New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-16

economist OF that country. NJ. Elhlle ne
In England, where the question has been less dis-
cussed 10y economists and where there Is ess OF bhe
controversial spirit than in France, there is Ernes1
Seyd, and upon the question now at Issue also MI
GOsehen and Mr. Bagehot.
VIEWS ABROAD.
Mr.. Jevons, although he recognizes the tendency
toward the adoption Of the gold standard fully in
dorses the views of Wolowsii and CeTnuschi as to
the greater steadness resulting from the of both
metals. In Germany there are Prince Smith, enc
of the most distinguished statesmen of the new En-
pre- and the two foremost economists, Rau and
Roscher There is something significant in the ex-
perence of those who form what should incline to
call the conservative party of the bi-metaists In
France NJ. Wolowsh was the most practical among
the great scientific economists lie founded the
Credit Foncier he was connected with the adminis-
tration of the Societe Generate, two OF
the, most successful Of modern French
banking institutions. Cemuschi, the Italian
banker, has amassed fortune in his profession,
and his "Mecanique de fExchange' has long ranked
him among the closest of financial reasoners.
Courcelle-Seneui is the author of a valuable tTea-
tise on practical banking Baron Jules de Reinach
is perhaps the most accomplished and promising OF
tho younger finaneieTs Of France. The head of
banking house of great wealth and influence the
confidential adviser of Leon Say, large contributor
TO the wonderful machinery by which the German
indemnity was paid he is also one OF the strongest
financial writers of Paris. ROWLAND is the Governor
of the Bank of France the institution having the
largest interest of any in the world IN the right
solution of the silver question. The Minister OF
front rank of financial statesmen by his
mastery conduct of the German 1ndenl,
nifty payment. In Engiand Ernest ~ ts's .t seyd
ard book on bullion and the foreign exchanges:
Bagehot is editor of The Economist the wsest as well
as the fairest of financial Journals, thoroughly con-
ali ya
nonsense handling of current questions and for his
profound philosophical treatment OF higher political
problems. GoscGen IS a statesman who mas graiau,
ated with the highest honoTs not only from oxford
but from Lombard-st. His Theory OF the Foreign
Exchanges" written more than ten years ago, at
tTacted to him the attention OF Mr.. Gladstone, VINO
pronounced is a mastery production. On the silver
question he is without doubt the highest authority
at this moment as To facts, having been selected as
chairman Of the committee of the House OF Com
mons on that subject, whose yoluninous report has
lust been published, and is the thesaurus upon which
all future dlsputants must rely.
As | have assumed to rank MIR. Goschen among
the advocates Of the double standard and as his late
report did not call for indeed, permit any discus
sion OF that question, though a careful readng or
the questions propounded by him as chairman of the
committee TO me to pretty clearly indicate his
opinion feel myself at liberty, III support OF that
assumption, to read to this association the following
passage from a letter which i have Just received
from him accompanying his report " am deeply
interested" he writes, in what the United States
Government may do. For my part l. shall not be
sorry if employment should be found for a large
amount of silver on your side of the Atlantic. ST.
and gold hare been IN partnership y0r the purpose o.
doing The cork Of tho circulation for ih0dSdhd OF gears
and think Is not in The He8t Of The UOriG fhdt nc
cholo iregk Of the burden should be borne bg gold alone"
BY far the most remarkable publication on tins
difficult subject and the most Immediately valuable
10 the American inquirer is the House Of Commons
report already referred TO. The order under which
that report made is in these words: Ordered
that select committee be appointed To consider ana
report upon the of the depreciation OF the
price of silver and the effects of such depreciation
upon the exchange between India and England
The committee composed of men OF the high
est qualifications for such service. Among those
best known in America, besides MT. Gosehen, are
Mr. Kirkman bOdgsOn of the firm OF Barring Brothers,
Mr. John &. Hubbard, formerly Governor OF the
Bank Of England and for so years one OF the leading
dcbaters in the House OF Commons on All questions
of banking and currency; Mr. Edward Baxter, the
writer on revenue and taxation; MIR. w. n. Massey,
the historian, and Mr.. Henry Fawcett, the political
economist. The report Is not long paper occupying
only fifty pages folio but the testimony OF the WIT
nesses exaained, which is reported at length, and
the appendices containing tables official reports,
and other statistical matter of great value, occupy
several hundred pages
NJ LOUIS woLOwsKI
The cause of the double standard has lost one of
it's ATTEST European defenders by the death of NJ.
Louis Woowski, the eminent French economist
He has been foremost in all the discussions OF the
subject which have taken place in recent years.
except those of the present Summer, in yhich his
declining health forbade HIM TO participate. For
more than ten years it has been my good fortune to
enjoy his acquaintance and friendship, and the
present seems to me fitting occasion on which to
pay tribute to his memory. APoander by birth and
a lawyer by profession, NJ. WolOwsh came 10 Paris
about the year 1880 as Secretary of the last Polish
legation at the French court. Upon the extinction
of Poland he became French subject, and the re.
mapder of his life was spent at Paris, and devoted
10 the welfare of his adopted country with an
industry and loyalty which no Frenchman has sur
passed His earliest abors We're in the line OF his
profession, as lecturer on Law and editor OF law
Journals. Hevery soon, however, showed tnat IN
clinatIon for social and financial questions which for
many years past has placed MN among the leadlhB
economists Of his age.
As early as 1885 he called the attention OF France
to institutions which had existed IN Germany since
the time of the great Frederick, for the promotion
of agriculture by loaning money on the mortgage OF
land -" credit t0Hcier" as 1t iscalled IN French The
interest of the French Government was thus awak-
ened, and commissioner sent TO Germany 70 inyes-
tgate the subject but u was not nnul 1897 alter
the revolution of 1S4S had awakened France from
the lethargy into which she sank under the BouTbons
and Louis Philippe. and popular government had
given prominence 10 social questions tha5 the
Credit Foncier Of France was estaFAshed
p1lisbed administration. He was already q mean
Der of the Institute of France, and had been
representative of Paris IN the Republican Legisia-
tive Assembly In 1865, when / made his ac-
ouaintance he was President of the Institute a
leading member of the Society of Political Ec0no-
mists, and the champion OF the Bank OF France III
the well known banking controversy then gong on
That controversy, in which the Messrs. Pereire
founders and managers OF the Inflated Credit
Mobilier and Michel CheyalieT, Que of their assoc
ciate directors were his principal opponents, culm-
mated in the celebrated Inquiry set on foot by the
Emperor before the Superior COUNCIL OF Commerce.
into questions of banking, credit, ana crises
voluminous and exhaustive report OF it was after
ward published.
NJ Wolowsli was pronounced bulliOnist, and
one of the first to indorse the advanced opinions OF
CeInuschi, whose "M6canique de pExchangc' formed
the subject Of one of his dscouTses before the lns-
tute in 1865. No man in France knew SO much