The record-union., 1895-03-26
MONETARY QUESTION.
GREAT BRITAIN MAY BE FORCED
TO USE SILVER.
Views of Railway President Who
Has Just Returned From
Tour In Europe.
Special to the REooRD-UsroS.

Special 20 the RECoRD-USIoN-
ST.. PAUL, March 25.-President j. j..
Hill of the Great Northern Railway. well
known as an able financier, has just
reached home after an extended visit IN
Europe and in the Eastern States. His
statements are of general interest. lie
said:
''I found there was great depression
in some of the countries of Europe, par
ticularly in Great Britain, and more es-
pecially in the cotton and iron industries
The United States is Englanps best GUS
toner and our imports have been largely
reduced, to the advantage of this country
and to the corresponding disadvantage OF
Great Britain.
1.-THE English manufacturers and land
lords owning agricultural lands are TAX
ing a very active interest In blmetalllsm
and the greater use of silver. They are
realizing folly that Argentine, Australla,
the East Indies, China and Japan, which
are on silver basis, forcing their labor 10
accept payment in silver, which they buy
for about 50 per cent. of the value OF gold,
have margin on the labor alone that en-
ables them TO undersell the Engnsh
farmer or manufacturer In markets
y which England has heretofore controlled.
ENGLAND is either compelled to give
up large amount of the worlds trade,
which she has heretofore controlled, or
increase the use of silver In the world TO
such an extent that il will not be possible
for her com petitors to take advantage OF
the lower cost of their labor growing OUT
of the difference OF gold and silver. II
the silver men in the United States will
only let Congress alone and leave the
matter to be worked out by the CONNER
cial profit and loss account OF Great Brit
ain, the latter nation will be compelled
to join with Germany, France and our
country in bringing about condition OF
things that will enable the English peo-
pie TO meet the competition of other
nations on something like an equal foot
ing.
of American securities, whether national
or otherwise, is very intense. Good and
bad were.more or less classed alike. This
feeling, however, is gradually wearing
away.
1.-The low prices of wheat have already
found, during the past year, new mar
ket for that product. The California and
west coast wheat, that heretofore has gone
to Europe, is now going in shiploaos to
China in the form Of -four, where it is
taking the place of rice, formerly used by
the Chinese"
Has your opinion changed regarding
the ratio of gold and silver? ?"
THAT is immaterial. The proportions
of gold and silver taken for LOGO years
as long as we have history upon the mat
ter-remain practically the same. For a
period of ten years or more, one or the other
may show slight change, but the ratio
remains at l5t or 10 TO l. And, il gold and
silver were interchangeable for so many
hundreds of years III the past, 1t is diff
cult to see what has occurred to prevent
changeability now, provided all nations
are willing to receive 1t.
What did you find the feeling regard
ing an international monetary confer
ence ?'
France and Germany are willing, and
the landowners and manufacturers OF
England are now waging an active cam
paign to bring the British Government to
recognize the necessity of enhancing the
value of silver, not so much for the rea-
son that they like the silver any better,
but that they desire TO increase the cost OF
silver paid to labor III other countries,
and in that way to increase the cost OF
production of the many commodities that
England is interested in supplying the
world with, and in restoring the value OF
her own agricultural lands.''
why cannot the other nations act in
dependently of England?"
simply because England, or London,
Is the financial clearinghouse of the
world, and all commercial balances are
practically adjusted through the medium
OF sterling exchange or British credit"
Mr.. Hill thought the present ratio of
15t to l would be as good as any other,
provided all parties agreed to accept it.
This view he based on the proportion OF
the two metals in the world.