The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-06-10

established and maintained with but little
variation, rthe tendency towards 1inIYer-
sal mono-metallism will grow stronger,
end that the consequences above described
will almost certainly be realized. The
number OF those who take this view Of the
matter seems to be on the increase. The
Hon. Hugh McCulloch is a recent convert.
He isnot q convert TO the side ofthe happy
go-lucky advocates OF free coinage in. THIS
country. He does not believe that The
United States can establish the ratio OF ~
10 single. handed, or that it can contribute
materially toward the attainment OF the
end in view without the cooperation OF
other nations. He simply believes that the
object IL one Of great Importance to man
kind, and that it can only be accomplished
by International cooperation. Lord Beacons-
field and other members OF the British
ministry, and many prominent English
merchants, are also among the converts
more or less recent.
Dir. Stephen Williamson. OF Liverpool,
who is described as the leading spirit OF the
bi-metalllc movement among English mcr-
chants, is among those who warmly adVo-
cate international cooperation. lie points
out Mr.. GoscLen's error in supposlnS that
stability Of ratio can be malntalnea pF
dividing the world into silver countries
and gold countries. There must be some
common mceting-ground. Ii there Is no
such ground, variations OF ratio can ap-
near only in bullion and exchange quota
tiors. They cannot appear at all in the
movements OF coinage based upon
given ratio, and there will be no
sufficient motive lin any country to
change from one metal to the other.
Unless there is some meeting ground.
.ssiYer countries cannot pay and
receive debts from gold countries and
rice verSu"; that is, cannot trade with
them without uncertainty and frequent
loss. But the common ground must be an
extensive one. No one great commercial
country. even in cooperation with number
of unimportant countries, can maintain sta
bility of ratio. Mr.. Williamson is reported
as saying that "no country (unleSs the
United States should be so insanc) would
assume the immediate burden OF shouldering
silver and trying to restore its equilibrium
with gold" This work can only be accom-
pr,hed BY the Joint action OF the strongest
comuercial nations, including some that
are on the gold basis alone. Neither
Mr.. Williamson nor any other OF the
prominent bi-metalliSts OF Europe is
50 insane as to suppose that any
permanent adjustment can be effected in
any other way than by powerful comblna-
ton OF commercial nations upon the basis
Of common ratio and unlimited coinage
and tender. Mr. Goschen has been urging
us to stick to silver. and even to make 1t
our sole standard. His idea is to make the
United States the dumping ground for the
cbeaper metal, to the end that England
NAV with less Inconvenience adhere to the
gold standard. Mr.. Williamson, pcrcciy-
ing the inadequacy OF separate national
action, strongly advises Us to suspend the
coinage OF silver for the time being in
order to bring pressure to bear upon
England. lie thinks that ii we VIII take
this course England will be constrained
to Join us in the formation OF pow
erful international monetary union. If
we do not take this course, but, on the con-
trary, throw open our minis to the silver OF
the world, England will surely adhere to
gold, and even France will hope TO unload
her silver upon us, and follow England and
Germany and the Scandinavian States into
gold mono-metallism.
While it may be affirmed with perfect
that a definite ratio between
gold and silver cannot be permanently
in any other way than by 4
powerful international monetary union, it
cannot be confidently affirmed that even
such q union would be able TO maintain
Dermanency Of ratio. II conference were
to assemble tomorrow it would be Il mat
Ter OF no small difficulty to settle
upon a ratio which would be likely |
to be permanent. II the delegates
could put away all prejudice in favor OF
or against this OF that ratio, they would
s'Il find the problem presented to them a
difficult one. No one will pretend to say
hat even dozen of the most powerful
nations could by simple |
agreement permanently establish the ratio |
81 to 1, or OF 40 to /. The necessity for |
,pproXimatlng closely to the market ratio |
would be recognized by every enlightened
delegate, and it would be extremely diff |
cult, in view Of the violent fluctuations
If the market ratio, to settle down |
upon legal ratio which the union
could hope to maintain. The present
market ratio is not far from 10 10 l; it
he time OF the convention it might be 90 |
% /, or II TO |. How could the delegates
determine whether any one Of these ratios,
Dr. any other, could be permanently matt
-ained? They could do no more than spec.
Mate, and it is not at all unlikely that they
might err, and that it would soon become |
necessary to revise their work. Still, 50
great would be the power OF the union, by
reason OF the very large alternative mar
ket for the two metals at fixed ratio
which it would open, that a tolerably close
approximation (say within two per cent
10 the average for considerable period,
which would result from the operation OF
the law OF demand and supply, might re-
suit in the establishment OF stable ratio.
At all events, the experiment is well WORTH
trying.
RADICALISM n MAINE.-I From the Boston
Herald. II: Mr.. Blaine could spend week
travelling among the people whom he repre-
Sents he would see the Dlundcr which is |
b aiDg made. Beyond the active politicians.
not Il single soul in the State cares one straw
about s.the Threatened new rcbellionN we |