Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-04-12
GLADSTONE ON Bi-MgTAlIsM.

to the Benefit of English Creditors who
Have Owing to Them at Gail Three Iii
Hon OF Dollars.
The present English government has
been understood as entertaining favor.
able views of the propositions of the bi.
metallists- The recent speech of Mr..
Gladstone gave no encouragement to
that understanding. He denied that
any substantial proposition practica BILE
for England had as yet been advanced
by the supporters of bi-metallism, Oh
that it would be possible to change the
existing standard by any of the plans
which have been offered The as
sumption that England alone stood in
the way of universal bi-metallism he
answered by pointing to Russia, Ger.
many and Austria, whose delegates
were instructed to state at the Brus-
sells conference that those countries de-
sired to make no change in their none
tary systems
The root of the bi-metallic agitation,
Mr.. Gladstone imputed to an attempt
on the part of its instigators to elevate
prices The means by which this OBJ
ject is to be attained 'tare to supply
people who require money for the pay
ment of debts or purchase of COM
modities with a currency to which they
will have access on easier terms He
continued as follows:
1t is uneuestionably easy to lower the cur.
rency little by very mild and genial process,
like some OF those medicines which are admin
1stered to the system and which work without
violence or pain Now, ask any gentleman in
this house to put himself in the position of a
mo rhfNh 7
whom 1 am addressing have money at call
that money must be paid TO him under the law,
every farthing of it, in sovereigns But sup
pose my honorable friend by his eloquence and
the aid of those who support him. should
have induced the house to pass bill IN
der influences prevailing elsewhere, by
which after a particular day the
money out at call and now repaYable in sover-
eigns (and in nothing worse) would become re-
payable in either sovereigns or silver in a ratio
arbitrarily fixed by the state, what would be
its effect? After that particular date they
would get for the money out at call rather less
in real value than they would get before that
date The consequence would be that mono
metalists, bi-netallists, silver men and gold
men-every one OF you-would call in every
farthing you have out at call. You are not go
ing to be content with 500 or 995 after a given
date If you can get el00 by calling in you money
before that given date. BY the by, I think Mr.
Gffen the highest living NEUTRALITY-SUSPICIOUS.
there are many living authorities well acquaint-
ed with this Subject-esti Inmates that the sum SO
out at call is about 5000 900, and want to
know what is to be the effect of saying to the
owners of that 100000 00J: ALLOW your money
to remain where it is and you viii have to take
$50 or Eos for every &l00 but before a given
date you could get &l00" 1 want to know
whether they would not call in their money
when they could get el00 want to know, too,
what would be the effect on the credit of the
country and on the stability and f1rmness of the
best banking houses in the land
He thought that the adoption of the
double standard would result in
English creditors presenting nearly
hundred millions of pounds sterling to
the world, and that England would
not depart from the monetary system
which had brought her commerce and
finances upon their present solid
ground 1t will appear from the fore
going that the premier made no serious
attempt to answer the bi-metallists;
that he did not even endeavor to prove
the proposition that the enforcement of
a bi-metallic system would render it
easier to pay debts. Nor did he attempt
to overthrow the most serious assump-
ton of bi-metallists to the effect that
gold had appreciated and is still stead
lily approaching, to the augmenting dis
comfort of debtors His address was
perhaps characterized by too much of
that bluff English selfishness and assert
iveness, excellent for mere politics but
execrable in discussion of proposed
reforms in the monetary systems of the
world. 1t may be that the mono-met-
allists are right, but their cause will
not be advanced by adhering to the
argument of self interest and the ex-
clusion of all others If this is all
they have to advance in justification of
the gold standard, their cause is lost.
On the other hand, there is everything
to gain by the broadcast view in the dis
cussion of a subject which allows for
such extensive difference of opinion as
the question of this standard of value.
1t is, indeed, by combined criticism and
exposition that we make any advance
in any branch of knowledge.
In reply to Mr.. Gladstone, the ex-
chancellor of the exchequer, Mr.. Cos
chen, a financier of worldwide repute.
made the following grave statements:
The right honorable gentleman spoke with
fervor with reference to the necessity of the
fxity of our standard. But that standard has
suffered through the withdrawal of its partner
to so large an extent Originally there was
partnership between the two metals. The one
partner was withdrawn almost all over Europe
In some countries it became sleeping partner.
but generally silver was dethroned and gold
was left To do, unatded by silver, the work
which formerly gold performed in conjunction
with silver. What was the consequence? OF
course the fxity Of gold suffered. because the
hxity OF an article with reference TO commod-
tiles must depend upon the extent OF the de-
mand with reference to the stock of that metal
or Its production And If gold suddenly was
called upon to do more work than it had done
before, Their the gold standard suffered in its
nxity. -
He concluded by supporting the mo-
ton favoring another conference at
Brussels and thus attempt to solve
questions in which Lancashire is
deeply interested, in which India is
vitality interested and in which labor
begins to feel more and more interest"
American Banker