The herald., 1894-04-24
-~@-|-7@7--77-@
A BRITISH HIMRTALLIST.

OF all the bimetallists that have
grown into prominence under the Brit
ish system of colonization, Sir Julius
Vogel, of New Zealand, is probably the
most prominent. A man OF less ecien'
tito education than his two old parlis-
mentary antsgonists-sir George Gray
and Sir James Hsctor-he surpasses
them both in his ideas OF what is in
tensely practical and needed in the pUr-
suits OF our daily life.
Sir Julius is we'll into the seventies,
but a man OF well-preserved physique
and intellect; and he is never 80 happy
as when contributing something to the
magazines or newspapers. He has con-
tributed to the Nineteenth Century
very cleverly written article on The
Scramble for Gold in which he takes
different grounds from the local bimstal'
lists OF the South Continent in account
ing for the present snti-slver troubles.
They have been organizing silver clubs
all over that country and holding dis
cussions on bimetallism in all the
larger cities until they have virtually
exhausted their subject and converted
their debating clubs into mere mutual
admiration societies. One man went so
far as to assert that free trade is inn
practicable without free coinage OF
silver.
Sir julius thinks that, if she goes on
as she has gone for twenty-one years in
her effort to elevate gold and depreciate
silver proportionately, England will be
unable to keep up her supplies OF gold
because competing nations will do their
best to prevent her from so doing. OF
that there can be but little fear. Aus
tralia, even in her present deprecated
financial condition, is shipping to Eng
land an average of $50 900, 900 per year.
while the newly founded colonies in
South Africa will likely greatly surpsss
that amount in two years more. Hence
che has but little to fear in that respect.
On the contrary, the increase in the
stock OF gold would tend to raise the
price of silver and lower that of the vel
low metal. The real danger to England
lies iu what Sir Julius, in his otherwise
sxcellently written paper. seems wholly
TO overlook. England is the great |
,reditor nation of the world, for the |
Iimple reason that she has beOn the |
ongest Gin business at the old stand"
Among the nations that are her debt
'rs we may include all the states of
south and Central America. Most of
hese are producers of silver and have
aothing else in which to repay their in
iebtednees. Once let England put On !
the thumescrews by obliging them to
pay more than they owe, aud there will
be game opened at which two can
play. Depreciation of silver on the part
Of England must be followed by repudi-
alton on the part of the small debtor
nations, for they are now taxed to their
utmost, and to pay their debt and inter
est in gold would bs to double their OBJ
legations and their taxes.
But careful scrutiny OF Sir ulius'
paper in the magazine above men
toned will be found valuable to the
reader who is likewise thinker. His
lines of argument have the freshness
and novelty of a man who studies out
for himself. Many OF our
American bimetallists. whose thsor ies
are but go much secondhand clothing
in trade, might peruse The Scramble for
Gold and learn something new. Like
all writer's who are impressed with the
justice OF their cause, Sir Julius is very
outspoken and at times dogmatiCal, but
he has given to the financial werld q
very readable paper, all the same.