Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1894-12-06

COnSlueTuJlUut hHNi lSsued minute 10
the subordinate governments condemG-
ing bimstallism in the strongest terms,
and declaring its entire adhesion to the
doctrines of Lord Liverpool. BY the
courtesy of the India office am enabled
to make this minute public for the first
time. 1t said:
"a proportion between the gold and
silver coins is fixed by law according to
the value of the metals, and IL may be
on the busiest principles, but, owing to
d change of circumstances, gold may be-
come Of greater value in relation to
silver than at the time the proportion
was fixed; il therefore becomes profita-
BILE to exchange silver for gold; SO the
ccin of that metal is withdrawn from
circulation and if silver should increase
in its value in relation to gold, the same
circumstances would tend TO reduce the
quantity Of silver coin in circulation.
As il is impossible to prevent the fuct-
uations in the values of the metals, so
it is equally impracticable to prevent the
consequences thereof in the coins from
those metals.
y n n
"But there is radical defect in the
principle itself of giving fixed value
to metals in coin that in their nature are
subject to continual change"
The minute then declared the uuhesi-
tating adhesion of the council to the
principle that one metal only should be
adopted as the standard unit, though
coins of other metals might circulate OF
their market value. The minute decided
that silver should be the sole standard,
which was perhaps natural under the
circumstances. But the error was most
unfortunate, and having been carried
out by Lord Dalhousie with the ex-
tremest severity by the total demoneti-
cation of gold, has been the cause of all
our present troubles.
The principles first declared by Petty,
Locke and Harris, which were fully de-
veloped by Lord Liverpool, which re.
ceived the entire adhesion of the Indian
government in 1906, that one metal only
should be adopted as the standard, and
that subsidiary coins OF other metals
might be issued in limited quantities
and made legal tender only for very
small amounts, were fully adopted by
the British government in 1916.
Thus while the binetallists of the
present day al!ege that IL fixed legal
ratio between the coins can control and
fix the relative value of the metals, the
| experience of five centuries and chain
of authorities, comprising some of the
most illustrious names the world ever
| produced, with the consequences of BIZ
metallism before them, clearly and
| unanimously decided that such an idea
is delusion, and that it is the market
value Of the metals which regulates the
relative value of the coins.
Bimetallists now admit that no single
country can maintain bimetallism by
itself, but they allege that if all nations
oil the world, or at least the principal OF
them, We're to agree to fix common
ratio, that would maintain a fixed value
between them and bring about stable
exchange between all nations. But such
ideas are delusion. When great laws
OF nature are once proved, they operate
throughout the whole world, and not on
single countries only. An international
agreement can no more make nine equa
to twelve than any single country can
If an international agreement were
made that the ratio between gold ant
silver should be to i5i, when the mar
ket ratio was to 30, the simple result
would be that all debtors would dis
charge their dabts at los. in tho mound
Gold would entirely disannear from cir
culatinn and silver wonId he the sal,
metallic currency of the world.
In 1880 Mr.. Atwood brought forwar,
, a motion to re-establish bimetallisn
Silver had then fallen only per cent
so that Mr.. Attwood's plan would hav,
declared los. in silver equal to rs. il
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