The times. [volume] (Richmond, Va.) 1890-1903, 1893-08-20
THE LONDON TIMES on BIMErALLIsr
BALFOUR.

BALFOUR.
In another article we have taken sharp
issue with one Of our own party friends,
Mr.. Bryan, OF Nebraska, but we are not
| unique in doing so. The London Times
! has hauled its party friend, Mr. Balfour.
| over the Goals for his recent speech, ad-
| vocating bimetallism, with a very keen
and pointed pen, and we will endeavor TO
give our readers this morning some ac-
count Of its article.
Remarking on the fact that Mr. Balfour
expressly disclaimed any attempt TO
speak for the Conservative party, It says
that he cannot divest himself of his char
acter OF leader of his party, and that
while he cannot commit the party, he can
cause It serious embarrassment. 1.-THE
leader Of the opposition in the House of
Commons cannot" It says. make a set
speech upon a public platform about a
matter on which Parliament may be ask
ed to legislate without directly affecting
the political position of the party" and It
then says that in taking position for
bimetallism he is publicly separating
himself from the bulk Of his followers
and from an allied party which Is strong
ly opposed to his currency theories" This
is very important announcement, in
deed.
Coming then TO the actual question dis
cussed by Mr. Balfour. the Times has
this to say:
Mr.. Balfour tells us that he has ponder
ed for many years over currency ques-
lions, yet he has not escaped from the
fallacy Of supposing that there is guam
titative relation between the metallic
standard and the mass Of transactions
which 1t measures. He states this fallacy
in the broacest possible manner lie
says that if the world is 10 grow in popu-
lation st is evident that with each incre-
ment OF the population, with each aug
mentation OF the commerce, you throw
a greater strain on the standard in which
the transactions of the community are
measured Yet any bankers clerk I'm
the city could tell him that. while IN
crease Of transactions demands, and pro-
duces, an increased amount of currency,
the whole tendency Of commercial devel-
opment IS to reduce the amount Of stand
ard money In use. In other words, the
amount Of gold required 10 liquidate a
given volume of transactions depends
upon the perfection TO which credit and
banking arrangements I'm general have
been carried. No blmetalist can ever be
induced to SAGE the everyday phenomena
Of the bankers clearing house, because
they cut at the very root Of his funda-
mental assumption.
There Is no satisfactory evidence for the
appreciation OF gold, which is the grand
bimetallst bugbear. There are reasons
lying on the very surface Of commercial
affairs fully adequate 10 explain the most
general fall in prices that has ever been
proved. The appreciation OF the standard
Is a purely theoretical assumption, SPRING
ing from the untenable notion that more
standard Is required for every increase
In the mass OF transactions. This being
assumed, the next step is 10 dilate upon
the evil OF an unstable standard: and.
because II suits the bimetallist case, we
are Dramatically informed that OF the
two kinds OF instability appreciation is
far the worse. To bolster up this asser-
ton mankind are divided into debtors
and creditors, regarded as two fixed az
eregates; and upon this Pigment are based
the most alarming pictures OF the suffer-
ing inflicted by one class upon the other
But any one who looks at everyday
facts, instead Of befogging himself with
abstraction knows very well that
every debtor is creditor and
every creditor debtor Appre-
citation or depreciation. assuming
such thing to exist cuts both ways; and
so long as any change In prices is fairly
gradual and continuous. It can be dis
counted for the majority of purposes with
an accuracy that disposes OF all these
fancy pictures OF widespread calamity.
This is very neat and most convincing
answer to the bimetallists' argument, and
we do not see how II can be met That
is a poser put by the Times, that the
whole tendency Of modern traffic is to
eliminate standard money from transac-
tops, as credit and ranking arrange
nlents are improved. That is, the whole
tendency of the world is towards enectlng
exchanges by transfers OF credits instead
or by transfers Of cash. This teing so.
n stead OF more standard money being
necessary, the demand for standard
m"Iey is every day glowing less Every
INNS own experience teaches him that
this IS absolutely true. A proposition in
q is connection which we recently met
profound impression on our mind. It
Is this. Infinitely the largest part Of the
gold in the world is in ornamentatlon
OF one sort and another. But small
proportion Of 1t Is in coin. Now, is II
possible to believe that il there were q
deficiency OF gold coin for the uses Of
the world this would remain the fact?
Would not the gold come out Of the orna-
ments and go into coin? II appears TO us
certain that it would. and, IL 1t did not
come out voluntarily under the influence
OF the law Of demand and supply, men
would force it out by heavy taxation OF
ornaments. BLt the fact that It is left
in ornaments proves oonclusively that
men do not want 1t for coin.
SHALL THE SILVER SENATOR'S mr.