The Kosciusko star. (Kosciusko, Miss.) 18??-1898, 1895-08-16
AN ENGLIsHMAN's VIEWS.
The Ex-Governor of the Bank of
England Oh Silver Demon
citation.


H. Grenfell, ex-governor of the
Bank of England, to Albert Simp-
son of Elmhurst, near Garstang:
My Dear Sir-Your idea of a
party to hold aloof from party
squabbles and to devote all their
energies in the first place in plac.
ing trade, commerce and agricul-
ture on sound footing appears to
me admirable, and | am willing to
assist in any way that | can. The
first necessity for ascertaining this
sound footing is a stable measure
of value. | have not missed much
that has been written on currency
subjects during the last nine wears,
and feel convinced the attempt to
make gold alone do the work that
has always been performed by gold
and silver is d folly and crime.
In 1852 the gold produced in the
world was f36, 100000, now it is
f25, 900, 900. Since 1852 (when
the world was practically bimetal-
lic) Germany, the United States,
Italy and other countries have set
up an extra demand for gold, which
Mr.. Goschen. ina paper read be-
fore the bankers institute, estima
ted at fresh demand for G200,-
100000 upon gold. Austria is
now trying to get G335, 100000.
India is apparently struggling to
get on a 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 demonetizing silver we
are throwing away what is practi-
oally half the money Of the world.
The demand for gold for the arts
watches, jewelry, dentistry gliding
lis enormous, and is increasing
with the spread Of civilization.
S'overeigns are melted and gold is
boarded; gold is approaching at
6 per cent. per annum; it is more
profitable to hoard it than to in
vest it in commercial enterprises
and in machinery. etc, which is
depreciating, measured by gold, as
gold appreciates. The fight
against falling prices and stock de.
precautions is an impossible one
men hold on in hopes of better
times; no better times, taking
TRACE and commerce as whole,
can come in gold countries while
gold appreciates. Employers of
labor cannot hold out forever
against losses, and what will hap.
pen to the wage fund? The pitia-
bic army of the unemployed must
increase, though no fault of their
own or their employers, and the
wages bill is cut down Gin agricul-
ture this is especially the case.
the land is being starved of labor
+ ard the lahcr is being driven into
towns. There is no question be-
fore the public OF one tenth part
of the Importance of the necessity
for stable measure of value. Local
option may De good, the discs
Establishment of the church in Wales
ma, be good, the creation of Paris
councils may be goud-these mat
tiers will be wrangled over for
mouths, but surprising they were
all passed into law tomorrow
week, what opreciable effect will
they have on the prosperity of the
country? Or will any one say
that all three together would have
result fit to be mentioned in the
same breath as the closing of the
I Indian minis to the coinage Of sill.
yer? | am dead sick of all this
strainng at gnats and swallowing
camels. The first object Of any
government should be the WI Hare
of amy country and the prosperity
and welfare Of any country cannot
be secured unless the trade. com
mprce and agriculture of the coun.
try are on sound basis. Then
can come the question of the prop
er and fair distribution OF wealth
and the hundred other questions
which divide opinion. But the
wealth must be there before it can
be distributed. In my opinion
there il no greater obstacle to the
creation of wealth than an unjus,
measure Of value. An apprecia.
ton measure of value checks in.
iu.trv, STILES enterprise and roh'
ma ;nlnst~ious classes while IN,