The Caucasian. (Clinton, N.C.) 188?-1913, 1895-05-02

In Many Countries, As some Of its Advo-
cntes Now Admit -Considsring Home
Interests Alone in Fixing Currency, n
Violation ofBusiness Common Sense.
LoSpcS, April 3.-The annual
of the Bime tallic League
was held today at the Mansion house. !
the Lord Mayors official residence.
Sir Joseph Dimsdale presided.
Among those present were the
Duke Of Fife, Lord George Hamilton,
Sir Donald II. Maciariane and
Charles E. 81. Vincent, NJ. G.
Mr.. Balfour, the conservative
leader in the House of Commons,
made a strong speech In faver of
double standard.
1.-The belief in bimetallism is grow
ing," he said, mot only in London
and elsewhere in Great Brita in, but
throughout the civilized world. One
great change is noticeable. 1t is
seldom asserted now that bimetallism
is intrinsicalIy impossible. Formerly
a bimetallist was regarded as dan
gerous faddist. Economists who
place value ON the lessons of expert
elice have before them the Irrefutable
fact that, while the Latin nations
maintained the bimetallic system the
parity of exchange of gold and silver
was preserved for the whole world
despite wars, industrial revolutions
and discoveries of precious metals.
"Some persons admit that mono
metallism in a large portion of the
world has appreciated prices and put
bounty on imports. Thus, for in
stance, Great Britain brings from
India and other countries wheat at a
price below it's legitimate value, and
these persons declare that this Is an
advantage to the consumers and
therefore benefits the mass of the
community. But | am convinced
that nobody in the city is SO foolish
| as to suppose that the interests of
Great Britain benefit generally by an
unlimited fall in prices, and that no
large number of city men are so un-
scrupulous as to desire that the debts
owed them by foreign nations shall
be artificially augmented by change
in the value Of the currency in which
they are paid. (Cheers.)
! Another argument is that the
banking supremacy of London would
be threatened by currency change
but no monomentallist was ever able
to explain how, l contend, that
London, as the financial centre OF
the world, would gain rather thar
lose anything by placing the currency
of the world on sOunder basis.
"a third argument is absurd. This
is that change would -depreciate
gold, and therefore persons having
deposits in banks payable in gole
would withdraw them instantly. The
change threatens thus to cause such
a commercial crisis as the world hal
never seen. This argument is sup
ported by Mr.. Gladstone and ST
William Vernon Harcourt. Though
a panic is proverbially unreasonable
there appears to me no ground t.
suppose that the people would d.
anything so inordinately silly as tt
withdraw their deposits because tn,
worlds currency was going to be pu
on a stable basis, which, except il
particular international transactions
they have never discovered, an,
which, except for its slow effect OF
! the great movements Of commerce
would have no effect on private in
dividual convenience.
"The fourth and strongest argu
ment is Let we'll enough alone Blu
bimetallists ask. Was it well enough
People talk of the excellence of tn
British system, but they find, al
though the gold standard obtains il
Great Britain, that silver is the cur
rency of Hong Kong and the Strait
settlements, while in India debt
are paid in something which is neithe
silver nor gold, but the stranges
product of monometallic ingenuit
the world has ever seen, and as arb
trary as any forced paper currenc
and as expensive as any metalli
currency the world ever heard Of
standard varying according to tn
arbitrary will of the finance minis
ter of India. This triple system
manifestly ridiculous. Some alters
e ton is imperatively required.
: If Britons turn to the world a
!, large they will find the case niue
. stronger. To consider home interest
f alone in framing a currency, Will
Great Britain is connected with FOL
eign countries by every commerce.
tie, is a violation of the commo
S sense Of every practical bushes
n man. When the country depends fe
its very bread on foreign nations
. and if it were cut off could not Inv
a day, and would have ruin starin
E it in the FACET is. the height {
}. folly to attempt isolation respectin
the currency medium. / do not b.
lievo that the common sense Of th
| nation will long tolerate such a stat
3 Of things. In view of what is prt
: ceeding in America, Germany an
d France, and even in Great Britain,
am convinced that men of all classt
will soon combine to end the r,
proach to our civilization"
} A democratic farmer in Pill
township saw the heading, "Groun,
ed in He'll Gate" in Mondays Wasl
ipgton Pest, and settled himself bac
to re; d the latest about his part
But he was equally disappointe
when he found it was only maril
1 item.-M. Verncn Republican.
IND s1.OO THE WEEKLY
fUn GAuCASlAM