Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-03-14
MONEY
TIE SILVER AGITATION--THE sITUA
TON IN ENGLAND.
Meeting Of the Bimetallic League az Man.
ehestef.-.The Views Of an ex-Gov.
eTnor Of the Bank Of England.

VI hiNtbihb VI tuo DihcsaiiiN s<~%6 -,
that city on the previous day. Among
the speakers was Mr.. Ii. r. Gren'ell,
ex-governor Of the Bank Of England,
who said, among other things:
lie had TO bring before them that day
two questlons-o one was the very SIM
pie question whether the time had come
or bad not come when men engaged in
trade were determined that this matter
should be taken up seriously, however
much it might impede the views or trou.
bic the leisure Of men in office. Would
they permit this question any longer to
be regarded as one Of the ques-
tons taken up by the cires Ro-
mani or troublesome traders? lie
allowed that the question was
difficult one, and not to be solved at a
moments notice. 1t had cost him years
Of study to arrive at conclusions which
he had come to on the question Of cur
rency. The Government refused abso-
lutely 10 take any interest in this mat
ter refusing almost to give an answer
to the questions arising out of it. The
American Government had not so treat
ed it. At this moment the great Chan
cellor of Germany was deeply engaged
in considering the problem. The French
Government had only within few
years past appointed permanent COM
mittee to study, and, if possible, solve
this matter. AS to the
INDIAN GOVERNMENT,
they were considering it hour by hour
and day by day, as one of the most
puzzling, most difficult, and most mis-
chievous questions that had ever come
before them. Among our own public
men Mr.. Goschen had given his atten-
ton to the matter, and Mr.. Gitien and
the late Professor Jevons, although
they did not agree with bimetallists,
gave the light of their understandings
to it. The Government officers, how
ever, still kept aloof from the ques-
ton, and gave their attention to all
other subjects than those which con-
cerned the troublesome traders of the
country.
VIEWS OF PUBLIC MEN.
Mr.. Grenfell referred to several con.
yersation he had had with public men
On the currency question. He had the
opportunity some years ago Of being in
communication with Mr., Gladstone,
then Prime Minister and Chancellor Of
the Exchequer. lie did not pretend to
be able to sit and discuss APPOINT of po-
litical economy with Mr.. Gladstone,
and to come out unscathed. In long
and involved sentences Mr.. Gladstone
gave him many reasons why the matter
should not be touched, using the most
admirable and musical adjectiyes. In
the end he said that upon the
whole he thought that the question was
one which was only in an academic
stage, and was not to be considered
within the range of practical politics
Mr.. Lowe said to Mr.. Fender that BIZ
metallists were only fools, and that i
was no good arguing the question. Blu
Mr.. Lowe took an interest in the sub
iect, and wrote an article on it in thu
Nineteenth Century. lie tMr. Grcn
fell replied to that article, and Mr.
Lowe was good enough to say that h
was beaten hollow. Hear, bear. Mr.
Childers had studied political economy
twenty years ago and declined to be
gin again. [Laughter.l Sir StafforC
Northcote said that a part 0
the work of the Commission OF
Trade would be in connection
with this question. But to make thi
subject one Of a thousand which tn
Commission would deal with woult
lead to no good whatever. The Govern
ment should take up the question sepa
rately, and either ask their own expert
to consider the matter, or else appoin
special commission solely for the pur
pose of considering this question Of tn
standard. [Applause.l AS to the per
manent officials Of the Government, the.
took refuge in the old Papal answer O
non poSamuS. Laughter As Free
Traders they had laughed at the he
terodox proceedings of the Frencl
and Germans in granting bonuse
to sugar-manufacturers and others
But since the demonstration G
silver we had been unconsciouSl
bonusipg divers important trades i
India against the trade Of this country
and this was fancied to be free trade
If the mills and agriculture Of Indi
were being bonused against the mill
and agriculture of England, people er
gagged in agriculture and commerce i
England would see that this great ques
ton, which was at the root Of the ma
ter, was one in which they ought
take deep interest. Applause Mr.
Grenfell proceeded to consider in som
detail the scientific aspect Of the que:
ton. The whole foundation Of thei
theory they held to be proved by th
writings Of the late Professor Stanle
Jeyons, who, he believed, had be lived
would have come to be numbere
in their ranks. The first propc
sition Mr.. Grenfell laid down wa
this-that the changing relation
between the price Of gold and silye
produced greater fluctuations betwee
the mass Of the precious metals and tn
mass Of commodities than if thoG
changing relations did not take place
The second proposition he laid befoI
them was that it was possible to settl
a fxity Of relations between gold an
silver by law. With regard to the frs
proposition, he quoted from ProfessC
Jevons, who said 4: 81 have no dout
whatever that the French economist
are theoretically quite correct in whs
they say about the compensatory a.
ton of the double-standard system.
As to the second, be pointed out thi
during the seventy years between Il
French law being enacted in 1903 ar
the characterization Of 1873 there wi
no appreciable change in
THE RELATIVE VALUE OF THE Tw
METALS.
On the two propositions laid dow
they relied for proof of all they hi
been saying, and as justifying their ag
tation to impress on the Governmel
the necessity Of their looking into tn
question. Mr.. Grenfell next proceed'