New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-07

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monetary systsm a3rses Britain. ws+ia tina su.arssr
OF 1885 reiterated 70 sur special eounlssiorer. Mr.
Msnton Marble, not more clearly by the hi ghest
officials than by the most eminent characters OF the
opposite party who hadnst resigned the seals Of Office;
In January Of the present year, however before the
return of those opponents to Office correspondence
was opened between two departments oi the British
executive by the India Office with the treasury
which marked the point of a departure.
Nkw GOLD AND SILVER COMMISSION ~ GREAT
BRITAIN.
The first letter from the then Secretary OF State
| India ended as follows:
| Lord Randolph Churchill desires at the
time most earnestly press upon my Lords the
Importance OF making every eudeayor that is possible
TO brin. about by international agreement some
settlement of the question how the free coinage OF
silver may be revived, and the comparative STABILITY OF
the relative value of go2 and silver, which is so
essential for tho regular of trade and which is
OF vital Importance to India, may be seeured-"
This urgency supported by q telegram from the
Government of India, saving: TO-
We of opinion that the interests of British
India imperativey demand that determined effort
should made settle the silver question by inter-
national agreement Until this is done, drifting
into a position OF the most serious financial
in regard to the consequences Of which
not OILY az regards our financial position, but in
respect of of taxation relation to rule
British India it is impossible not 10 be seriously
appreiensive." E 90
The rejoinder May 81 of the Treasury, then for
briet while under the direction of Mr.. Gadstone's
Government, maintained the position traditionaiiu
both parties. supporting the same by the authority
OF Lord Randolph CburchlPs associate and prede-
ecssor, Sir Stafford Nortbcote and closing follows:
/" 1t lie obvious that her Majsstys Government could
aLa tor in a
new monetary conference until they had previously
determined what policy they should initiate consent
TO. The whole subject is understood to be under
consideration Of the Royal Commission the
Depression of Trade but my Lords find nothing in
the correspondence and information before them which
should induce them depart from the instructions
given to the representative OF this country at the
con ference of 1881
The third report last summer. of the said Royal
Commission, of which Lord Iddesleigh tNOrthc0eD is
chairman, after reference to every cause tor the
changed relative value of the two metals except the
frat cause to which shall presently aude, ended by
recommending special gold and silver commission.
BY the return OF the Tory party TO power in the
elections of July that recommendation tell into the
hands of those who had made it, In September, the
Royal Gold and Silver Commission created, a
petition signed by 243 members Of the House OF
Commons had requested that it should be-
"To inquire whether il is possible 10 suggest any
remedies within the power OF the legislature or the
government by itself in concert with other powers,
which would be effectua in removing paating the
evils OF inconvenience thus caused, without injustice
to interests and without causing other evils
Inconvenience equally great. Lastly, if the commits
sion are of opinion that this possible. they should
state the precise form which such remedies should
take and II which they should be applied
But the OF the Tory party to power was
sgnazed by distribution of cabinet Offices. The
First Lord OF tae Treasury iIddesleishl aud the
Chancellor OF the Exchequei iicks-B Beach who had
siccessively held the leadership of the House OF |
Commons and whose opinions had been cited by Mr.
Gladstone's government Tor rebuke to the India |
Office translated to other functions: whereas the
former secretary OF State tor India. who in January.
had urged every end1av for international agree
ment revive the tree coinage OF silver, took the
ohaneeloshp Of the exeueauer and the leadership Of
the House OF Commons. In that place and ohce Lord
Randolph Churchill announced, on the 9TH OF
September, the members of the Gold aud Silver |
Commission. Its chairman. viee-president OF the
Bin,etae League and Of its expert members, the
financial secretary OF the Government OF Indi a, are
known by those who themselves with the
views OF thinkers this subject to share the belief
that international agreement to open the minis Of
the leading governments TO the free coinage at fixed
ratio of both gold and silver into unlimited legal
tender money would suffice to restore the relative |
value OF the two metals to their old stability.
Whatever may be the conclusions of this commission
whatever the prosperity of those conclusions with
cabinets paraments, its appointment and character
mark chan attitude of the British Govern
ment toward that belief, least from Indifference TO
considerable .ttentlou. The change Is important.
Nevertheless weghty are the words OF Mr. Gladsones
Government reiterated last May: AN entire change
In public opinion take place before change ot
monetary policy in this country could be seriously |
coute nplated." While Of light and leading may
strive form public opinion in matter OF critical
port the general prosperity, bat reccndte
that not one Englishman in hundred thoIsand is !
capable 10 form judgment on it, and 20 repellent
that uot halt the capable will try, ye even tor
agreement among the competent, silence among the |
petent, aud faith among the masses, time viii
be necessary. Moreover, in Great Britain as
elsewhere has been the fashion TO diseredit the
mere schemes of currency -mongers or OF ignorant
ipHauoDists bimetalli; theory OF money long pre-
vent the successful practice of nations but which
both scientific statement and authority 20
generation later than that which could but conceive
Angio-ecntrc monetary system. Apart from |
prejudice wont and will make Il difficult, like the
change TO the modern theory of the planetary |
movements, for generation born and bred since 1915
to interpret the junction Of money from universal
instead of an insuiar point of view
am, therefore, Tar from supposing that the recent
heavy tail silver compared with gold, aud its effects
upon Indian finance and English trade, have dspeed
an Illusion prevalent in Great Britain tor seventy
years or that the changed attitude of her present
government amounts to a candid confession that the
act OF British Parliament in 1916 the fount and
origin the present great disturbance OF tie monetary
peace OIL the world which her persistence in has
aggravated and prolonged
THE BRITISH GOLD STANDARD ILLUsION-oRIGIN OF
THE Monetary DIsLocArIoN.
The illusion consists in seeing the standard
of commodity prices throughout Great Britain, in the'
gold exclusively coined by her mints instead Of in the
silver and gold OF the world.