The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1879-03-13
The English idea Of GELD.

The English Idea OF Geld.
1t is evident from many circumstan.
ces that intelligent English sentiment
on the subject of an exclusive gold
currency has been undergoing . radi-
cal change during the last four months.
We have heretofore quoted the Lon-
don Economist and Prof. Jevons as to
the decline in supply and rapid appre.
citation Of gold, with the consequent ef-
feet on prices and trade. To the tes.
timony of these authorities must now
| be added that OF Mr.. Robert Giffen, an
eminent English statistician, who re-
| Gently read paper before the Statisti-
cal Society in which he confirmed all
the statements and conclusions of the
authorities previously cited. Mr.. Gift
fen made comparison between the
prices of 1873 and 1879, and the de-
preston is indicated as follows in
some of the leading articles of COM
merce: The decline in Scotch pig
iron has been 66 per cent; in coal 81
per cent in copper the same in tin
in flour 81 per cent, on the New York
basis in beef 26 per cent; in conton
46 per cent in wool 43 per cent and
so on. There has been an average de-
cline in all prices of at least % per
cent during the last five years in Eng
land (and much more in this country,
owing to coincident appreciation o.
Il Q value of our paper currency, and
the decline is attributed in largest part
to the decrease in the supply of gold,
the increased demand for gold by Ger
many and the United States for new
coinage which is estimated at $780,
10000, and the inevitable increase in
the value of gold as compared with
other commodities.
This showing has given new inte-
rest to the proposition to introduce
gold as the legal-tender currency of
England. Tha London Spectator pro-
nounces this proposition simpiyipre-
pOsterous, and predicts that any such
effort would disorganize trade through
out the world and produce distress
ssof which the present depression gives
but faint idea." 1t maintains that,
as q matter of fact, the current pro.
duction of gold is not sufficient for the
coinage of nations now using it as cur
rency, along with the wear-and-tear
and the use in manufactures, and this
is the reason /" the price has gone mp,
whether expressed in commodities or
in silver, as the PAIGE of any other ar
ticle would of which the world want
ed more than it could get" 1t is esti-
mated that an effort to make gold the
currency of India would require the
worlds entire supply of that metal for
five years before the change could be
effected. 1t is estimated that $780,.
100000 of silver is now boarded away
in India. But gold is much more
sought after for boarding purposes
than silver, because it is more con-
venient to carry or hide, and because
there is less rust and waste to it. This
vast sum of silver now boarded in In
dia would come out and seek exchange
for gold, which would disappear and
take the place of silver in the hiding
places, 80 that $500, 100000 Of the
worlds stock of gold would be with
drawn before gold coin would come
into circulation in India. This fact
alone shows how wild the scheme of
gold for India actually il, and the
very suggestion of such scheme has
helped to bring English thinkers to q
realization of what might result from
general movement among nations to
initiate the Britieh example of relying
upon q single gold standard
From the present frightful distress
that prevails in England from the tre-
mendous fail in prices that has taken
place there during the last five years.
the country nd q
uniform currency; from the alarm
which many of the leading economist
aud newspapers have taken at the bare
possibility of the new demands upon
the limited stock and constantly de-
creasing supply of gold for monetary
purposes,-we may learn what for
tunate escape from disaster the people
of the United States made when they
defeated the gold clique, and succeed
ed in re. establishing, in principle at
least, the double standard that had al
ways prevailed in this country. The
selfish policy of England will undoubt-
edly prompt that nation to abide by
| the single gold standard SO long as
there is hope that q utilization of
both silver and gold by other nations
| will prevent universal disaster; but,
if the tendency of prices and decline
| in trade shall continue in England to
! be what they haye been for the past
| fye years, the time is not far distant
when popular sentiment in that coun-
try will demand the favorable cOnsid-
GRAFTON of an international project to
agree upon the double standard and q
common ratio of values between the
| two metals. An appreciation of gold
to the amount of 20 per cent. during
the last five years has increased the
public and pcivate l1ebtedness in
England to just that extent, and the
burden of interest and taxes in pre-
cisely the same proportion. 1t is q
tendency of which the English people
comprehend the real cause thereof,
they will unite in a demand for an in
transitional double standard which the
Government will not be able to resist,
! Chicago Tribune.