New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-09
GELNAN FINAACE.

Bismarck is as flexible in finance as IN poll
ties. The assumption that the German GoV-
eminent could not afford to abandon Its
monetary policy, but would perfOrce go on t"
the end as il had begun, was based on the
sacrifices which il has made in establishing
the single standard. Only a few weeks ago
the president of the Imperial Bank. III the
course of "A Parliamentary debate, gave some
startling estimates respecting the results OF
the decentralization of silver, and the Chan
cellor admitted that the sales OF deprecated
coin had been suspended, owing TO the enor-
nous losses of the Imperial Treasury. Those
sales have not been resumed, and it now ap-
pears from official information received at
Washington that the German Government,
after declining to send delegates to- the
monetary conference held last year in Paris,
is now disposed to regard with favor the
adOption of an international bimeJallic stand
ard.
This abrupt change of front Is character
istic of the man who governs the Fatherland.
OF all the statesmen in Europe, Bismarck Is the
most fertile in expedionts and the quickest TO
condemn policy which does not work well.
He is always ready to make experiments in
legislation, but if the immediate results are
unfavolable, he loses patience, goes back TO the
old formulas and begins anew. This has been
his course respecting Free Trade, the Fdlk laws
and other measures OF public policy, and similar
shifting of base may reasonably be expected
in respect to silver. Ii Is now generally adj
mitted that the adoption of the gold standard
was ill-advised and ilI-timed. and the Govern
- cot.x~etad Inv Mr. (,nsrbsu
of serious blunders and reckless miscalcula-
tons in carrying tins measure INTO effect. Not
only has Germany suffered from the sales of
silver at n heavy discount and from the payment
of securities like Austrian stocks IN depre-
ciated currency, but the trade of every nation
which has dealings with silver-uslng countries
has been dlsOrganized. English economists
have come to regard the disuse of silver as
the main cause of the commercial depression
which has overshadOwed the world. 1t is not
strange that the most practical statesman in
Europe has faced about and shown signs OF
sudden conversion.
Our Government can, If it VIII, open the
way for wiser monetary legislation among the
nations of the world. 1t is just the right
moment to press for reopenlng negotiations to
secure international action. Switzerland and
Belgium are the only States of the Latin
Union that have a marked preference for the
gold standard, and both France and Italy will
resume recoinage operations as soon as they
are relieved from the danger of German sales.
Even in England there has been a change of
current opinion respecting monOmetallism.
Bismarck's willingness to reopen the discussion
is great point gained The establishment OF
bimetallism in Europe will promote the interests
of the United States as well az those Of the
world. The free coinage of silver here viii
retard the good result there. The suspension
of coinage here, as soon as Congress can be
induced TO take such action, will help it on.
Meanwhile the State Department should con-
duct its negotiations for an International Con-
gress with tact and yigOr.