Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1881-06-10
ENGLAND AND THE CONFERENCE.

ENGLAND AND THE CONFERENCE.
The first International Monetary Confer
ence, which was held in 1867, was regarded
at the time as great English triumph. For
John Bull it was glorious spectacle to see
France, his ancient enemy, call the nations
together for the purpose of formerly adopt
ing one of the twin gospels of England-the
single gold standard. The adoption of the
other twin gospel, free-trade, was expected
to follow as a matter Of course, and with
the world then governed by Manchester and
Brummagen ideas the British trade millen-
mum would at length be firmly established
The wonderful growth of British com
merce and increase in British wealth. when
not ascribed to the free institutions of the
country were too often regarded on the con-
tinent as the outcome of her trade regula-
tions of which the gold standard and free
trade were in 1857 the two leading features
Long before the rise of the Manchester
School and the long series Of political and
trade reforms which it forced upon the gov
eminent, England was, at least in her own
estimation, the pride and envy as well as
the exemplar of surrounding nations.
But concurrently with these reforms, al
though springing chiefly from other and
more direct causes, an expansion of trade
took place which ultimately led England to
dizzy height of prosperity, and adding
further ectat TO her institutions made them
more-than ever subject for imitation by
other European countries.
But the greatest triumph OF John Bull in
that line was TO see his vigorous but way
ward offspring, the Great Republic, the
leading spirit of the New World enthusias-
tically endorse his gold policy at the confer
enee Of 1867, Brother Jonathan was then
gorging himself with British merchandise
in the Colonial style and sending in ex-
change therefor, in addition TO his raw ma
terial, the entire product of his gold and
silver mines. This pleasant experience of
England continued for several years, and
its effect was greatly heightened by the
breaking out of the Franco-German war
Wnitii tHCl tuidlHtu Hti tidhC anu iiilttC
her more than ever the workshop of the
world 1t was only when this gigantic war
was over, and England had reached her
highest industrial development, that the
agreement of 1867 was attempted TO be given
effect to on large scale But when Ger
many, following in the wake of other ma
tons. began to change her silver into gold
it was soon discovered that the supremacy
beautiful in theory, was wild and visionary
in practice, and that universal change
from silver 10 gold was almost equivalent
TO turning the world upside down.
How far the German experiment, which
was decided in 1871 and attempted in the
following years, was the cause of the hard
times of 1879 is an open question, as there
were other causes in operation which should
of themselves be sufficient to bring about a
severe and long continued depression. The
more direct and immediate result was TO
reduce the value of silver, and, strangely
enough, it was this result which should have
tcth AOttotth W Oftil NhC titot hsoCithiAS1
the English gospel of the gold standard,
even in the eyes of England herself Hence,
at the second International Monetary Con-
ferance, held in 1873, which was desired TO
correct the error of the first, England took
strong grounds against the further demoni-
tization of silver, and was in full sympathy
with the United States in her efforts 10 re-
store that metal TO its former position.
The necessity for this change Of opinion
on the part of England was Il great blow to
her prestige, and coupled with the gener-
ally unsatisfactory position of her trade and
agriculture, lis effect since has been to
greatly lessen her influence. Hence the
representation of England at the present
conference is of comparatively small i'm
portance. She is now strong advocate of
equal privilege for gold and silver, but only
on the mono-metalic plan, which would
leave each nation free TO choose that metal
of which il could with the greatest GER
tainty command full supply. According
10 her view, Italy and Austria and perhaps
Russia, when resuming specie payments
must do so insiver which rthem Is the only
available metal, and she is Of opinion that
France and Germany cannot both maintain
agold standard. John Bull being a gold
nation in England since his resumption of
specie payment In 1921, and silver nation
in India for almost as long period has
done nothing to disturb this equilibrium and
therefore does not feel called upon now to
adopt new policy.
Adyices, private and otherwise, have been
received at Washington within the past few
days that point to disastrous failure, and
possibly much suffering in consequence
thereof Of the grain crop abroad Should
this prove true, there will be another de.
mand for American grain, and the outlook
promises well for heavy shipments from our