The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-04-04

Lordon, April 3-The annual meeting
of the Bimetallic league was held today
at the Mansion House, the official resi-
dence of the lord mayor of London. Sir
Joseph Dimsdale presided. Among those
present were Lord George Hamilton, the
Duke of Fife, and Sir Donald H. McFar-
lane and Mr.. Charles H. Vincent, mem
bers OF the house of commons.
The Right Hon. NJ. J. Balfour, Con-
servative leader of the house of commons,
made a strong speech in favor of the
double standard. He said that the belief
in bimetallism was growing, not only
in London and elsewhere in Great Brit
ain, but throughout the civilized world.
One great change was noticeable. 1t was
seldom now asserted that bimetallism is
intrinsically impossible. Formerly a BIZ
metallist was regarded as dangerous
faddist.
An Idol Smashed.
Economists who placed value on the
lessons OF experience, had before them
the irrefutable fact that while the Latin
nations maintained the bimetallic system,
was preserved Tor the whole world, de-
spite wars, industrial revolutions and
discovery OF the precious metals. Some
persons admitted that monometallism in
large portion of the world had depre-
ciated prices and put a bond on imports.
Thus, for instance, Great Britain bought
4IOA.l dIlQ OlfleE countries wheat at
a price below its legitimate value and
these persons figured that this was an
advantage to the consumers and there
fore benefited the mass of the COM
munity.
Height of Folly.
Mr.. Balfour declared, however, that he
was convinced that nobody in the city
was SO foolish as to suppose that the
fitted generally by an unlimited fall in
prices. Not any large body of city men
was so INSCRIPTIONS as to desire that
the debts owed by foreign nations should
be artiflcially augmented by a change
IN the value OF the currency in which
they We're paid. (Cheers)
another argument was that the banking
supremacy of London would be threaten
ed by a currency change, but no mono
metallist was ever able TO explain how,
He commended that London, as the finan-
rather than lose anything by placing the
currency of the world on a sounder basis.
The third argument was very absurd.
rms WIS that change would depreciate
gold and therefore persons having de-
posts in banks payable in gold would
withdraw them instantly. The change
ciaI crisis as the world never SEEN
rms argument was supported by Glad
stone and Sir William Vernon Harcourt
IrrefutabIe Facts.
Though panic was probably unreason-
able, there appeared to him no grounds
thing so inordinately silly as to withdraw
their deposits because the worlds curren-
cy was going to be put on stable basis
which, except in particular international
transactions, would never differ; and ex-
cept for its slow effect on the great
movement this, of course, would have no
erect on private individual commerce
The fourth and strongest argument was
let well enough alone" But bimetal-
lists ask why it is well enough? People
talked of the excellency of the British
system. hit thew find alfbOIIprn no COL
standard obtained in Great Britain, that
silver is the currency of Hong Kong and
the Straits settlements while in India
debts are paid in something which is nei-
ther silver nor gold. but the strangest
product of monometallic ingenuity the
world has. ever seen and as arbitrary as
any forced paper currency and as expen-
slve as any metallic currency the world
had ever heard ola standard VARYING ac-
cording. to the arbitrary will of the fin
ance minister of India. This triple sys-
tenn was manifestly ridiculous. Some al
teration of this system was irnpera lively
required. If Britons would turn to the
much stronger. To consider home inter
ests all in framing a currency while
Great Britain was connected with foreign
countries by every commercial tie was a
violation of a common sense view of ey-
cry practical business man.
Should BE None So Foolish.
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 to isolation respecting
the currency medium. He did not believe
that the common sense of the nation
would long tolerate such state of
things. In view of what was proceeding
in America, Germany and France and
even in Great Britain, he was convinced
that men of all classes would soon COM
bine to end the reproach to our civiliza-
ton.
The meeting adopted a report of pro-
gress. The league has decided to
raise a guaranty fund of 100000 to be
devoted to the propagation of the BIZ
metallic movement. Fifty thousand
pounds have already been privately
cIIhccrihpd