The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-03-27

the rate of duties. The landed party
now is bent on arresting, if possible, the
further fall in prices, and the leaders be-
lieve this can only be done by increas-
ing the volume of the currency. This is
not their doctrine only, for they cite Mr..
Goschen, Mr. Giffen and other English
authorities to show that gold is rising in
value through increased demand and di-
minishing supply OF that metal, and they
seek to ease the pressure by re-establish-
ing silver as legal tender in Germany
and urging its establishment elsewhere !"
A Double Standard Association has
been established in Germany, which is
pressing bill in the Landtag and Reich
stag, containing the following cardinal
points: /. Silver money to be made
legal tender 2. Recoinage of token
money over one mark. 3. Free coinage
Of silver. A. A fixed ratio between gold
and silver. 5. France, the United States
and Holland to be invited to adopt a
similar measure. These points, if they
prevail, would restore prosperity to Ger
many, and the Berlin correspondent of
the London "Times" is authority for the
statement that Prince Bismarck admits
that "the adoption of the gold standard
for Germany was a mistake"
In England similar Double Standard
Association has been formed, prominent
among the members OF which are the ex-
President of the Bank of England, sew
eral members OF Parliament and the
leading manufacturers OF Lancashire.
The latter trace the depression in trade
and agriculture, in other words, low
prices all around, to the tribute
exacted from industry by usurers who
have obtained the control of
credits through the operation of the
gold law. Mr.. F. Hardcastle, President
of the Bleachers' Association of Man
chester, and himself member of Par
Lament, presented the following argu-
ment at recent meeting of that impor-
tant body, setting forth the injury the
gold law of England was inficting upon
the manufacturing industries of the
Kingdom:
Between 1878 and 1884 the increase OF
spindles in England was 142, PSI; in India,
I'll 961, and between 1880 and 1884, both
inclusive, the exports of cotton yarn from
England to China and Japan fell from 46,
425 800 pounds to 80 500 100 pounds while
the Indian export increased from 26, 901 ,346
pounds to 65,897 1873 pounds. During the
same period the percentage of increase on
Indian looms was 54.39 and on those OF
| England SOL and English exports of piece
| goods to China and Japan fell from sos,
| 736, 400 yards to 440,642, 700 yards, while
! those of India increased from 30, 424 ,03z
| yards to AZ ,968 OH yards. The belief is JUS
| titled that these results are due almost en-
| tirely to the stringent gold recommendation
| of England and the abundance of silver in
India The resulting appreciation OF ID, Brit
| ish gold induces boarding, while the cheap
ness of Indian silver leads capitalists to
! use it actively in reproduction.
These points are of value to this coun-
try, because they tend to show that nc
matter how wealthy or enterprising a
community may be, if by law discrimi-
nation is made in favor of gold as the
sole measure of value, it must ultimate
! ly impair business, reduce prices, and
! place the industries and wealth of the
! country under tribute to money changers
sively gold basis. In the United States
silver has nearly won the day; it will
assuredly win in Germany and England
and then the emancipated industries OF
| the world will be able to discard the
| clumsy device of tariff exactions, which
| only restrict competition and lessen con.
! sumption.