, 1881-05-27
DIIETAILISM.
Letters from Emile de Laveteye
in the "lndependance
Beige.
French and German 0pinion-Ir.
Horizons Questions-ProgreBs of
tho Conference.

pcople who conld reach tho KOtf standard; thcr
were tho eject Of tho commercial wUrll. n. Ccr-
n,,schi has shown with that ccnrncss III n,ntho-
mntIcat evidence which hu brings 10 NIL his
demonstrations that tho system Of tho exclusive
epglo snntlnrt h1.l worked mn Injury to England
herself and to tho world, and had becn nblu 10
sustain Itself only Ivy deriving support from
French hinctall!sm. Mr.. nnna Horton. ono Ut
tho Delegates Of tho Enltnt states to tho Monn-
tary Conference at rnrls, III his book "Sllvcr
and Gold," work rcplcte With profound Insight
and flllr1 With curious ruos, Inns proved tho fol-
lowing propositions:
F'hrt-Ingand. by thu substitution In 1910 Of
the gold fnr the silver standard, aggravated tho
ooi1tiuon Of NIL debtors md OF tho whole
English nntinr ns taxpayers l,y un1ustly favor-
ing creditors nnd fund holders.
StcnsI-Isy bringing nbout this change At
time whom tho production OF tho precious met.
ais Ind considerably diminished, England pre-
cipltntcd throughout tho tnttr0 world IN uculc
crisis Of monetary contraction aud of fnl In
prices, from which Rho herself. perhaps, suf.
xercd mora thnn tho othor nntions.
Thtri-EnGlnnd having been tho scene of M
unparalleled commercial and Industrial Develop
Dcnt, thanks TO her natural advantages md to
her peoples genius for enterprise and intcn-
tIon, tho fact OF this Rrent development WIS for
tho most part attributed to her monetary sys-
tcni. a serious errDr, as Lord Hcnconstied
well said.
Fot.rth-rrom this crror has arlson tho hcot
that tho notd standard ought TO be tho monetary
System Of tho most highly civilized proptcs,-R
belief which took shape In tho Monetary Con-
greBs Of 1867, md which decided Germany In
1871 to follow the example OF England.
FYfu-Thc Ills Which tic German monetary
reforms has brought upon GermMny herself,
upon tho wholo world. and chiefly unnn En-
Rlnnd, which had been taken for a model, prove
that tho system tn,sat be false md perntcEo1ls In
principle. For tho Wider tho application OF u
frt1t hN mn
themselves felt Such would evidently be tho
casc with international bimetnlltstn.
THE NEED oF srAnlLtTY. ...
To support thcsu thoscs It would be sif-
hcent for mo to borrow my argument from
Mcssrs. Ccrnnschi asd DIna Horton. But RS ex-
ceptlon might bO tkcn to these MS blnctallfsts,
shall appeal Rololy to tho testimony OF tho Eu-
glish themselves, and, what Is still nOrc !nlp0r-
tant, shall combine myself 10 citing only olltchl
documents cn1ntllting fr0m Chambers or COM
murcu. FROM tho East Ind1n Department of FL
nance. or from tho Hank OF Englnnd. So long
as French btnetalsn lent n fixed bnsls 10
tho English systctn th!s lattur operated
!. with regularity to tho advantage OF England
and Of her cOluntes. since French bnotnlstn
has been suspended tho gold standard hns cn.lscd
to tho indies and 10 the commerce an1 Industry
Of Englana lntolcrable embarrassment ,tnd
losses. And for tho following rcHsons: The
gEent commerce Of tho world Is settled by bills
Of o1chnnRc or drafts. Whon two nations hnvc
for money basis tho sntnD inotnl, bo 1t gold or
SiIver, the ratio of exchange cannot vnry beyoud
. TIE limit Of tho cost ar shipment uf coin or
bullion. For example,. | hnv1 to remit from
Turls 10 LOnt]on III sterling, ur Witch tue p1r iy
Il francs vi; crutln,ru, rho cx1,uI,sc IF OK.
porting this sum III Kud Ii lrtln, III ccnlItcs
Ii III Paris If, ortlur lu mako my pnyue,,. III
London l'y nealls Of II bill Of exchnnEn Mn
oonHea 10 uny loF .'las n ~ ~. % ILL., r.g ~, " ~ =,
!thmes - censes @ M, Moa. ~ Gs,S , ~ ~. ~ ~ y:
t.. o se i suc Hi H"nt;i t enS T., " nsn n nn,tims.
1lNncs -is seul,Acs ~ ulEu pns .ns GSutu.va
n, 1ns W. t ~ -, ' LITTLE. @ ~ a, Is;
ar,. ~ r ~ ~ "rs ,s ,u xtli .hMr fn1
1Mtls. ~ !i's ~ u1S uus hut"t M'n =, ut ~ \, y
10 hoslst!ea Set"Scm t1c !ns ~ - 't1nfs '.t " T. T.
% %GsntGs aau - '."h'G1 i,;1 o. & ~ nu. ~ ~
1.Ras'u o n'm ] ~ ~ ufV', r ,,,,t,. ~, if
c1tMer pHpuE money VI hsGT t,, 'nnsluS My ~, ~!
Ply paSnH,u m silver VI " papc&r & WI ~ alsG n.'u ", ~, ~,
au nette ~ ncani"s " M ~ +! -. - ~ -
. sltvef pr q tne iap.r ~ S!sGr ~ suu3cGteu !I
vt1!ent ahu unforeseen NSoilin!ions ~ h'!cs hats
~ pItrcnaseA ny tthe tna C.nl!lletco Win snvnt
countries hre liable To tln sumo yMrlntlons