The Portland daily press., 1895-09-17
BIMErALLIsM IN GREAT BRITAIN.
The Effect of Mr.. Balfour's Refusal to En-
courage the Hope Of an International
Conference-"A Delusion or Fraud"
(From the London Times. }

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Mr.. Balfour's recent statement in the
House Of Commons on the international
currency question has been a grave blow
to the bimetallist. 1t will be in the
Sir. John Long, who asked whether he
would advise her Majesty's Government
| to invite an international conferen or
| the currency, MIR. Balfour said that per.
sonally he was strongly in favor of inter
national agreements, but that he had M
right to pledge his colleagues on the sub
| ject, and that he had no reason to think
that such an agreement would, at the
present moment, be the result of an in
ternational conference. In Germany ant
in the United States the effect of MI
Balfour words has been Enthusiastically
shown. In both these countries there
has been strong movement in favor OF
| the rehabilitation Of silver and of an in
| ternational monetary conference as the
most likely method for arriving at the
desired end. Their natural hope was
which Mr.. Balfour holds in the present
Government, some steps would be taken
| to bring about the meeting they wished
| for. 1t has been cruel disappointment
to them to learn that nothing of the kind
is to be done, and that they have no ohoice
but to aoquisece in the indefinite post
ponement of their fayorite project.
Mr.. Balfour, it will have been gathered
from his reply, retains his old views. but
is we'll aware that the country Is not with
him, and that to press them forward just
now would only be to court defeat 1t
ia quite recently that the bimetallic move
ment has been felt as a real danger, and
that the supporters Of our present stand
ard have Thought it worth their while to
be at the pains of exertlng themselves
to combat it, 1t is quite recently, too,
that the country has been told what it is
that the bimetalists are really driving at.
Farrer's letters in our columns asking
for ratio, and the answers that have
been given to them, have done much to
enlighten the public mind. It has be-
c1me clear, in the course OF the dis
cussion thus raised, that to 1911 is the
only practicable ratio, and that its adop-
ton would involve a grave debasement Of
our currency, and very general disar-
rangement of business affairs, and that
the working classes, as wage earners,
would be among the first and most GER
tain sufferers from 1T.
1t has been obvious indeed, all through,
that II blmeGalIlSm were the harmless
thing which some of it's advocates have
represented it. it could never fulfil the
promises which others of them have been
making on its behalf-that, in plain
words, it must be either a delusion or a
fraud. But, as long as the bimetallists
confined themselves to enunciating thei1
views at large, and claimed that the
choice of ratio might stand over fol-
future settlement, the whole questionwas,
so to say, in the air, and it's advocates
had a corresponding freedom and could
shift their position as they found conven'
lent. Lord Farrer has forced them to
declare themselves, and has thus done
good service to the cause of honest money.
There is an end now to the vague un.
meaning statements which have been put
forward as the bimetallic creed-a creed
which has been subscribed by numerous
persons who have been in no real agree,
inent as to the sense of their words. The
issue has at last been defined. The pub
lie have learned not only the Language
of the creed, but the meaning which 1t is
intended to convey, and the discovery
has been a revelation and warning.
We trust that the trade revival now in
progress will complete the cure and that
we shall hear less and less about
bimetallism from any quarter.