New-York tribune., 1879-05-09
BI-METALLISM IN ENGLAND
LETTER FROM GEORGE WALKER.

A STRONG MOVEMENT IN LIVERPOOL, MANtHheifh
AND LONDON IN FAVOR OF THE RE-fsrABLIsh-
MENr OF THE DOUBLE STANDARD by INTEBNA-
T1oYAL AGREEMENT-THE UNITED STATES
URGED TO SUSPEND TEMPORARILY THE COINAGE
OF SILVER.
To the Edtt0r Of The Tribune.
SIR: The recent arrival in this City OF stephen
Williamson of Liverpool the leading representative
of the new movement in ENGLAND in favor Of
bi-neta!isn, leads me TO ask the attention
Of your readers to The rapid change OF
opinion which is now taking place in that
country in the direction of the rehabilitation OF
silver Mr. viii amson was chairman of the COM
mittee OF the Liverpool Chamber of Commerce
which presented a memorial to the Queens Minis
ters in favor of the establishment of the
double standard by international agreement. He
Is of the firm of BaiOur, Williamson d Co.,
merchants and shipOwneTs, having a ve:y large
trade with South America and California and hav-
ing houses at Valparaiso and San Francisco. The
disastrous course of trade with the silver-using
country of Chill first drew Mr. Wilhamsons atten-
tiOn 10 the silver question. and made him convert
to bi-netallism He has since converted the greater
number of verpOOl merchants to his views, and has
had no little influence in setting tide III the same
direction at Manchester aud London. special
committee OF seventeen members was appointed by
the Liverpool Chamber of Commerce, on Mr. Will
iamsons motion, "tO consider the state OF trade IN
connection with the dscreditng Of silver money"
The committee reported in substance that large as
the depreciation of silver is there is every rea-
to fear that it VIII continue to increase; that
the value of English investments in the public
funds, railways etc, of silyeT-uspg countries has
seriously declined that silver is in large measure
cut off from its previous sphere Of usefulness
for the liquidation of international indebtedness;
that the inadequate supply of gold may in future
lead to frequent papcs; that the uncertainty with
regard to the course of exchanges Is checking the
further investment of English capital IN silver
using countries that the friction and harassment
now attending business with China, India. Java,
Austria, Chill and Mexico is curtailing ex-
ports of British goods 10 those countries and
depressing English production; that InGa has been
80 impoverished by this cause not TO be able TO
bear increased taxation; and finally, that the de-
probation of silver impairs the power Of silver
using countries to bay English goods and in
crcases their taxation, thereby permanently
injuring them as customers Of Great Britain. The
cause to which they principally attrbus the recent
fall Of silver THEREIN confirming the conclusions
Of Mr.. Goodwin's committee Of 1870 is the "Sus-
pension Of its free mintage in France and the States
OF the Latin Union, consequent upon the adverse
action of Germany III demonetlzing silver" They
also reported that the bi-metaic system of France
and other States of the Latin Union, in conjunction
witbfree mntage, prior to 1873, tended to produce
an equ librium between the two metals, and TO give
stability to all exchanges between silvcr-using
countries and England" In respect to remedies,
they allopted two resolutions:
l. Tt fixed ratio between gold and silver. in con-
junction with national freedom Of mntage, and The
recognition of the two metals rs fuH lega-tender
money would if adopted by the majority of the leading
monetary powers. including England and India be al,
cquate 70 restore silver to It's iorner INTERNATIONAL
value money.
2 That lis desirable that orr Government should
aCopt measures Tor securing international agreement
10y which silver may be restored TO is legitimate share
in providing metallic currency sufficient io- the wants
The opinions of Lord BeacOnsfeld were pro-
nounced in a very public manner on the occasion
of his ins aatIOn as Rector of Glasgow University
in 1873. He then attributed "the great none
tary disturbance, acting injuriously on trade,
to the great changes which our Govern
ments in Europe are making with reference TO
one standard of value" and he also stated that it
was the greatest delusion in the world to attribute
the commercial prosperity of England to its having
the gold standard.
The Liverpool memorial was presented to the
Chancellor OF the Exchequer and the Secretary of
State for India on the 4th of April. Sir Stafford
Northcote stated in reply to the deputaton, that the
subject was then engaging the serious considera-
ton of The Government. This declaration goes
step further than that of Lord BeacOnsfeld made
in the House of Lords on the 20th OF March,
in reply TO Lord Huntley's demand for
public inquiry into the causes Of agricultural dis
tress "It is not impossible" he said, that al
fairs develope, the country may require that some
formal investigation should be made of the causes
which are affecting the price OF the precious met
ais, and the effect which it has upon the industry
of the country and upon the continual fall IN
priceS'
II the Tory Government holds on long enough, it
seems probable that some inquiry of this sort may
be set on foot and with the known inclination Of
Lord Beaconsfed for the double standard, and the
natural anxiety of his Cabinet to find way out of
the distress which Is bearing heavily the cOntin
ued supremacy of the Tory party, change in the
monetary system may be recommended as
party measure Believing however, rs do, that the
downfall of that party is imminent, | should have
little confidence in the attaining of the result
which desire ii it depended party tactics. The
only hope of b-netallism in England is the thorough
waking ND of the mercantile and manufacturing
classes to its necessity to save their trade with
India China, South America and Austria;
and equally in the conviction of English statesmen
that it is indispensable in order to India from
public bankruptcy On the former point 1 have
stated the conviction of Liverpool the great centre
of foreign commerce. Manchester, the centre of the
cotton trade started the discussion later and is
In the full tide of it. The Manchester pa
pers indicate a rapidly growing senti-
ment in favor of restoring silver. The
Chamber of Commerce has held one public and one
more private meeting for the purpose of hearing
Liverpool deputatjOn, headed by Sir Williamson
and Samuel Smith, his efficient coworker in the BIZ
metallic cause. Mr.. Williamson informs that
tho manufacturers are fast being converted, the
chief opposition coming from the bankers. Edward
LanolaY of London. latelY read o paper ON the BIZ