The Kinsley graphic. [volume] (Kinsley, Kan.) 1890-1940, 1896-09-25

and England" said Mr.. Grenfell,
there is one important point which
should be borne in mind, and that is
the fact that with us the word 'bimet-
allist' bears different meaning from
what it bears with you. In the United
States, as l understand, a bimetallist
is one who wishes the United States to
adopt the bimetallic system without
any international agreement with
other COUNTRYSIDE go it alone, in fact;
whereas in this country the Bimetallic
league exists for the purpose of secur-
monetary par of exchange between
gold and silver. With US bimetallism
means international bimetallism; with
you it means bimetallism for the
United States independent of any
agreement with foreign coun-
tries. This difference opens up
a most momentous question: What
would be the effect of the
success of the bimetallic party in the
United States? Or, in other words,
what would be the effect on the United
States and on the world generally if
the United States adopted bimetallism
at sixteen to one without an interna-
tional agreement with foreign coun-
tries? On this point 1 may at once say
that 1 am at variance with what has
hitherto been the feeling of the Eng
lsh Bimetallic league. The English
Bimetallic league, as a league. is OPP
posed to the policy of single-handed
bimetallism for the United States for
two reasons-first, because they are
afraid that the United States single
handed may not be able to maintain
the monetary par Of exchange between
the two metals and so bring discredit
and failure upon a system which they
maintain to be sound and orthodox
and thus put the whole system back,
and, second. because they are afraid of
seeing a gold premium in New York
which would act as a protective duty
against our exports there, and give
them, by establishing a common me-
dunn of exchange, an advantage over
US in trading with the east.
81 personally do not share these
fears. On the contrary, I look to the
United States as the one great hope of
anything being done in the direction
of international bimetallism. Matters
in Europe are at a deadlock. This
is the impression 1 have carried
away with me after having at
tended the international bimetallic
conferences at Paris and at Brussels.
1t cannot be denied that the ablest
economic and financial opinion in
Europe is in favor of return to the
bimetallic system of currency, the sys-
tenn which prevailed up to 1878, when
the demonstration of silver was in
augurated. of which your great econ
omist, Prof. Francis A. Walker (who,
by the way, was staying with me a
few weeks ago., has said that the
history of the world would be searched
in vain for a political blunder of equal
enormity. But, on the other hand.
the impression seems to prevail that
unless England will become a full
partner the other countries will do
nothing. Now, though 1 believe that
England, with her Indian empire and
her great eastern trade, suffers more
from the present state of things than
any European country, and though 1
myself would like to see England
adopt the bimetallic system to. morrow,
I am afraid that if other countries are
going to wait for England they will
wait forever.
Zones thoughts, therefore, turn to
the great republic across the seas. She
has the opportunity and she has the
power of setting the example. 1t is an
example which, l believe, will be
speedily followed. Russia has come to
the parting of the ways. She has de-
termined to adopt metallic basis for
her money; that basis must be gold or
bimetallic. She cannot afford to have
a monetary system out of harmony
with that of other civilized countries,
and if there is no hope for silver then
she must go on to gold, even though
she kno WIS that in the way she must
face all the evils and dangers of con-
tracing monetary supply. France has
already, through her parliament, de-
clared in favor of the bimetallic prin
ciple, and both of these countries
would welcome any step which prom
ised a definite solution of the great
gold and silver question. Other coun-
tries, would, believe, soon follow. If
they are going to wait for England,
nothing will be done. The difficulties
in the way of getting any particular
ratio sanctioned by the house of COM
mons are insuperable. The English
Bimetallic league itself is not agreed
as to the ratio to be adopted.
but, mind you, the English govern
ment has promised great deal. What
Mr.. Balfour said in the house of COM
mons was practically this: If other
countries will establish a stable none
tary par of exchange between gold and
silver we will be prepared to reopen
the Indian minis to the free coinage
OF silver and to make certain other
concessions We ask no questions
about the ratio, though it interests us
as much as or more than you. Once
establish stable ratio, at whatever
figure you please, and we will support
it. This is practical politics. The In
dian minis were closed without apply
ing to the house of commons, and they
can be reopened without applying to
the house of commons, whereas, trying
to pass ratios through the house of
commons is not practical politics
This also should be remem bered,
that it would in all probability do
more good to the cause of silver for a
well-banked country like England,
with only 81, 600, 900 of people, to re-
main ON the gold standard and to open
the mints Of soo. 600 600 of people in
India 70 tho Unlimited coinage OF sill