The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-02-27
ENGLAND'S POLICY ON SILVER.
A LIBERAL SPRINGS THE ISSUE IN
PARLIAMENT.

Growing Divergence in the Values
of Gold and silver-The Action
Looked Upon As Assuring An In
ternatiOnHI Monetary Conference.
London. Feb. 26.-In the House Of Com
mons to-day Robert L. Everett. liberal
member for the Woodbridge division of
Suffolk, introduced the following motion:
THAT the House regards with increasing
apprehension the constant fuctuation and
growing divergence of the values Of sold
and silver, and heartily concurs in the
recent expressions Of opinion of the gov
ernments of France and Germany in re-
gard to the serious evils arising there
from"
Speaking to the motion. Mr.. Everett ap-
peal d TO Sir Wi II m Harcourt TO give heed
to the real position of the question. put
aside theorizing and open his eyes to the
enormous revolution of values, which
has not been brought about by natural
causes, but by legislation. He expressed
hope that the government would cooper
ate with the other powers in an effort to
bring back the happier state Of things
which existed when the two metals stood
upon a common ratio.
1t was a German delegate Who made
the first declaration of the kind, say
ing that Germany was satisfied with her
present monetary system and did not in
tend to altar it. ("Hear! Hear"O JIG also
SAID that Germany recognized tho fact
that the continual oscillations of silver
values were regretable from an econoui-
cal point Of view, and IT was therefore
desirable that the question should be
considered. The representatives, of France
and the other powers were not so direct
ly opposed to the question, but were rather
disposed to criticise than to Cooperate
so the United States delegates resolution
had to be abandoned. After this Al
fred Rothschild, A British delegate, had
made a practical proposal for the en-
largement Of the use of silver and this
was defeated by the action Of Russia and
the Latin union. 1t was clear therefore
that as far as the objects of the United
States were not concerned. no blame
could be attached to the British delegates
for the negative results reached.
Recurring to the possible action of Ger
many in promoting another conference,
Sir Harcourt said the government had re-
ceiVed no official communication on the
subject, but he had no hesitation IN saying
that as far as he himself was responsible,
such a communication would be met in
the same manner as the proposal of the
United States was received C'Hear. hearHO
To concur in proposals to confer upon
subjects of common interests was what
belonged to international courtesy. He
would suggest that if another conference
were held it should be understood that it
was not for mere academic discussion. but
that the delegates ought to be empowered
to make definite proposals embodying their
views. The respective ministers fully rec
problems The interests of the country,
as the greatest trading and monetary cen
ter of the world, were bound up in the
soundness of her currency and it ought
to be borne in mind that England con
Gucted her trade relatively upon the
smallest basis of any country She did
so because she had the largest credit.
CHear! hearrD.
England, Mr. Everett said, was rich. but
that was no reason why she should un-
justly increase the burden of other states
Surely, he said, she was not Interested in
the bankruptcy of other nations, which
were owing her money; but that was ex-
actly what was going on and which would
continue unless something We're done to
check it.
Right Hon Henry Chaplin. conservative,
in seconding the motion said that the
government had aimed blow after blow
at silver; had closed the mints Of India
and afterwards had imposed a duty upon
the silver imports of India. The constant
fluctuations of the metal, he said, were di-
rectly traceable TO the monetary laws of
England. He charged Sir William Har-
court with having nisjudged the views Of
France and Germany on the question, and
predicted that, although the opposition to
bi-metallism was now bitter, that system
would at no distant date be victorious, be-
cause II had upon its side experience and
scientific truth.
Sir William Harcourt said he had never
denied the existence Of evils in conse-
quence of the growing divergence Of the
value of gold and silver. When other
countries had desired monetary confer
ence the government had not refused to
join. The last conference at Brussels had
shown that a majority OF the European
countries declared in favor Of mono
metallic currency. He did not think that
Germany had changed her opinion When
proposal from Germany or any other
country reached the government it would
be time enough to consider the question
Of Englands joining in another confer
ence. A misconception, he said, existed
in regard to the cause of the failure of
the Brussels conference. The government
of the United States, in proposing that in
ternational conference, expressed a wish
that it be held with a view to establish
the ratio values Of gold and silver by the
ledlluB udlIOuAI ny means OF the Tree com
age Of silver in their respective fnints
England, he said, could not accept an invi-
tation couched in such terms and could
not enter into matter which impeached
the first principles of England's currency
C'Hear, hesr.O
The United States government there
upon proposed that the conference con- !
slider what measures, if any. could be
taken to increase the use of silver in the
currency system of the nations. When
the conference met a representative of the /
United States proposed q general resoIu- |
tlon that in the opinion Of the conference /
it was desirable that method should be
found which would increase the use OF
silver. This resolution was supported by
the British delegates. It had been alleged /
that the failure OF the conference was |
due to a premature declaration on the
part Of Sir Charles Rivers Wilson, a Brit |
ish delegate, against bimetallism. This
statement was absolutely unfounded.
Leaving international consideration of /
the national aspect Of the question he
contended that there ought to be a con-
tinulty Of the currency policy which the
nations had attained. Though hoping H. I
s1, from an international fnoua4ar.r r-~