The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1895-08-31
BLMETALISM IN ENGLAND.

is constantly referred to as the oracle
of those who are opposed to monomet-
alism. The recent election in Great
Britain was considered favorable to
the international movement: but the
Inter Ocean, in commenting on the
situation, says:
sit would seem that the English BIZ
metallists are trying hard to make
themselves believe that Mr.. Balfour's
recent declaration against an interna-
tional monetary conference is not un-
favorable to their cause. They admit
that he does not favor an immediate
conference, but they insist that his re-
mark "reveals the expectancy on the
part of the government that a success
full conference can subsequently, be
arranged"
"Perhaps the English friends of the
white metal have some ground for this
faith which is not visible at this dis
tance. The declaration itself suggests
no subsequent arrangement for con-
the leader of the Conservative minor
ity in the house of commons Mr.. Bal
four had shown leaning toward an
other international conference in the
interest of bimetallism. Undoubtedly,
he expected close parliamentary
contest. In the event of a nearly even
division the handful of bimetallists
might hold the balance of power, but
now. with the Liberals knocked be-
yond the ropes and clear out of the
ring, there is no need of cOurting any
side alliance. Balfour may be a sin
cere bimetallist himself, but he is not
master of the situation. Lord Sails
bury is the head of the government,
and he has never shown much, if any,
disposition to favor a change in the
monetary system of Great Britain. He
is not one of the members of the pre-
sent British cabinet claimed by the
bimetallists as a sympathizer in their
cause.
"The Daily NeacS hits the bulls eye
when it rejoices over the defeat of bim-
etallism, so far as concerns that govern
ment, on the ground of belief that
'bimetallism spells ruin for the great
creditor country of the world
"Bimetallism means that the debtor
shall have the privilege of paying his
debt, principal and interest, in either
of two kinds of hard money, an option
which may be important and may not.
If all the debtor nations would main
tain the policy of the United States,
uphold the parity of the two, however
great the disparity in the market, the
option would be theory, and not
condition.
"The strength of the bimetallic
movement in England is the fact that
the manufacturers and agriculturists
are suffering from the single gold
standard, but the creditor class are
stronger than both agriculturists and
manufacturers. Where one person in
England has an interest in factory
dozen hold some foreign security. The
total indebtedness of nations is set
down in the compilation made by the
eleventh United States census as $27,-
396, ,055, ,3S9. The Indebtedness of the
states, territories, counties and muni-
cipalities of the United States
amounted at that time to 81, ,135, ,21O,-
442. Then to this must be added the
billions of railroad securities and other
debentures of a corporate nature
England is the great magnate that
draws nearly all these loans. The
United States bonds are something of
an exception, the British capitalists of
a generation ago having more faith,
apparently, in the Confederacy than
in the United States. The French
rentes are mainly held in France. But
for the most part England is, as the
Neacs claims, the creditor nation.
"The slightest movement on the
monetary chessboard attracts atten-
tion in England. The Ohio Demo-
cratic state convention had interest in
the British eyes for that reason and no
other. The Westminster Gazette sees
in the vote against free silver material
bearing This is surely a vague way
of putting it, and recalls Bunsby. The
Gazette concludes with the observation |
that should it ultimately be decided
to establish fixed ratio between gold /
and silver, it does not in any wise fol-
low that what will suit America will
be acceptable or wise policy for Great
Britain Here again is vagueness.
This country has fixed ratio already,
but it is not coming any silver dol
lars-none of any consequence. The
question of ratio was not before the
Ohio convention, nor does it enter into
the silver discussion of the present
time. The Balfour episode in parlia-
ment has served to emphasize the fact
that the British point of view on this
monetary subject is purely that of the
and the British reliance for
practical monometalism
is the threat to withhold further loans
# the debtor nation does not stop
talking about giving full practical eff
'ect to the option involved in bimet-
alism.''