New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-04-17
Tho svidoucs on these points shall be drawn from


English sources only.
First. then. as 10 the recent change In England's
national position In the year $50, the Right Hon.
Robert Lowe, then Chancellor of tho Excheqner
informed the House OF Commons that ne had ro-
turned for answer to communication Oh 'hc
French Government OH the subject OF internatlohai
coinage. that il would be impossible TO hold out
hopes of assimilation until France made up her
mind to give up the silver standard and nave only
gold standard :" and he added am happy 10 say
that France is favorable to the Abandonment OF her
silver standard, as / gather from the report oil q
commission on the subject winch nave IecelNcu'
The English Government was thus cohlmitleu 10
the bope that France was about to noun beside
England upon the British vantage ground OF tie
single gold standard. Mr. Lowe was liberal
minded enough to wish that the boon when his
Nation had so long enjoyed might come TO France
also. Logically what was blessing 10 English
men should be equally blessing to Frenchmen and
to other Nations well.
In 1878 when the German gold reform had been
thoroughly inaugurated and the price OF silver III
London, from whatever cause, was beginning 10
totter the following remarks were made by Lord
Beaconsiied in his speech as Lord Rector oil the
University of Glasgow lie said:
:" | attribute the great monetary disturbance that
has occurred and is now to "a certain degree acting
very injuriously to trade TO the great changes
which the Governments i'll Europe are making
with reference TO their standard OF value. ..
think that country which has gold standard
should TO use q celebrated expression. think once
twice and thrice before it gives it Nd But it Ii tie
greatest delusOn in the world to attribute the CON
mcrcial preponderance and prosperity oil Lhglahu
TO our having gold standard"
AT the Paris International Monetary Conference
Of aft "A utter
ances of the Chancellor of the Exchequer, we find
the English delegates supporting the solemn
declaration OF the majority the Conference. that
it is necessary to maintain in the world the
monetary functions of silver as well as those oil
gold" And during the debates of that Conference
the chief among the English delegates. the Right
Hon George j. GOschen. made the following sig
niticant declarations: That the universal adoption
of the single gold standard might he the cause OF
the greatest disasters that although the universal
double standard seemed a veritable Utopia. the
theory OF an universal gold standard was equally
Ttopian, and indeed involved false Utopia.
The force of these admissions was not broken by
Mr. Goschen's formal opposition to the theory OF
the double standard.
At the International Monetary Conference of
1891 although the English delegates, acting under
strict instructions declined in any way to pledge
International Blmetalc Union. the two earnest and
able delegates representing Drita'n's East Indian
Empire. Sir Louis Mallet and Lord Reay offered the
most important guarantees that India would con
time her sin ge standard OF silver with free coinage
of that metal as an inducements to the formation OF
such an union among other great states. The voice
OF the British Empire was really heard IN the
serious utterances of these representatives, of her
Indian dominion, protesting against any further
crusade against silver, and hoping for the realiza-
ton of monetary union with the use OF BOTH the
great money metals between France. the United
states and other commercial hatons-an union
prevented solely by the passive resistance OF thclr
Home Government of the British Islands. The I'M
preston made in the halls of the last PARIS Confer
ence was that the British house was dividing
against itself The intense interests OF Great
Britain in the project of monetary solidarity was aj
apparent as were the reasons for the formal stand
maintained by the British delegates that England
would not consent to modify her gold mOnometalho
system They were upon the defensive, and
pointed to the efforts made by their country to sus
tain the value of silver "a money by the continued
free coinagc of that metal in India. Furthermore
they read tho offer Of the Bank of England to hold
ono-ifth of its metallic reserve in silver under the
provision of the bank charter OF 1914. provided the
other principal Nations would reopen thtr mints 10
silver and make that metal continually inter
changeablc with gold. This otter was tantamount
to an admission that return TO the old orier OF
things would restore the relative value OF silver
compared to gold and declaration that England
would assist in the work to the extent OF holding
part Of her bank reserves IN the white metal!
Surely these were great changes from the conf
dent gold propagandism of Mr. Lowe, only twelve
wears before, when he protested his satisfaction at
the expected abandonment by France of her bi-
metallic money and her adoption OF the single
standard OF gold. Could more have been looked
for in the same short space of time from tho Nation
which Tor so long had been the honored champion
OF the precious yellow metali
In my next article shall indicate some of the
evidences of the radical change of individual
opinion which has taken and is taking place IN men
prominent in the financial and commercial world of
England
JAMES TALLMADGE VAN RENSSELAER,.
Neu- York, April / +, 1882
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