New-York tribune., 1882-04-28
war In breaking ND bimotaIlic convention. He ez-

the present separate national Standards
pass now TO Robert Barclay. one of the leading
merchants of Manchester. England. who III March,
1881, brought out his admirable pamphlet. : Essay
and Letters Bimetallism." 1t is understood that
his views are shared by no small number OF the
business men of that thriving commercial city
Speaking of the necessity of bimetallic union,
which he thinks would be adequate If entered into
by England, France, the Latin Confederation and
the United States, Mr. Barclay says
long resisted the arguments Of those who have
been advocates of this change, but L nave oeeh
obliged to yield to their force The opposing aren1
ments think to be more theoreic than real AT ali
events the great practical urgency OF the case
makes 1t imperative on all 60 demand the inlme-
date attention of our statesmen to the matter.
He says in his Essay Up. 27l:
The real difficulty is English prejudice and
false belief in the merits of her present sy STEM
The supporters of bimetallsm, however are slowly
but surely increasing and every day their views are
obtaining more attention. IL taxes 'ime loI olu
prejudces to give way but give way ere long they
must
He ably states The substance Of the matter on
page % Of the Essay, which quote
In spite of what consider false theoretlc views
and even when the preference OF some natlohs LOT
the single gold standard has been WORKING ulScneI
the two metals in their aggregate nave Always
practically been the unit measure OF value: Iney
form W hat call money, and together deteriinne
its purchasing power IL u as va'n 70 tlr,nn sa
apart from the general value OF metallic money
over the world, that the British Islands could
have an independent atmosphere. An lndiaruoDer
ball filed with air will expand when the air sur
rounding t becomes rarefed. and II Will collapse II
the surrounding air becomes compressed. 20 WIN
our fancied perfect gold standard; its ahnlty TO
the general volume of money outside cannot be re-
strained, and its quality "a measure must be as GER
taInly Affected by outside influences as the size OF
the nda-rubber ball which have supposed.
Mr. Barclays pamphlet is a thorough, learned and
practical argument in favor Of the International
use of both the precious metals as full legal-tender
money. Space tails me to do justice TO his admir-
able analysis; / can only note a few of the chief
points
|. Bimetalsm is conservative, resisting disas-
trous revolution in the world of money.
H. The uniformity in the relative value of gold
and silver " had been dependent on the action of
the bimetallic system of France backed by the
equilibrium which was maintained by the counter
acting influence of silver monometailic countries
such as Germany. as against gold monOinetallic
countries such as England. With the French law
in abeyance and the general equilibrium disturbed,
the world quickly saw that it was human law and
not the natural law of supply and demand that had
linked the two metals effectually and so bene-
fcially together Proof: the extraordinary steadi
ness in the relative values of the metals between
the wears sol and 1873 in spite of the enormous
augmer tation in the relative production of gold
The mint-price Of Paris regulated the price of silver
in London.
III. The admitted dangers Of gold monomet-
allsm and the necessity that England should join
France and the United States in a bmetallic con
ventlon, and bear her part in maintaining the
proper relation of the two metals as money.
benefcent service which France alone had formerly
rendered to the world but which would now
pose her to risks. since the equilibrium had been
destroyed by Germany retiring from the silver group
and joining the gold group of nations.
". The worlds prices resting on he aggregate of
the two precious metals in nearly equal proper
tons. the demonetizaton Of one of them would
canse ncalculabe disasters because Of the increase
IN the value of money and burden of debts and
fall in the money value OF all commodi-
ties.
Y The present losses of silver using countries by
the denreciation OF that metal and the consequent
depression of their commerce.
VI A full supply of metallic money is good for
trade and its contraction in whatever way is the
reverse.
VII. The difficulties and losses in International
exchanges as between England and India since the
former parity between gold and silver has been
destroyed.
VIII If all nations, only the leading nations,
agreed to freely coin silver and gold at fixed rate,
there would be no undue pressure on either metal.
There would be cheap or dear market for the one
as compared with the other, and therefore the sup
posed evils to which / have referred cou'd not
arise"
If the limits of the present article allowed,
might dwell on the conversion to bimetallism of
Samuel Smith, president of the Chamber of Com
merce of the City of Liverpool, which took place
frOp vim
letters published during that year in support of
blmetallic union and of change in England's policy
of gold monometallism. | might more than refer to
the sturdy bimetalism Of Stephen Williamson,
also of the Liverpool Chamber of Commerce and
Member of Parliament as shown in his publications
dating also from 1876 and cite the Memorial CT
the same Chamber of Commerce upon the question.
But enough has been said TO show that the fnanc al
and commercial community of England is far from
being unit in favor of the single gold standard
systenl; and indeed, that public opinion is slowly
but surely moving toward the realization of the
fact that n great bimetallic union of the principal
commercial nations, with England at their head, Is
of paramount Importance to the British Empire. In
further proof OF this note the recent fact that to-
ward the beginning of the winter just past there
was formed in London an International Monetary
Standard Association" having for its organ the we'll
known journal The BalIoniSt. The object OF the
Association is stated to be:
The promotion Of stability of values: 80
Bv establishing the free coinage OF silver ana lts
nae "a money under the same conditions a. gold;
Bv advocating and furthering an international
agreement whereby fixed relative value between
gold and silver may be established, ana TIE TWO
metals may jointly form the currency OF civilized
nations thus facilitating the adjustment OF inter-
national balances and lessening the excessive and
needless risks wlchh nave now oceone atlehudhV Oh
home and foreign trade.
The Atlantic cable long since brought the news Of
the great meeting in favor of bimetallsm held on
March : at the Mansion House in London About
l 200 persons are stated 10 have been present in
ending the Governor of the Bank of England and
Il rLln snnke 10 reanl u