The representative. [volume] (St. Paul, Minn.) 1893-1901, 1895-04-10
THE GRIP OF GOLD.
1T IS NOT AS STRONG IN ENC.
LAND AS 1T USED TO BE.
The Conservative Leader Makes a
Strong Bimetallic Speech.
More Liberal Use of the White
Metal Absolutely Necessary.

London, April 3.-The annual meet
ing of the bimetallic league was held
today at the Mansion House, the off.
cial residence of the lord mayor of
London. Sir Joseph Dimesdale pre-
sided. Among those present were
Lord George Hamilton, the duke of
Fife and Sir Donald H. Mcfarland
and Charles H. Vincent, members Of
the House of Parliament.
The Rt. Hon. A. J. Balfour, Conser.
vative leader in the house Of Com
mons, made strong speech in favor
of double standard. He said that
the belief in bimetallism was growing,
not only in London and elsewhere in
Great Britain, but throughout the
civilized world. Formerly bimetal-
list was regarded as dangerous fad
dist. Econo mists who placed value
on the lessons Of experience had be-
fore them the irrefutable fact that
while the Latin nations maintained
the bimetallic system the par ex-
change of gold and silver was preserved
for the whole world, despite wars, in.
dustrial revolutions and discoveries Of
the precious metals. Some persons
admitted that monome tallism in a
large portion of the world had depre-
ciated prices and put bound on i'm
ports.
Another argument was that the
banking supremacy Of London would
| be threatened by a currency change,
! but no monometallist was ever able
to explain how. He contended that
London, as the financial center of the
world, would gain rather than lose by
anything placing the currency of the
world on sounder basis. The third
argument was very abs surd. This
was that a change would depreciate
gold, and therefore persons having de-
posits in banks payable in gold would
withdraw them instantly. He did
not suppose that the people would do
anything SO inordinately silly as to
withdraw their deposits because the
worlds currency was going to be on a
stable basis.
The fourth and strongest argument
was: LET we'll enough alone;;" but
bimetallists asked, was it we'll enough.
People talked of the excellence Of the
British system but they find. although
the gold standard obtained in Great
Britain. that silver is the currency Of
Hong Kong and the Straits Settle
ments, while in India debts are paid
in something which is neither silver
nor gold, but the strangest product OF
monometa tallic ingenuity the world has
ever seen, and as arbitrary as any
forced paper currency and as expen-
sive as any metallic currency the
world has ever heard of standard
varying according to the arbitrary
will of the finance minister OF India.
This triple system was manifestly
ridiculous. Some alteration Of this
system was imperatively required.
If Britons turned to the world at
large, they would find the case much
stronger. To consider home interests
alone in framing a currency, while
Great Britain was connected with
foreign countries by every commercial
tie, was a violation of the common
sense of every practical business
man. When the country depended
for its very bread on foreign nations
and if it were cut off could not live a
day and would have ruin staring it in
the face, it was the height Of folly te
attempt isolation respecting the cur
rency medium. He did not believe
that the common sense of the natiOr
would long tolerate such state o
things. In view of what was proceed
: ing in America, Germany and Franc
ard even in Great Britain, he was con
, vinced that men of all classes wOult
soon combine to end this reproach II
Our civilization.