The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1892-03-11

countries with metallic money. M.
LeVasseur mentions the gold mines of
south Africa as likely to become an
abundant source of yellow metal.
Still more recently M. Leroy Beaulieu
also called the attention OF his readers
10 these mines, advising them, however,
at The same time not to disturb then
selves with fears of any danger of n
marked depreciation in gold and a
mark ed rise in the price OF commodities.
FOR" said he, II believe such appre-
tensions would be premature" Well,
the truth is that these auriferous strata
| OF Africa have taken away from Europe
more gold than they have returned to
| her.
In the year 1889 the yield OF gold in
South Africa rose to about Ell, 75U, 900,
as against 100000 in 1855; but at the
same time the export gold from Eng
iand TO these countries rose from Ell
42o,394 in 1888 to $4,000, $50 in 1889.
And there is nothing astonishing in
such circumstance. Under the influ-
once OF the discovery of new gold mines
an enormous development Of the for
tunate country takes place, and espe-
cially when this country has been more
or less outside the commercial world
hitherto
FURTHER, 1t is naturally in new ooun-
tries that there is the most likelihood
of such discoveries being made. Then
all OF sudden there are RAILWAYS to be
made and towns built, and an enormous
mass OF new wants to be satisfied. The
old European countries send thither
their labor and capital, and as the new
sooiety thus improvised will require no
small amount OF cash, the capital will,
to large extent, be transmitted in the
form of specie.
1t requires certain lapse of time and
really considerable output before new
mines can really feed the stock of money
In the commercial world.
In fact, IL seems that from whatever
point OF view the question is regarded,
there Is no reason to lind in q simple
gold standard guarantee of a stable
value of money in any way superior to
that held out by the double standa ard;
and there are many reasons, on the con-
trary, which in this respect plead for a
bimetallic standard.
Now, If nation could pick out nice
little place for itself in the midst of
other countries, and arrange everything
so as to suit its own Interest," gold
standard for itself and some few friends;
only acquiring new territory if new gold
mines were discovered there; having be-
sides little silver cash on hand as q
subsidiary coinage, while other nations
continued to keep silver as their stan
dard money, SO that it should not fall
too much in value-then indeed, this
would be in no way unpleasant, that is
to say, for tie country in this favored
position. Undoubtedly; but the rest?
what would be their position? We are
speaking here Of the interests of all: it
is that which is under consideration,
And, as matter of fact, and this is far
from being unfortunate for the rest,
no single country has the power to
acquire such an exceptional position
Far from it. AS things now stand it is
between bimetallism and conflicting
standards that choice must be made;
and, however opinions may differ as to
what would be the best standard to
secure the stability in value of money,
if things could be arranged to suit
particular taste, l doubt il there will
be found any one who does not shrink
from conflicting standards with all their
consequent uncertainties.
But this brings US to the third argu-
ment which have advanced in favor of
bimetallism.
[ said that, in the third place, bimetal-
lism was the best monetary system, be.
cause so far as regards the individual
interest of each nation, it affords better
basis than any other for a monetary
organization sound in itself and whose
efficiency is likely to be permanent.
confess that this appears to be so
obvious as scarcely to need explana-
ton.
Allowing for the moment that it were
possible to find good reasons for pre-
ferrlng, in particular country, either
gold standard or a silver standard to
oimetalllc one; even then the desired
IDEAL could never be realized except on
the condition that elsewhere the situa.
ton in regard to the precious metals
should be such as not to disturb the
anticipations on which the preference
was based
Thus, for example, England for a long
time was extremely we'll off with her gold
standard monetary system; but this was
entirely accidental During the whole
time she has been exposed to the risk of
seeing the value of her money undergo
sharp fluctuation owing to some meas
ure taken elsewhere, over which she
had no control. This is exactly what
took place in 1870.
And it will always be so everywhere
as long as the choice of the monetary
standard continues to depend on the
legislative measures OF different coun-
tries, each acting independ, ntly, in
stead OF being the result Of an interna-
tional agreement.
Since the value of money, it's ratio in
exchange, depends on the use made of
the pre- cious metals in the commercial
world as whole, it follows that the
cholce OF a monetary standard ought
not to be mater for the decision of
different countries acting individually,
but should, on the contrary. be the re-
suit OF international arrangement. This
Is the form in which l am inclined to