The sun., 1879-01-13
The Monetary Outlook in 1879.


What is the precise condition in which the
new year finds the vexed and important
question OF n single Versus a double stand
ard Which among the great commercial
countries still uphold bi-mctallic coinage,
which insist on making gold the sole meas
ure Of values, and what change. II any.
seems to be foreshadowed by the currents OF
public opinion
Let us begin with those States which have
adopted the mono-metallic solution Of the
monetary problem. At the head Of these
stands England, whose influence through
the head Of her delegation, Mr.. GosCHEN,
proved 80 potent at the Paris Conference
last summer Great Britain recognizes only
gold as money. Her people have not the
right OF getting silver bullion coined, and
the white metal is used only for the pur-
poses OF token currency which is not a
legal tender except in very small amounts.
On the other hand, In British India silver
Is by law accepted as the circulat-
ing medium, and there is no doubt
that not little loss and disturbance are
entailed by this monetary divergence on all
mercantile transactions between the ruling
country and its great dependency Bur
payable in gold at London, the Indian Gov
ernment has been forced for some years to
expend for it's interest account not 100 900 600
rupees, as formerly but nearly twenty per
cent. more, or not far from 1870 600 600. or
course, too, all the savings OF the English
officers, soldiers, and functionaries in the
Indian service are reduced by fifth
when romitted TO their families In
Europe. The suffering caused by this
state Of things has been SO considerable
that the Bengal Chamber Of Commerce has
suggested by way OF remedy the adoption OF
gold standard. The matter was maturcly
weighed during the year 1877 by the Indian
Government, and conformity with the prac-
tice OF England In this respect was pro-
nounced impractcabe. We may be sure
therefore, that no steps will be taken during
tho present year TO remove by means Of
legislation the existing burdens on Indian
exchange, and this fact, as wo shall see, ex-
plains the ambiguous attitude OF English
hnanciers toward the monetary question in
foreign countries
Germany some seven years ago declared
her adhesion to the mono-metallic principle
and announced that hor silver would all be
sold before the end OF 1876. That promise
has not been fully kept. She has still con-
siderable stock to be disposed OF, but II is
certain that the quantities OF her domone-
tized silver already thrown upon the mar
ket have produced n species Of disturbance
unprecedented in monetary annals. Nor
IL there reason 10 think that German
hnancers as yet sec any ground for re-
considering their action. Though twice
invited, their Government resolutely de
clined TO tako part in the Paris Confer
ence The Scandinavian kingdom has fol-
lowed the example OF Germany. She pos
sessed no large amount o. silver but this
she has sold at a loss, and now makes gold
her standard. These are the only countries
whore tho monO-metallic theory has been
embodied in law, and we may safely CON
clude, remembering the result Of the late
Conference, as well as tho unexpired torn Of
the so-callod Latin Union, that no addition
will bo made to their number during the
current year.
Among the countries which have given,
more or less absolutely, legislative sanction
to tho doctrines Of bi-metallism, the United
btatos may be placed foremost As Is we'll
ference was held. Indeed she may seem at
first sight TO stand entirely alone in the ear
nest and unqualified advocacy OF bl-metal-
lie money. For the resolution refusing 10
discuss an international ratio Of value be-
lweon the two metals was signed by all tho