Alma record. (Alma, Mich.) 1878-1928, 1894-04-06


the House Of commons by Sir II. Mason
Meysen-Thompson, who is not pro-
fessional politician or radical agitator,
but a leading railroad magnate and
steel manufacturer of England. His
speech was made in moving resolution
10 the effect that the government ought
to do all in its power to secure a reas-
.sembly of the international monetary
conference with view to restoring bi-
metalism.
The first fundamental proposition
laid down is that England, and England
alone, stands in the way OF the equal
and uniform use of both gold and silver
as full legal tender money throughout
the business world. Meysen-Thompson
does not see anything to be gained by
reconyening of that conference, if
England is to continue to play the part
of the dog in the manger. That
country is so great factor in the world
of commerce and exchange that so long
as it discriminates against one of the
precious metals any international re-
monetization is not to be looked for.
He is very far from maintaining. how
ever as the monometallists of this
country do, that other nations are COM
PEELED by self interest to adopt the
English standard. On the contrary.
he points out that England is cutting
the throat of its own prosperity by
driving other nations To manufacture
their own goods, so far as possible,
rather than stand the enormous shave
on their silver money. This is very
important point of view, and one which
has not attracted the attention in this
country to which it is entitled.
Another fundamental proposition of
Meysen-Thompson is that the so-called
decline of silver, which is, more prop
erly speaking, the rise of gold, is due to
legislative rather than natural causes.
He quoted Max Muller authority for
saying that the whole world of general
commerce has used gold and silver as
money, to the exclusion of all other
metals, ever since the eighth century
before our era, at least, and probably
ever since there was any general money
Of commerce. During all that time,
with the inevitable luctuation in rea-
tive production. there was no difficulty
in maintaining a fixed parity, varied
somewhat in different countries and
times, but never anywhere 10 an extent
to disturb their balance as mediums OF
exchange.
For the two centuries or so preceding
| 1873 the ratio by law varied only from l
TO 1926 to to 14.14, and there was ne
idithcui-y in maintaining any ratio
adopted during that period. albeit the
ratio production varied enormously
Sometimes silver was far in the lead
and then again it would be gold. But
since the characterization period set in
about twenty years, the margin of diff
ference in value of the two metals in the
open market has been widening until il
has got to De in the near neighborhooC
of to %. All this time an ounce OF
silver would buy as much as it die
formerly, but an ounce of gold bought
more.
The speaker admitted that from tn,
standpoint of the creditor this is al
very nice, and England is the great cou
pom clipper of the world, but he insist,
that the class who live on the Interest
Of their capital is small, even in Eng
land as compared with the industrial
class, or even the class whose capital i,
invested in industrial properties, and il
is from the standpoint of industrial prop
critics that Meysen-Thompson speaks
England cannot afford to sacrifice hel
industries to her loans. with one
hand he says, "we are doing our bes
to drive our agricultural laborers int,
the towns to look for work, and with tn,
other hand to drive away the manufac
turing industries which give employ
ment 10 the workmen in towns. and I,
cause them 10 be carried on in silver
using countries
1t is now some two generations OF
more since that unique blending of met
aphyslcs and poetry, Ooleridge. CAV,
Us the reflections of the devil upon tn,
incidents of morning walk. Among
the objects which attracted the atten
ton of this Satanic pedestrian was "A hos