The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1893-04-14
GLADSTONE ON .sl-METALlsM.

Gt-ADS TONE ON 6t.ME AIiSM.
He Admits That the cold Standard Works
to the benefit of English Creditors who
Have Owing to Them at Call 1hree Hill
Han OF Dollars
The present English government has
been understood as entertaining favor
able views Of the propositions of the BIZ
met;.;lists. The recent speech of Mr..
Gladstone gave no encouragement to
that understanding. He denied that
any substantial proposition practicable
for England had as yet been advanced
by the supporters of bi-Eetallism, or
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 ''are 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 unquestionably easy to lower the cur
rcncy little by very mild and genial process
like some OF those medicines which are admin
istered to the system and which work without
.iar ,,-.ip I nQlx NM flavnn ~,
this house to put himself in the position of u
man who has money at CALI trust all those
whom l am addressing have money at call
that money must De paid 10 him under the law.
every farthing OF IT, in asovereigns But sup
pose my honorable friend by his eloQuence and
the aid of those who support him, should
have induced the house to pass o bill, un-
der Influences prevailing elsewhere, by
which after particular day the
money out at call and now repayable in sover-
payable in either sovereigns or silver in q 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
metallists, bi-meta1iists, silver men and gold
1en-everS one OF you would call in every
:arthing you have out at cali You are not GO
Ing to be content with ED or e95 after a given
caie il you can get El0J by calling in you money
before tnaC given utle by tnG Dy, L tulDh
G.ffen, the highest living authority-though
there are many living authorities well acquaint.
cd with this ssubtect-estimltest that ths sum 50
out ut call is about ESQ.,, ,00I,OU and want to
know what is TO be the effect OF saying to the
owners OF that 100000 o.: ALLOW your money
10 remain where it is and you will have to take
$50 or EOS for every sl00. but before a given
date you could get si0O." I want to know
whether they would not call in their money
when they could get fiOo want to know, too,
what would be the effect on the credit of the
country and on the stability an frmneSJ Of the
best banking houses in the lanL
He thought that the adoption of the
double standard would result in
English creditors presenting nearly a
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 eudeavor to prove
the proposition that the enforcement of
n bi-metallic system would render it
easier to pay debts. Nor did he attempt
to overthrow the most serious aassump-
tion of bi-metallists to the effect that
gold had appreciated and is still stead
lily appreciating, 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-
Ill, .r1, l,a;.
not be ad, alced by adhering to the
argument of Self interest and the ex-
clusion of all othcra 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 eXteisive 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, financier of world wide repI1e,
made the following grave statements:
The right honorable gentleman spoke with
fervor with reference to the necessity OF the
fixity OF our standard But that standard has
suffered through the withdrawal OF its partner
to SO large an extent Originally there was a
partnership between the two metals The one
partner was withdrawn almost all over Europe
In some countries ii became a sleeping partner.
but generally silver was dethroned and gold
was left 10 do, unaided by silver, the work
which formerly gold performed in conjunction
with silver What was the conseq quence? OF
course the fxity OF gold suffered. because the
fixity OF an article with" reference to commod.
ities must depend upon the extent Of the de-
maDd with reference to the stock of that metal
or its production. And II gold suddenly was
called upon to do more work than II had done
before, then the gold standard suffered in its
fxity.
He concluded by supporting the mo-
tion favoring another conference at
Brussels and thus attempt to solve
questions in which Lancashire is
deeply interested, in which India is
vitally Interested and in which labor
begins to feel more and more interest +"
American RanGer