The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-07-18
AHIGH AUTHORITY.
An Ex-Governor of the Bank of
England Shows the Evil Results
of Demonetizing Silver.

An Ex-Governor of the Bank of
England Shows the Evil Results
of Demonetizing Silver.
The ex-governor of the Bank of Eng
land charges gold monome talism with
the commercial depression.
The Manchester Guardian publishes
the following letter from w. H. Gren.
FELL ex-governor of the Bank of Eng
land, to Albert Simpson, of Elmhurst,
near GraHtsburg:
''My Dear Sir-Your idea Of party
to hold aloof from party squabbles and
to devote all their energies in the first
in placing trade, commerce and agri-
culture on sound footing appears to
me admirable, and am willing to as
sist in any way that l can. The first
necessity for sceItaining this sound
footing is stable measure of value. [
have not missed much that has been
written on currency subjects during
the last nine years, and feel convinced
the attempt to make gold alone do the
work that has always been done by
gold and silver is
AFOLLY ANDA CRIME.
In 1852 the gold produced in the
world was 50, 600, 900, now it is % 100000
Since 1852 when the world was prac-
tically bimetallic) Germany, the
United STAGES. Italy and other coun-
tries have set up an extra demand for
gold, which Mr.. Goschen, in paper
read before the bankers institute, es-
timated at fresh demand for 20O,-
100000 pounds upon gold. Austria is
now trying to get $4,000 900 pounds,
India is apparently struggling to get
on gold basis, and the United States
will also set up a further demand for
gold. Where is the gold to come from?
As trade and population increase we
want more money: by demonetizng
silver we are throwing away what is
practically half the money OF the
world. The demand for gold for the
arts-watches, jewelry, dentistry, gild-
ing-is enormous, and is increasing
with the spread Of civilization. Sow
ereigns are melted and gold is hoard
ed: gold is approaching at some 6 per
cent per annum; it is more profitable
to hoard it than to invest it in COM
mercial enterprises and in machinery,
etc, which is depreciating. measured
by gold, as gold appreciates. The fight
against falling prices and stock depre-
citation is an impossible One-men hold
on in hopes of better times; no better
times, taking trade and commerce as
whole, can come in gold cOun tries,
while gold appreciates. Employers of
labor can not hold on forever against
losses. and what will happen to the
wage fund? The pitable army of the
unemployed must increase. through
no fault Of their own or their employ
rs, and the work will be less we'll per-
ri 1n xuy.,r Ia II ic
lin agriculture this is especially the
case, the land is being starved of labor
md the laborers are being driven into
the towns. There is no question be-
fore the public of one tenth part Of
the Importance of the necessity for a
stable measure of value. Local option
may be good, the establishment of
the church in Wales may be good the
creation of Paris councils may be good
these matters will be wrangled over
for months, but surprising they were
al passed into law tomorrow week
what appreciate effect will they have
on the prosperity of the country? Or
will anyone say that all three together
| would have a result fit to be mentioned
in the same breath as the closing of
the Indian minis to the coinage of sill
yer? | am dead sick at all this strain
ing OF gnatS and swallowing camelS
The first object of any government
should be the
PROSPERITY AND WELFARE OF THE
COUNTRY,
and the prosperity and welfare of the
county can not be secured unless the
trade, commerce and agriculture of
the country are on a sound basis. Then
can come the question of the proper
and fair distribution of wealth, and
the hundred other questions which di-
vide opinion. But the wealth must be
there before it can be distributed. In
my opinion there is no greater ObSta-
Gle to the creation of wealth than an
unjust measure of value. An appreci-
alton measure of value checks indus
try, STILES enterprise and robs the in
dustriOuS classes, while the bondhOlder,
annuitant and money lender thrive on
the artificial cheapneSS. | believe the
quantitative theory of money to be in
disputable. | believe the evil of re-
stricting the currency and causing an
artificial fall in prices to be indisputa-
BILE, and believe that the fact that
the present depression, agricultural
/ and commercial, is mainly caused by
alterations that have taken place in
the currency laws is indisputable. |
also believe that if England had not
refused to cooperate with other coun-
tries at the recent conference, owing
to a wrong, selfish and utterly mis-
taken policy, we should have escaped,
and other countries would have eS-
capped the misery, suffering and des-
pair which have been so prevalent dur
ing the past 20 years owing to the fatal
policy of contracting the currency Of
the world. Yours truly.
W. ii. GRENFELL."
Taplow Court, Maidenhead. Aug. 3.