Hopkinsville Kentuckian. [volume] (Hopkinsville, Ky.) 1889-1918, 1895-05-14

Great Revolution In Sentiment since the
Closing of tho India Mimic Against Sill

$1,000 80
Robert p, Porter, correspondent of
syndicate Of American newspapers. re-
Gently interviewed the widely known
Enl fish bimetallist w. II. Grenfell, on
the outlook in England for the intpo-
duction of bimetallism. Mr.. Grenfell
is wealthy man and has served in
parliament, and is now chairman of
the bimetallic parliamentary commit
tee.
Mr.. Grenfell is reported as saying
that great change of opinion has
taken place in the house of commons
on the money question. I'm 1893 BIZ
metallism was considered not merely
fad, he says, ''but an unclean thing,
too low for serious discussion; in 1895
the closing of the Indian minis, the
great fall in the price of silver, which
was the inevitable consequence of that
policy, the depressed state of agricul-
ture and serious position of the great
productive industries of the country,
owing to the ruinous fall in prices,
have forced the currency question
upon the attention of the most igno-
rant and most bigoted-and the two
form one class" Thus the same house
of commons which had rejected a reso-
luton in favor of monetary confer-i
ence in 1898 has now adopted such q
resolution.
Of the aims of the bimetalists, he
says: "The great aim of bimetallists
is to mitigate and remove the evils
arising from the constant fluctuations
and growing divergence in the relative
value of gold and silver, and the fact
that the house of commons has unani-
mously passed a resolution embodying
the above statement of opinion is one
the significance of which it is impos-
sible to exaggerate. 1t is an actual,
visible and tangible result of the
change of opinion in the house of COM
mons. Bimetallism is in the air, it is
everywhere discussed, the feeling that
there is something very wrong some
where, which can be redressed. is
growing. The textile districts of Lam
cashire, Cheshire, Yorkshire and Der
byshire are getting sore and impatient
The Textile Operatives association of
these districts has subscribed $500 to
the funds of the Bimetalic league.
There used to be an old saying in po-
litical circles that what Lancashire
thinks first the rest of the country
thinks soon after-and Lancashire has
already begun to ask the reason why"
"Seven directors of the Bank of Eng
land" he says, ARE favorable to the
bimetallic cause. One of the best
known of them-Mr. Lidderdale-has
of late taken an active part in the work
of the league and has supported it on
public platforms. The league, too,
numbers well-known bankers among
its vice presidents. Bimetallism, in
fact, in England, is merely a question
of time; but unfortunately in this case
every moment of delay is of the most
serious Importance"
Of the proposed conference, he says:
''The next conference that is called
should be called to settle the details of
an international monetary agreement,
the main principles of which should
have been agreed upon before. The
chancellor of the exchequer says that
he will be no party to altering the cur
rency of this country, but England can
do much toward an international BIZ
metallic agreement, and her people can
still maintain the barbaric custom of
carrying golden sovereigns in their
trousers pockets. If England would
open the minis of India to the free
coinage of silver, if England would
consent to put into use the powers
which she already posses by act of
keeping one-fifth of her reserve in sill
yer, she would do perhaps as much as
any other nation toward rehabilitatinS
silver, and could do it at once, and
without infringing upon any of the
conditions laid down by the chancellor
of the exchequer. India absorbs silver
as the sand absorbs water; the open
minis of India did as much for silver
as the bimetallic ratio of the Latin
union. If France, Germany and the
United States could agree upon some
basis upon which to reopen their minis
to silver, and upon which England
would agree to open the minis of
India and keep one-fifth of her reserves
IN silver, bimetallism would be estab-
lishcd all the world over on an abso-
lutely secure basis, and an arrange
ment could be speedily arrived at with
out in any way affecting the preju-
dices and ignorances of the British
people.
1T is most remarkable fact, and
one to which sufficient attention has
not been called, that Mr., Gladstone's
government in 1881 made a very similar
proposal, and offered, If the minis OF
the Latin union were reopened to sil-
yer, to keep one-fifth of the bank re-
serves of the Bank of England in silver,
which can be done by law at the pres
emit moment Surely we have here the
basis of an equitable arrangement.
Personally would much rather see
ENGLAND hacoma frankly and onenlV