very strong
reasons for their scheme, but It ia enough 10
say now that a.doublo standard is much moro
stabla than single one, and much better
fitted for a measure Of valuea aud medium Of
exchange,