Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-07-24
AN ENGLISH B1MErALL1sT.
Says Free Coinage in America Will
Force Europe to Bimetallism..

'First-What effect would the free
and unlimited coinage of silver at the
ratio of 16 to in the United States,
independent of Europe, have upon
the chances of International bimetai-
lism?
''Second-Would it lead to silver
recommendations in the United States2
"Third-Wo the ratio of 16 to 1
help or hurt the chances of an inter
national conference and an inter
national agreement on truly bime-
tallic standard"
The above questions having been
recently submitted to prominent BIZ
metallists, BANKERS and business meu
OF London, we print the reply of W..
H. Greenfell chairman of the General
Council of the English Bimetallic
League, we'll known business man,
which is as follows:
II have taken much pleasure in
answering the questions which you
have addressed to me. Ny opinions
are personal and do not in any way
represent those of the English Bime-
tallic League.
I believe that the free and unlimit-
ed coinage of silver at the ratio of 16
to l in the United States would in
crease greatly the chance of an inter
national agreement for the adoption
of bimetallism. l am strong inter-
national bimetallist myself, and
should like to see an International
agreement headed by England, but 1
don't believe that it is the sphere of
practical politics. Even our English
bimetallists are much divided on the
question of the ratio, and it would be
impossible to get proposal adopting
any ratio through the House of Com
mons. attended the last two inter-
national bimetallic conferences in
Paris and Brussels and came away
from both with the impression that
each European country wanted Eng
land to show the way, and if they
wait for England to- show the way
they will wait forever.
We have a century of monemetal-
lism behind US and forces opposed to
any radical change are too strong.
What is wanted is an electric spark.
This will not come from England. l
hope it will come from the United
States. When the first step is taken
other countries such as France, Rus
sia, and in time Germany will join
England will open the Indian minis
again and we shall have stable bime-
tallic par of exchange all over the
world.
My humble opinion is that the I'm
tied States is big enough and strong
enough and rich enough to maintain
the par of exchange. 1t is not i'm
probable that panic would be or
gained and that there would be sell
ling of American securities by ignor-
ant people and buying of them by
wise ones, but 1 believe that there
would be snch a stimulus to trade and
United States that gold would begin
to flow back in natural manner. l
believe that the way for the United
States to keep it's gold is to go on to
sill yer. On this point enclose two
cuttings from Cernuschi, who was just
as bitter against silver monemetallism
as against gold recommendation. Fur
thermore believe that the United
States would soon be joined by other
| countries.
I believe that ratio of 16 to /
would help the prospects of an inter-
national conference greatly. I en-
close a motion which I proposed at
the Brussels conference and which
all the delegates approved of. 1t was
incorporated with pronouncement,
signed by all the delegates.
1t was meant 50 assist in the adop.
ton of the 16 to ratio by the United
States.
The great difficulty is the ratio and
if the mints of the United States were
opened to silver there would be a
raise in the price of silver which
would greatly overcome this Difficult
ty.
l feel certain that England will
never adopt ratio of anything like
16 to as long as the market ratio il
in the neighborhood of 30 to 1, but
believe that if the price of silver were
once raised England would make
great efforts to prevent it falling
again.
If bimetallism were once started III
the United States believe it would
give an enormous impetus to bimetal
lie agitation throughout Europe tt
get the different countries to join il
q bimetallic agreement with thu
United States, and l. believe that the
agitation would be SO strong that i
would be impossible for the old RIM
to fight against it.
Most countries are ready for a re
turn to the bimetallic system. Wha
is wanted is the electric spark, tht
turn of the wheel, the something
which will set the machinery il
motion. Although l believe tina
England suffers more from the wan
of bimetallism than any other Eu
ropean country, I believe that thos
who are waiting for England to tax
the initiative are waiting for some