The representative., 1896-09-16

Surely these arc matters of grave
and serious Importance which deserve
ond should command attention
None Of the alarming consequences
which are foreshadowed by the (gold)
memorialsts occurred under bimetal-
lism in the past, and. while expert
ence proves that 1t has cOexisted with
period Of the greatest prosperity, no
argument or reason has been hitherto
adduced to warrant the assumption
that these consequences would be
likely to raise If 1T were adopted in
the future"
Ex-Gov. Lidderdale, of the Bank OF
England said recently in q conversa-
tiOn upon the matter: You see, they
are coming rapidly to our views, and
what is lost by legislation can be re-
stored by legislation" Mr.. Lidder-
dale said that he believed Is to the
proper ratio, and further: "YOur
country, il it saw it and had the cour-
age Of its convictions, could force the
issue Of silver restoration on us. be-
cuse in so doing you would win the
trade Of the Silverusing countries,
such as India, China, Japan, Mexico,
and 81 nth America, to such an extent
that England and Europe generally
would be compelled to follow suit in
order to re tam their prestige in those
countries.
Can you, my hearers, imagine any
language more atrOciOuS than those
words OF that wild-eyed anarchist, Mr..
Lidde rdale.
Another anarchist, director in the
Bank Of England, Mr.. Evelyn Hub
bard, recently made this confession Of
his damnable faith: mir. Chairman,
my Lord, Duke, Ladies, and Gentle
men: L imagine that l have been
asked to second this report chiefly be-
cause the bimetallic league count me,
ii not as as profcssed convert, at any
rate as a catechumen, and in accord
ance, with an ancient custom l am
call, d on to testify to my sincerity, by
some public confession of faith. 1
started heavily weighted with the
COMPLETION that legis lation could never
possibly fix the relative price OF two
cOmmt ties which vary in supply.
II have become aware that bimetal-
lism involves the regulation, not Of
price, but Of ratio, Again, the
insular argument was not without
weight. England, it was urged, is a
great creditor country; all the world
is indebted to her in sterling. II gold
is appreciating, SO much the better
for us. This particular milestone tell
from my neck.
First, it requires little considera-
tiOn to see that it is not only eSSenti-
ally immoral, but also self destructive.
IF gold appreciates, your gold
standard stands condemned by failure
in the most essential attribute, that
Of stability, while you are convicted
OF mulcting your debtor, not only of
interest which he agreed to pay, but
also OF the unearned increment, the
increase in purchasing power. which
your currency has acquired by lapse of
time. Great is truth, and she
will prevail 1t is with the firm con-
viction that the principles of bimet-
allism are PRINCIPLES which make not
only the prosperity Of this kingdom
and empire, but the welfare Of the
whole civilized world, that l second
the resolution"
In 1894 Prussian minister made
this declarations: II am empOwe red,
in the name of the government, to de-
the fact that the low price Of silver
has an influence on the general level
of prices, and that the constant fluc-
tuations in the price of silver have an
unfavorable effect on our working
population.
Sir David Barbour of the royal COM
mission On gold and silver in 1883 said:
Cup to the year 1873 silver and gold
coin divided between them the duties
Of standard money for the civilized
world, and l have no hesitation in
saying that up to that date silver was
the more important factor Of the two.
In 1873 change began, and since that
time pressure has been continuously
applied for the purpose Of excluding
silver from the standard Of the world.
"Now it seems to me that under any
circumstances change which has for
its object the reduction Of the stand
ard OF the world by one half its pre-
vious quantity cannot be looked upon
as anything short of a monetary revO.
luton"
What an old pirate Sir David is! He
actually calls the gold bugs revolu-
tionists. Such audacity! And he real
ly reflects on Grover Cleveland as
heading a revolution here unauthor-
lied by the constitution or laws.
Mr.. II. r. Beeton, at the same meet.
ing, said: "We must proclaim every
where. and at all times, the cruel rob-
tity OF contract by the Justification of
the standard OF value"
Sir William Henry Houldsworth was
another of the anarchists at this
meeting He said: 1--WE have dis
timely said, and we say still, that
whatever variations there may be in
the prosperity Of trade. or in employ
ment. or in the Developments of our in
dustries, there can be no good trade
and no prosperity in this country or
in any country till the appreciation of
gold is arrested"
Mr.. w. II. Grenfell marked himself
for the same Infamous notoriety at
the same time; he repeated Sir George
Chesney's words: 1.-THE world on this
subject is divided into two classes,
those who understan the question
and those who do not. OF these two
classes the former are all bimetal-
lists" and said: "Prof. Jevons, who
was certainly on the gold side when he
wrote, put it down in so many figures
that gold fell between the years 1889
ond 1899 by 46 per cent, that between
1909 and 1s49 it rose 145 per cent, and
that 20 years after it fell at least 20
per cent.
IAN ancient money-lender, Shylock
has Leen blamed as a usurer, but he
never asked for more than his own
gain. It is becoming in US to play the
part Of worse than Shylock and TO
demand more than we lent?"
The royal commission Of 1888, it
seems, had six anarchists upon it;
their names are Rt. Hon. Sir Louis
Mallet, Rt. Hon. A. J. Balfour. RI