The times. [volume] (Richmond, Va.) 1890-1903, 1893-09-05

"No doubt Mr.. Courtney Is right In
polntinR out that the first OF these hard
ships-the depreciation OF the silver
boards OF the Indian peasant-can cas-
fly be exaggerated. and that since many
OF those boards are I'm coined silver
the raising Of the price OF the rupee
will often help rather than inJure the
ryot. Stll. when all Is said ana aohe'
the fact remains that the lnoiah siuc
OF the silver crisis has been by no means
surmounted. and that II. as seems posi-
bic. the intrinsic value OF the rupee
falls 10 81. or 3D., We may need some
further means OF meeting the difhcui-
~. We say this not because we nave
come 10 think that the policy adopted
nv the Indian Government was other-
wise than courageous and sagaclous.
We fully admit that II was absoiuteiy
essential for them 10 shut the mints III
some form or other. All we wish 10
insist on is that the public must not con-
slider the silver problem solved ior ~"
dia."
II then adds. Though disinclined as
we are 10 take the side Of the bimetai-
lists. we cannot think, as Sir william
Harcourt appears to do, that the iate
Of silver IS nothing to us, and that Eng
land can afford to smile at the troubie
OF the silver using countries
Farther on II says:
.o7he notion that since things have
been made snug In India the silver prop
lem is over for England, Is an ahsurdity.
Trade is too essentially international LOT
me to be Indifferent 10 the fate OF silver
even granted that We have managed 70
keen India from getting involved IN the
Ct n
world must hurt us, since we sell 10 the
whole Of mankind Take, for moment
what Is going on in America. Can any
sane man pretend that the disturbance
Of business. the breaking Of banks, the
insolvency Of great traders, and the gen
eral distrust. can have anything but an
IN effect on the trade OF England9s
When. then, Mr.. Balfour says, as ne
said II the Mansion House and In the
House OF Commons, that 1t behOoVes us
to sec II something cannot be done 10
restore silver 20 It's old place IN the cur
rency Of the world, we are In agreement
with him. That is. In our opinion. not
only a perfect legitimate object, but one
which demands the closest attehuoh Oh
our statesmen.
"A moments reflection will show how ex-
tremely difficult is the position OF English
men Of business who trade with countries
using a silver standard as long as silver
is liable 10 still further depreciation.
people trade not for the love Of it, but
10 make a profit The merchants ana
the manufacturers first thought is III
buy or produce at IS ton. shall be
able to sell at IS IA ton? Information
reaches him that in the East he can at
this moment get for his goods an amount
OF silver equal to % IA per ton, and he
accordingly bargains 10 do so. BY the
time however that he has sent his goods
and got his silver. the price Of silver
has fallen, and he can bring back no
more than 6 per ton. His profit, That
Is, has disappeared I'm the fall In exchange.
Under such circumstances, who can DOUBT
that while silver IS perpetually raining
trade is stopped and injured? Though
steady standard Of vpiue Is best for trade,
a rising standard OF value does not de-
strov st. A falling standard, however
makes business almost Impossible.
Whether gold Is, or Is not, appreciated we
do not pretend 10 say. But no one, we
think. can doubt.-0), that silver IS de-
preciated and (2), that such depreciation
is bad for trade.
The Spectator then comes very near
opening as an unconditional advocate OF
bimetalsm. 1t says:
silver by Government action is
very difficult question. Many per-
sons will no doubt declare that Mr.. Bal
tours appeal TO his countrymen TO do
something for silver is like the episcopal
appeal over which Mr.. Matthew Arnold
made so merry. We are. however. inclin-
ed to think that the hope of being able
to do something for silver by internation-
all agreement is not altogether absurd.
"These ways Of doing something for
silver would have been discussed at the
last Brussels conference but for England
and would have had the support of many
Continental mOnometallists. IL was, in
no small measure, our refusal 10 do any
thing for silver. which made the Brussels
conference a 1asco. and brought on the
present crisis.
as we have said above the silver crisis
IS now entering upon its most acute
stage. Under these circumstances, we hold
that Mr.. Gladstone and the Government
should think long and carefully before
they decide either that there is no need
10 do anything for silver or that nothing
can be done for silver The question IS
AT any rate, one which ought not 10 be
settled ofr-hand by joke or a sheer
Here is promise Of something substan-
tial for the free silver men TO go for.
Let them turn their attention to this, and
they win secure the support of intelli-
gent and conservative men.