The times. [volume] (Richmond, Va.) 1890-1903, 1891-12-16
INTERNATIONAL MI-METALIsM

Notwithstanding that President Harrison
in his recent message. took the ground that
the chances for an international agreement on
bi-metallsm were discouragingly remote. II
does look as il Europe were awakening to the
necessity for some such understanding. Great
Britain has fought more persistently perhaps
than any other country for single gold stand
ard, but there the change in public sentiment
In the past few years has become decidedly
marked, and il is understood that upon the
action Of Great Britain that Of Germany will
largely depend
IL is matter of noto that twelve months
ago the British Chancellor of the Exchequer
expressed the opinion that the gold basis OF
highlands monetary system had become dan
gerously narrow. and lie suggested that IT be
broadened by the issue Of ten-shilling notes
against deposits Of silver. This did not meet
with much favor, It is true. but that 1t Is felt
that the metallic reserve OF the Bank OF Eng
land should be increased is shown By the
proposal Of Mr. Gorschen TO provide for
| draining the gold Of the realm into the bank
! by the issue Of Il notes Financiers claim,
! however, that if this is done. it would
probably amount 10 no more than the feeble
palliative OF an imposing show of resource
without really adding to the banks strength
in times of crisis.
II seems that the whole trouble with Eng
land is that she has made silver unavailable
for international settlements. and is unable
to get from the outside world sufficient gold
needed for her Increasing commerce. In fact
it is stated on high authority that all the
financial dangers which threaten the
European commercial and money centres arise
from the characterization of silver causing "A
gold famine
This is being realized by all the European
countries. and England above ali others must
sooner or later feel it because Of her large
commercial interests in India. In that por-
ton of the British Empire merchants are
complaining bitterly of losses arising from
fluctuations in tho value Of the rupee which
are seriously menacing their soivency. The
manufacturing centres of England itself are
also complaining Of the daily fluctuations
of the rupee as exposing them 10 grave
dangers, while in Lancashire the United Tex
tile Factory Workers Associations. number
ing some twenty associations Ct mill opera
tiyes. have prepared a petition TO Parliament
urgently praying for relief in this matter. 1t
is very easily to be seen then that. ms the New
York Commercial Bulletin says. THE silver
question has suddenly become burning one
in England and the British Government can
not much longer continue its refusal to sit
in international council for discussing it to a
purpose
If this country will agree upon an honest
system of bi-metalsm and will give us IN
limited coinage of gold and silver dollars
intrinsically equal in value. and readily inter
changeable the one with the other. an inter-
national conference for agreeing upon a
similar system Of bi-metalsm throughout the
world will most likely speedily follow as a
matter of prime necessity. At any rate the
silver countries of the world will look to the
United States for relief, and if England
obstinately persists in her course her trade
will be badly injured. and New York will
become the recognized money centre of the
world