New-York tribune., 1886-05-27
G1FFEN AGAIN CRITICISED,
Mr.. FREwEN on THE CURRENCY QUESTION
NEW CHAMPION OF BMONO-MErALLIsM-THE ISSUE
IN AMERICA.
(BY CABLE TO THR TRTBUHr.
,pAYicbf, ISae Nth <-..f-... Iolr.

lBT CABLE TO TRrBUSr.
Copyright, 1896 North American cable Neos Co.
LONDON. May 26.-WillIam Henry Hurlbert
obligcs The TRIBUNE correspondent with the fol.
lowing remarks Of Mr.. Frewen on the paper read
by Mr. Gifen at the recent meeting of the bankorS
organization:
The three points which Ir Gifen attempted 10 maks
rs against tcaets Of bmeaism we're unfortnn atev
selected. There is defensble side to monOinetalsm
no doubt; at least may fairly assume thet such n
the case although perhaps Mcssrs Gfen and Muhrsu
have failed to show it, But Mr. Gifens point thas
ought Interfere by arranging curr.ncv
medium and that the OF such inerf~rcnce create.
II two legal tenders prescribed instead OF one eydes
the bimetao argument. which Is that 1t 10 the duty Off
government In this connection. that s It nter,eres A
all, to secure currency. whether Of metal or two
tho Influence OF which would be to keep prices steady
force upon It's otizons such legal tender a. goh
which is apprccating very rapidly By OF ncreas
ing scarcity and Is thus aggravang and destroying the
between debtor and creditor to the confusion
Of all social order and well being
Tho second lesson which Mr. GHcn attempted read v,s
intended to show that the bnetac action OF the French
currency for eighty before 1873 did saco u,
keep tho OF the two metals steady that there WA
in fact, fuctuatioH amounting to nearly per cent
The next speaker, Mr. Herman schmidt. reduced ths
two per cont rather less than per cent, Mr. Gif.
fms figures bolng based upon Old bourse standard OF
gold price Which discontinued more than thirty
years ago. The obvious answer, however, 10 Mr. OF.
I'M. objection Is in tho eighty years under reyev
when the bimetsilc action of France was operative
tho variation OF ratio was little over
per ccot, whereas have encountered
during the thirteen years since 1873, when
France Withheld her support Of silver nuc
uaon represented by the difference between sixty and
threc-ourth standard ounceanI the present.
value less than fory-sx pence in other words, nuct
uation In the ratio OF over IS per cent.
The third objection to binetalism not more happy
than It's predecessor Mr. Gien ackno wledged that the
fall in prices during twelve years had been oi
80 per cent Of which be admitted that more than 20
cent caused by the appreciation OF the stand
ara on account OF scarcity In gold, but he esu-
mated that only 10 per cent Of this could have
been obviated had silver been generally retained in
the worlds currcncleA The gsmo was therefore not
worth the candle. think, however, that the harasset
trader would regard rise Of 10 per cent with much
the feeling Of satisfaction the traveller IN the
Sahara who arrived exhausted by thirst at the OASIS OF
Tell.
The discussion Mr. Ginens paper was memorable
for the extraordInary sympathy shown BY crowded
house with the swashing blows delivered by that dis
tinguished currency writer Mr.. Schmidt upon the hmsy
ramparts inside OF which Mr.. Giffen had attempted
to intrench himself Only two years ago
Lord Wolvcrton, tho senior partner in tine
great banking house OF Gyn, and how member OF the
present Government said to me- There are only two
silver men England; is Mr. Henry Grenfeli. the
present Of the Bank or England anu yet 50
speedy development that here At crowded
meeting OF the bankers OF London the gold bugs were
clearly In minority One incident Is most noteworthy.
The Right Honorable Ct. Shaw-Lefevre, a very promf
ncnt politician and a member OF Mr. Gladstones lass
Cabinet, stepped to defend monometallsfn, II
with discretion at least with considerable
courage lie made no pretence Of fencing with
tue lie said on the contrary, IL
is quite true that the currency contracts ths
burden Of all debts s pdr pdssa increased 10 ne oee-
tit Of the creditor classes BG; what OF that Tie com
lnunlty a whole IS not loser. what Is IOst ny tno
debtor class 10 gained By creditor class Herein IL
entire involved Ia the silver question IN tho
United The advocates OF single gold standard
have carefully kept this position concealed from view.
buried under such phrases the honest dollar iad into
the hands OF toll Mr. Lefevre had forgotten for
the moment tnat the Government OF which ne
was q member had passed a reform bill which TO most
dangerous extent enranchsed the debtor class, ard
that class. armed with the ballot paper Is not hkey
look calmly while the patient back OF labor y
Deing broken by the increasing burden OF all deus
whether National o individual When Mr.. Shaw-
Lecvrc down the bankers preson who were In AZ n
pathy with gold standard looked rather blanKy over
at their sefconstituted champion.