The times. [volume] (Richmond, Va.) 1890-1903, 1896-04-30
THURSDAY. APRIL 80. 1896.
THE ENORMOUS PROSPERITY OF
ENGLAND.

We have received the London Spectator
of April 18th, which contains a most in
terestng article upon the British budget
presented some two weeks back to Parlia-
ment by the Chancellor of the Exche-
auer. Sir Michael Hicks-Beach. When We
consider IT and think Of the general de-
preston and disaster which our insane
struggles for a debascd financial system
have brought upon this country, 1T is OK
asperating in the extreme The speech
which the Chancellor of the Exchequer
made in presenting the budget shows that
England was never, in her whole history,
so prosperous as she is right now. He
shows that, although retaining taxes at
1ust what they have been. she has raised
for the current year an income of $09.-
100000. which is the largest revenue she
ever raised. and that this will give her
a surplus over necessary expenses OF
S20.OOO,OOO The Spectator says of the
budget:
'In no other country in the world would
1t be possible TO 90 on paying off some
fs,OoO. 900 Of debt. 10 give an extra f.
industry by a grant Of over E1,ooO,000, and
to find a limited extra sum for education,
and set not add faFtbing Of new taxes.
OF course. as he would be the first 10 adj
NIT, II Is not Sir Michael Hicks-Beach
who has done this miracle. This result,
so emlnently satisfactory, is due 10 the
prosperity Of the nation and the sound
ness of our fiscal system. which, without
recourse to duties on everything from
Hut tot
t10l. 755 600 a year"
That tells the whole tale. England has
been a single gold standard country for
eighty years. She has kept her credit all
the time at the very top notch. When a
man had a promise 10 pay pounds he has
always known exactly what he would
receive; she has had free trade for fifty
years, and the consequence of the two
things is she has had a monopoly of the
best trading and commerce of the world,
and IS getting richer and richer every
day. Her single gold standard and her
free trade are the sources of the golden
harvest that is being poured into her
lap, while we are struggling along and
gasping for breath. with the threat of de-
basing our standard Of value by free sill
yer and our favors to the fortunate and
punishments TO the weak with protection.
Great Britain is the most respondent
example possible Of the nonsense and folly
of what the advocates of the free coinage
OF silver tell the people. They tell us
that the gold standard has made money
so scarce that we have not enough TO do
business with. But here is England, that
has had no silver, except subsidiary coin
age for change. for eighty years. she
has had no money in all that time but
gold. yet her prosperity has been simply
phenomenal, and It is increasing all the
time. What her commerce amounts 20
the Imagination cannot figure. But this
we know-the entire shipping of the world
IS 24,96S, 400 tons. and of this Great Britain
owns Il. 95S. eos. or more than half 1t is
fair TO assume. therefore that she does
more than half the business of the world
yet her entire monetary system contains
less than $7o0OO0,0oO Of coin and paper.
while ours contains about 81. 600 600 Of
the two. How can any man say that
quantity Of money is necessary 10 bust
ness with these facts standing before
him? The informed man who reasons.
knows that business is not done with
money, but by transfer Of credits. lie
knows therefore. that but a small guam
tity OF money IS necessary. But the ig-
norant man who learns these facts
ought 10 be able To answer the free
coinage advocate when he tells him there
is not enough money.