The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-04-27

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Tx INDErENDENT is in receipt Of the
report Of the proceedings OF the bi-
metallic league held in Manchester,
England, on Feb 6. which forms a most
important contribution 10 the literature
OF this all absorbing question. The an
nual report OF the secretary, which was
received with applause, shows most
encouraging growth OF public senti-
ment in favor Of bimetallism. "The
only barrier TO the establishment Of an
international joint standard, it declares,
Is the British government. The United
States. France, Holland and India are
known TO be ready to join in such a
union. and one Of the Prussian minis
tiers, speaking for the emperor Of Ger
many, made this important statement:
Il am empowered in the name Of the
emperor to declare that We cannot shut
our eyes to the fact that the low price
OF silver has an influence on the general
level Of prices and that the constant
fluctuations IN the price Of silver have
an unfRvorable effect on our working
population" The minister added that
his own government was now ready TO
deal with this question in a practical
manner
One Of the most vigorous speeches at
the meeting was that Of Sir William
Henry Houldsworth, a member OF par
lament He strongly advocated the
union Of all advocates Of bimetallism in
the various countries Of Europe and the
United States who are fighting for the
same end, and should fight shoulder to
shoulder instead Of in detachments
Another foroiblo speaker was Mr. W.
II. Grenfell, a former member OF parlia-
ment, who showed that England could
not maintain her trade with other coun-
tries il she adhered to gold standard
and those countries used silver
Professor FoxWelrs address was per. /
haps the most significant, as that gen
tleman represents the leading school Of .
British political economists. He stated /
unreservedly that almost without ex-
oeption the monetary authorities Of the
old world we're now bimetallists. On
this point he said: ut may be partly
owing 70 the natural development Of
opinion, partly TO the vivid light thrown
on the situation by the striking mon
etary events Of the past year; but
whatever the cause, there can be no
doubt that economic opinion has dis
tinetly advanced In the direction Of the
views which We advocate. Our ranks
have received a notable and weighty &C
session in the person OF Mr.. Leonard
Courtney, whose many public distinc-
lions have probably obscured the fact
that twenty years ago be was professor
OF political economy at University col
lege. The British economists are prao-
tically unanimous upon what ia really
the fundamental point-that the mon
etary difficulty will never be settled
upon a permanent and satisfactory
basis until silver is again brought into
use as standard money upon the basis
Of an international union. There are
Of opinion among them as 10 I
the precise ratio between tho metals .
which will give the best guarantee OF 1
stability, but do not think these differ /
enoes will prove 10 be serious when We
come 10 the practical settlement Of the t
question"
Further on Professor FoxUell SAID; I
"In reviewing the events aud the con
troversiea Of the past year ! have been
more and more impressed with the fun
damental importance Of the appreeia-
ton q gold. This is the great fact
which lies 40 the root o. the whole
monetary disturbance; il is the pivot
upon which the whole question o. rem
edIes and policy turn. The evils result
ing from the fluctuations u exchange
sre too obvious 10 be explained away.
and need no enforcement by me. The
events n tho past year must have /
brought them home % every one, even
% the dullest and most perverse Ian
don editor. Moreover. the disturbance .
Of exchange n itself only one o. the /
many consequences o. tho appreciation /
Of gold. To this latter point. then. our .
closest attention should be directed. /
his is all the more necessary because
this appreciation OF gold, widespread I
and serious as are ita effects. is it,elf
more subtle, less tangible and less OBJ /
vioua affair. To the superficial observer
It masks itself under the specious guise
Of 'sheapuess.' Moreover there ia "A
large and powerful class which mag /
ines its interests 70 lie 10 promoting APP /
probation. The FIRST proposition sub /
NIT to you is that gold has appreciated
seriously since 1913, and that the test
and measure d that appreciation is the
fall in general prices. Modern legisla-
lion by thrusting more and moro work
upon gold is necessarily HRpreciating ID.
The new legislative action which We
propose would make silver once more
share On equal terms With gold the work