, 1879-06-30

deductions made from the natural laws Of po-
litienl economy proved In al respects correct.
The late Mr.. ". Ba9cl,ut whose ioas they all do
rInrcd, ad nut all The rfrcllnIAtanrcs Ut tue case
lefofo tht Committee With prophetic Instinct,
or, rather. not With instinct. hut with sc!encc.
fnke either fess silver or a less anannnk Of com.
mobiles. md they saw also TINT ontv Fl, tea. 600
md been sent iron, England to india; but 'hcy
were convinced that that was nnfv Il temporary
circumstance. anl1 lint the natural correction to
The fall OF silver wns tts ,lIstrIhtInn over thnse
nreas wbcrn tn prlcs wnuld not stthetdc. S,ItEt
had gone To lns:ia anil llal snyet trrc. and now
'tte WA temporary cessation nf the dcn,i',sl
he looted al. from montl, 10 month; there
had been a auw of silver tnto India. .nut'
70 i would continue to flow. l1lcar.1 As long
az tf,e mtnss In India wero left onrt, every bar
OF si'Vef IN Lodnt rel resented 20 many posc.,.
tial ripees; and, saa bar of silver In India would
buy anythng, mil WIS lcgal.tcader. ~ long
~ INC mIhts we're opcn The silver lnarkct wsnld
oe sustained, l,ecatise tho purchasing power 70.
ma!ne! In India AMI in tic East generally. 1l1
tlsa t,1,. ehoTn lint during the last three Sears
now BupnoslnE TINT ttlrre was q temporary de-
nland for Il, those who would sell their silver
ahd Introduce gold currency would mnka
mistake. forgetting that It might bo 'lhleut to
enormous silver currency. a,ni sonle persons
wished to inlrnduce god currency, mh'eh mta"t
,hat RED, which 'eas bprtdatei q Europe, uas to
Be. a'fA .fhri@r anprte a'oi BY icing introduced
r." =, "a not W. to ~ z q aa. [lIenr:l ot
Ill Tho schomes TINT had been suggested.
llsat eeeinetl u him 70 bo ono u the
mast difficult to follow. tIEraE, hesr.l To sc,'d
gold to India Just at tlmc wirn It was almost
expose India 10 the evils Of an. appreciated
currency IN order to rescue her from the mis-
fortunes Of depreciation. It was perhaps m
open question. whlc!! Of. the two evils WIS tue
,soi worss ile Sobsste ,cn; to any Plan That
ing gold CURRENCY, because IL Ills view the
rccti.lcaslon Of the mnrkot ought to bo brought
aoont bv strcad!ng silver oyrr lts natural area
y ra* tor fhe infattf II con1,sFts qenerd4H. 10th
f'trcal transactions shom Il Dc basrd upon an ~.
qreqdfe Of od and sitrsr togehtr rather than that
II thga'd res! onV upon 1oH. [tenr] Mono
fnetaltats tnadt great u1lstakc when ther en-
1c,,vore.l to convert all nations into using gold
only. They allowed the argument Of uniformity
10 outweigh tin' argument ilIat these variations
were more likely to occur upon the smaller
quantity OF gold than upon thc iatecr aerre-
gate quantity Of gold mid silver together. 1t
silver where silver still rcfrncd supreme.
(1Icar1 It was d perfectly different thing 10
suv tilat those countries which had gold cur
fency o,tght to embarrass themselves With Sill
rer currency as we'll. Ono arcat practical diili-
currency to another, was thas Of dcIcr-
mining at what proportion you ought 10 start.
III India was the new currency to bo in-
troduced at tie OLD rate Of L.: 1o'41s or at
Was enormous. The ora alternative teottiu e,Iau
great amount Of fafusties ih s case Of contracts,
aud Tie Other 1uo.s'd fHpots an enormous !o4s to TIE
Tstdsa7T lc urged the. Government to do
nothing unt1l they wero quito certain TINT the
abnormal Temporary causes were exhausted mud
had disappeared, md they lnd only the natural
other ingenious combinations, which aimed
neither at establishing silver currency nor
gold one at once, but at putting into tic han''
Of the Government powers by which from tiJi..
to time they wcro 10 regulate the changes aud
limit the currency. On behalf Of the mcrcar-
tile interests he entirely dcmutrcd to placing
such power IN the bands of Lord LYtton and
roys or. Financfal SECRETARIES. (Hcar, hcar.l
M preferred ne uagaries Of ne precious ,netds IL
the Vagariss Of L<gis'dturts.."