The Providence news. (Providence [R.I.]) 1891-1906, 1895-04-04


Some persons admitted that m -.ometal-
hsm in a large portion of the world had
iepreciated prices and put a bounty on
imports. Thus, for instance, Great Brit
ain bought from India and other countries
wheat at q price below its legitimate
value, and these persons declared that
this was an advantage TO the consumers
and therefore benefited the mass Of the
community.
Some Pointed Arguments.
Mr.. Balfour declared, however, that he
was convinced that nobody was SO foolish
as to suppose that the interests Of Great
Britain were benefited generally by an
anlimited fall in prices. nor that any
large body OF city men were SO unscrupu-
Ious as to desire that the debts Of foreign
Nations should be augmented by q change
n the value of the currency in which they
were paid.
Another argument was that the bank
ing supremacy Of London would be threat
ened by currency change, but no mono
metallist was ever able to explain how.
DE contended that London, as the flnan-
cial center of the world, would gain
rather than lose anything by placing the
currency Of the W orld on sounder basis.
The third argument was very absurd.
This was that a change would depreciate
gold, and that, therefore, persons having
deposits in banks payable IN gold would
withdraw them Instantly. The change
threatened thus TO cause such CONNER
cial crisis as the world had never seen.
This argument was supported by Mr..
Gladstone and William Vernon Harcourt
Though a panic was proverbially un-
reasonable. there appeared to him no
ground to suppose that the people would
do anything so inordinately silly rs to
withdraw their deposits because the
worlds currency was going to be pnt on
stable basis, which, except in particular
international transactions, they have
never discovered, and which, except for
its slow effect on the great movements Of
commerce. would have no effect on pri-
vate individual convenience. The fourth
and strongest argument was "let well
enough alone" but bimetallists asked was
1t we'll enoughS
The British system.
People talked Of the excellence Of the
British system but they find, although
the gold standard obtained in Great
Britain is the currency of Hong Kong and
the Straits Settlements, while in India
debts are paid in something which Is
neither silver or gold, but the strangest
product of mono me tallist ingenuity the
world has ever seen, and as arbitrary as
any forced paper currency and as expen-
sive as any metallic currency the world
has ever heard OF, a standard varying ao.
cording TO the arbitrary will Of the finance
minister of India. This triple system was
manifestly ridiculous. Some alteration of
this system was imperatively required.
III B.stons turned to the world at large
they would find the sentiment is much
stronger To consider home interests In
framing a currency, while Great Britain is
connected with foreign countries by every
commercial tie, was a violation OF the com
mon sense of every practical business man
When the country depended for Its very
bread on foreign nations, and If IL were
cut of could not live day, and would
have ruin staring IL In the face, 10 was the
height of folly 10 attempt isolation, re-
spccting the currency medium.
He did not believe that the common
sense Of the nation would long tolerate
such state Of things In view of what was
proceeding in America, Germany and
France, and even in Great Britain he was
convinced that men Of all classes would
soon combine to end the reproaoh of our
civilization.
The meeting adopted q report of pro-
eress The league has decided to raise a
guarantee fund of Ri0o, 900, TO be devoted
TO the propagation Of the bi-metallic move
ment. Fifty thousand pounds has al.
ready been promised by subscribers.