The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-04-14

to mitigate and remove the evils arising
from the constant fluctuations and grow
ing divergence in the relative value of
gold and silver, and the fact that the
house OF commons has unanimously
passed q resolution enibodying the above
statement al opinion is one the signiti-
canoe OF which it is impossible to exac
gerate. 1t Is an actual, visible and tang;
PIC result OF the change of opinion in the
no Use Ct commons, Il .mctallismis in
the air IT is everywhere discussed, the
teeling that there is something very
wrong somewhere which can be re-
dressed, Is growing. The textile districts
81 Lancashire, Cheshire. Yorkshire and
lerDysnlre are getting sore and lmpa-
tient. The Textile Operatives Associa-
ton of these districts has subscribed $500
to the funds of the Bmetallic League.
There used to be an old saying i'll politi-
cal circles Il at what Lancashire thinks
Hrst the rest OF tne country thinks soon
alter-and Lancashire has already begun
to ash the reason why"
Seven directors Of the Bank If Eng
land, he says, "are favorable to the BIZ
metallic cause. One of the bost known OF
lem, Mr.. Lidderdalc, has OF late taken
an active part in the WORK OF the league
and has supported it on hubble platforms.
The league, too, nun bers well-known
bankers among its vice presidents. BIZ
Metalllsm, in fac, in Enlgan /. is merely
a question of time: but unfortunately in
TINS case every moment Of delay is OF the
mo II serious I'm portance.
~ the propcsed on conference he SAYS
The next conference that is ca led
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 eXch equer says that he will be no
party to altering the currency of this
rrt" hut ,1.t, 4 mol
toward an interiat onal bimet ic agree
ment and her people can still maintain
the bar barrie custom Of carrying golden
sovercigns in their trousers pockets. Ii
England would open the minis of India
to tire free coinage OF silver. if England
would consent to put into use the powers
which she already possesses by act OF keel =
ing one-hith of her reserve in silver, she
would d. perhaps as much as any other
nation toward rehabilitatng silver, ard
could do it at once, and without Infring
ing upon any of the conditions laid down
by the chancellor of the eXchequer. India
a5sorbs silver as the sand absorb3 water;
The open minis of India did as much for
silver as the bimetallic ratio of the Latin
union. Ii France Germany and the
United States could agree upon some
basis upon which to reopen their minis to
silver. and up0n which England would
agree to reopen the mints Of India and
keep one-ffth OF her reserves in sIyer. BIZ
metallism would be established all the
world over on an absolutely secure basis,
and an agreement could be speedily
arrived at without i'll any way affecting
the prejudices and ignorances of the
British people. 1t is most remarkable
act and one to which sufficient att ention
has not been called. that Mr.. Gladstone S
government in 1881 made very similar
proposal and offered, if the minis OF the
Latin union were reopened to silver to
keep one.fifth of the bank reserves of the
Bank of England III silver. which can be
done by a law at the present moment.
Personally would much rather see Eng
land become frankly and openly BIZ
metallic, with absolutely free coinage of
gold and silver at the international ratio
but recognizing the obstnacy the fact
that England has been on a gold standard
since 1916, and the frightful consequences
which will follow from delay, believe
that If England were to make the import
ant concession which | have mentioned
the bimctallic system would be estab-
lished and obtain over all the world
England included -