The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-30


London: the security and precision re-
sulting for every bill OF exchange on
London and for all British engagement
all these conditions flowing from the
monetary system of Great Britain, nave
contributed in a marked degree 10 as
sure that country its financial hegemoiN
At the present moment, throughout bu-
rope, and even i'm France. prudent people
try TO have part OF their fortune III
pounds sterling. because II Is known tnat
pounds sterling are the only true money
that Is "a saw. money that is not ex-
posed to change by new legal arrange
ments. 1t il not known exactly what
the dollar will be, or the marx, or even
the franc. The whims Of legislators
may change them in the future, as they
have changed them In the past. On
the contrary, there is rooted confidence
among men engaged in finance the
world over that the pound sterling VIII
always be a piece OF gold OF grammes
end 9Ss miligrammes, 1855 fine, ana
that England will never commit the
blunder of putting gold and silver on the
same footing as money. Thus, the pound
sterling. all the world through. especially
when long contracts are 20 be made.
IS not only the money par excellence, II
Is the only money. and in IT alone can
be placed almost absolute confidence. II
the United States are 70 attain CONNER
ciai, and. still more. a financial, position
equal 10 that of England. the dollar
mus. be given the qualities Of the pound
sterling-that Is, there must be no sort
Of doubt that II IS n gold dollar. and ihat
never. for any reason or under any pre-
text. that which is called dollar shall
be paid in silver"
our author proceeds next 70 consider
the claim OF the free coiners. that tho
fall in prices during the last twenty
five years is due TO decentralization OF
silver. and he says: "The fan in prices
had one. or. rather, two, manifest causes,
the considerable increase In the produc-
ton of most commodities, and the pro-
cress I'm Industrial methods and in the APP
plication of science TO this production
That is the real cause Of the decline III
prices. and it is chimerical to nope 10
raise them artifcialy.'
He maintains that the chances OF an
international agreement for blmetaiiisih
are less now than they were four, OF
fen. or fifteen years ago. Most OF the
great countries, he says, have now adapl-
ed themselves 10 the single gold standard
in practice. If not by statute Germany
has been adjusted TO it for more tnah
twenty years, and France, Belgium anu
Switzerland-alI supporters of the Di-
metallic Latin Union-have applied the
monometalic system. "Bimetalhsh'
saws he. seems an antiquated lns'i'u-
ton. abandoned for Il quarter OF CEN
turv. Any restoration becomes more
difficult with the passage Of time. such
il the fate of silver-a dethroned mon
arch" lie then proceeds:
a third circumstance, that must rem
der futile all attempts at an international
monetary conference, is the ialuIe Vi
the efforts made by the United S'a,e9
through the Bland and Sherman acos'
if the laws OF February y, 1913, ana jury
"a 1890. despite all the sacrihces I'M
nos.d On themselves by the American
neople. succeeded only in Increasing the
monetary disturbance, II will be under-
stood why European nations have be
come more and more skeptical as 10 the
influence that international legislation
could have in this matter. lhere Il
not a single European country III a nor
NAL financial condition. That attaches
the slightest importance TO bimetaillsm
From time to time, some Minister utters
| in Parliament few equivocal words
on the subject. seeking 10 avoid stripping
the bimetallists absolutely OF all nope
Rut America must not be duped by
these ambiguous expressions. AT bot
tom. not a country. not government OF
Europe has the least wish to make the
least change in the established monetary
svstem-that is, in the pre-eminence or
gold. and the secondary and circumscrib-
ed function Of silver. If from time 10
time. the bimetalists obtain some vague
Ministerial promises 20 study the none
tary problem. IL IS due to the habit com
mon TO all European statesmen OF avoid
ing. offending or definitely estranging
any group Of voters. even one OF slight
importance"
This Is the view OF free coinage and BIZ
motailism held by the foremost writer
upon political economy of France. the
country the free coiners always refer to
as the land that shows what free coin
age can do. And this writer, so far
from expecting scarcity of money UNI
der a monometanic goid system, seems
to think the danger lies In an over
supply Of money. lie thinks that within
TWO or three years the annual produce
ton Of gold viii amount to from S2o0.0OO-
600 TO 800. 100000. and that this ratio Of
/ output will be maintained for twenty-five
or thirty years, if not for fifty or more
Cnder these conditions, he fears rather
that gold will become too abundant"
and he draws the following conclusions
as to The true policy Of the United
States:
In these conditions there IS but one
course worthy a great nation like the
United States. II Is not IL persist I'm
trying 10 'rehabilitate silver, II is def
nitely to recognize the pre-eminence Of
gold and TO make OF this metal the sole
keystone OF the American monetary sys-
TEN. So soon as the capitalists
small and great. Of Europe shall know
that the United States have definitely
adopted the gold standard. and rele-
gated silver to subordinate monetary
role. the savings of Western Europe VIII
low toward that country Freed from
the fear that he may some day be repaid
in deprecated money. every person with
savings in all Europe. Will be happy 10
ind return OF IL TO per cent in
good American securities. and OF 10 l-2
per cent. in the shares of well-esta blished
American enterprises. Then the I'M
mense territory of the United States VIII
find its vast resources rapidly and COM
pletely put in the way Of exploitation.
I -. H..