The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-22
AN ENGLISH JOURNALS VIEWS or
THE CASE.

ton has assumed has produced very ac-
tive discussion OF II by the English peo-
pie. The London Spectator has very
elaborate article, which goes over the
ground with great calmness but so point
edly that we think we can render the
readers OF The Times no better service
than 10 condense Its arguments within
the limits Of one OF our articles.
II argues that the price OF silver must
surely arrange Itself in one Of these ways.
Either II must fuctuate, as It has so long
done. or II must drop 10 the point which.
with present means OF mining. is the
lowest possible; and this may be takens
experts tell us, roughly at about 50 cents
an ounce. or It must sink still further,
TO a point to be fixed by newly discov-
cred methods of extraction, perhaps 20
q cents an ounce. The last two cases are
/ what the public really considers formida-
BILE; but in either Of them silver VIII
remain, after the shock and personal
| losses are passed, nearly as useful as II
has been. The Spectator does not say so
/ in terms, but II plainly suggests at this
point that an international valuation
might give silver something very like
permanent fxity Of value.
| But It then takes up the question what
will be the consequence If it is wholly
abandoned as money metal except for
the purposes Of token coinage, and its
remarks on this point are too astute and
comprehensive to be abbreviated:
But suppose silver keeps fuctuating just
| as copper and tin do and worries Govern
ments more than they can bear. ms It
worried the Government Of India? Then,as
| Il seems to us-and IL must be remembered
| that we are only thinking the matter out,
| and make no pretensions TO be great eX-
per1s-the way ont must be the Indian
one-to adopt the gold standard, and use
silver as token currency only for internal
trade; and the question resolves Itself
solely into this, Can the world get gold
enough TO make il the worlds standard
without a most oppressive appreciation
Of gold? With all the world wanting the
metal. gold must so up; and can the
world bear that? We do not know "f0r
certain" any more than anybody else
does but the world did bear a sudden
and terrific depreciation Of gold I'm the
fifteenth century without going 10 pieces,
or knowing, indeed, exactly what was
happening to It. Ii Is by no means GER
tain that the new trouble, supposing 10
coming-and II is coming, If India gets
a gold standard-will be so very terrible.
The gold supply Is Increasing, and will
increase for years as Africa and Australia
and India are better searched, and as
gold appreciates they will be searched with
a microscope. Then the movement Of gold
from country 10 country Is facilitated by
every new steamer or other Improvement
in locomotion. and that makes the guam
titles required 10 meet international de-
mand less, just as a clearinghouse makes
Il less.
Next, it IS not only possible. but easy,
when men begin 10 understand their need,
to abolish the use of gold all over the
world for pieces under two pounds vaiGe.
end to place such a tax on gold plate
which has no use whatever, except as
an article Of beauty or luXury-as shall
drive, say, twO-thirds Of all gold into
the mints. where IL is, on the hypothesis,
Of use to the community The Govern
ments, remember, will want 10 keep gold
steady and will fall in willingly with any
legislation which the experts consider ne
cessary. without rejecting too deeply on
the interests Of traders, who are. in fact,
hit heavily whenever new tax is inn
posed. Then the object being the storage
of all the gold in the world I'm Govern
ment cellars and those OF State banks, we
must all come to one-pOund notes for the
daily transactions Of life. They are nasty,
dirty things and their makers do not
make them strong enough; but they must
be used to lessen the daily requirement Of
gold, whether men like il or not And TIM
ally we do not quite despair OF an interna-
tional paper currency in very large notes.
People may smile at that; but the thing
very nearly exists now. At least we fail
TO see the difference between that and a
Bank of England post bill, which you can
take anywhere and get money for al the
exchange Of the day, just as If Il were a
bag Of gold We conceive, at all events
that when the interest Of all Governments
is alike-as. If they all adopt gold as the
standard, II will be-the using-up Of gold
may be and will be greatly lessened. pos
sibly so lesened that the appreciation
may not be found excessive.
Appreciation, Of course. there will be
and the suffering to all who have 10 make
fixed payments will be considerable But
we do not exactly see why the community
should consider this-except I'm one re-
spect-any more than Il considers the
landlords sufferings, owing 10 the fan I'm
the price of wheat. Business goes badly
for class. that is all: and the sufferers
must marry Americans. or get out OF the
scrape in any other less attractive way
they can find. The national debts. no
doubt, are more important: but then do
we not exaggerate their importance TO
the taxpayer? As fast as capital accu-
muiates, interest dmmishes. An over the
world IL has diminished I'm the last thir-
ty-nve speaking rOughly-from :
per cent. 10 3. and the process is still 20
ing on. AT this moment, II the fear of
that wretched great war could be lifted
OF Europe, the solvent Governments could
borrow at little more than per cent:
and II is their rate which fixes the rate.
Tor mortgages and all other transferable
hNed payments. The people would not
benefit, as they ought TO do, by the reduc-
uoh; but they would be exempted by the
reduction from any fresh exactlons caused
by the appreciation OF gold. OF course.
IL that appreciation were enormous they
would suffer; but then how is that suffer
ing 10 be avoided? BY bimetallism. say
some very able and honest thinkers: bur |
then, apart from other questions hi |
metallism is just the experiment which |
has been rejected. The action Of the |
eminent of India, sanctioned from |
home and approved by the experts work |
ing with Lord Herschell, NAV mean n |
great many things, but 1t must mean |
NO" to bimetalism.
The numor OF those American marriages |
is worthy OF Dickens.