The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-03-19
THE FoLLl OLE wArr1NG.

If any body has been in doubt about
the. utter uselessness of waiting for an
international agreement on the sub
jecE of bimetallism; if any body has
believed that there was any hope of a
settlement of the question by such an
agreement; if any body ever thought
that England would desert the single
gold standard, a perusal of our dis
patches yesterday morning giving an
| account of the debate in parliament
over Mr.. Whitely's resolution on the
subject ought to dispell those notions
The resolution referred to recftes that
| the instability in the relative value of
gold and silver since the action Of the
Latin union in 1873 had proved in
furious to the best interests of the
country and it urges upon the govern
ment the advisability that they do
their utmost to secure an interna tional
agreement
Speaking to this resolution Sir Mich
ael Hicks-Beach, the chancellor of the
exchequer, in substance said that in
the adoption of the resolution, though
himetallism was involved in the mo-
ton, its adoption by the house did not
necessarily involve the adoption of the
bimetalhc system by the united king
dom. He then proceeded TO dwell upon
the diversity of opinion regarding BIZ
metallism and he thought it was i'm
possible to fix a ratio absolutely indie
pendent of the market fiuctuation of
such articles. On the other hand he
continued, it was not denied that if
an International agreement was
entered into by sufficient number of
nations, it would influence the fluctua-
tons. Besides. Sir Michael added, the
adoption Of an international agreement
by sufficient number of nations
might possibly bring the value of the
metals closer than at present
In relation TO the ratio, Sir Michael
said he had been told the United States
would probably desire 15ls or 16 to 1.
but in view of the present price of sill
Yer is seemed to him that such a ratio
was absolutely dishonest to creditors
and would simply mean a financial
panic with possible disastrous effects
to the credit of the country. If the
ratio was based on the market values
of the metals, he could not see how
that would warrant the extravagant
hopes of the bimetallists, for the agree
ment would be liable to be broken in
the event of political commissions or
war and the effect of such doubt in it's
permanence might initiate against
success. The government was willing
and anxious 10 enter into an interna-
tional conference or upon negotiations
but it was not prepared to abandon
the gold standard for the united king
DOM Some of his colleagues, like Mr.
Balfour, the first lord of the treasury.
did not agree with these views; but
they were all agreed that they were
not justified in proposing or accepting
a change in the gold standard of the
united kingdom All of which, to-
gether with everything else said by the
chancellor on that occasion. simply
means this: England being a creditor
nation and laying tribute on nearly
A ''4Oii Oii e1i III Is quite Well
satisfied to have her usury paid in an
approaching money and England is
prospecting under that system. Of
course we are willing to have
an International conference. say
her statesmen, but We don't in
tend England shall agree to abandon
the single gold standard. England is
like the man who avowed himself open
to conviction, but with a great deal
Of pugnacity, and setting his teeth
hard. said he would like to see the
man who could convince him.