The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-03-18
ENGLAND STICKS TO GOLD.
The Government Refuses to Give En-
c,iIrnycment TO the EilaetalliSts.

couragement to the Eiraetalii>;s.
London March iT.-In the commons
/ Wh.teley offered a motion reciting CHAT
1t is the oPinion of the house that the in
stability III the relative value of gold and
silver since the action of the Latin
union IN ls.S had proven injurious 10 the
best interests of the country. and that
II URGES upon tho government the ad-
Visibility that they DO their utmost 10
secure an international agreement.
The chancellor of the excheauer. Sir
Michael Hicks Beach. said that. although
bi-metall.sm was involved in the motion.
its adoption by the house did not neces-
sariy Involve the adoption of the bi-
metallic system by the United Kingdom.
He then proceeded TO dwell upon the d.
yersity Of opinion regarding hi-metaliism,
and he thought IL was impossible to fix
ratio absolutely independent of the
market fluctuations of such articles. On
the other hand. he continued. it was de-
MED that IL an International agreement
was entered into by a sufficient number OF
nations it would influence the fluctuations.
Beside. Sir Michael also added. that the
adoption of an International agreement by
sufficient number Of nations might pos
sibly bring the value OF the metals closer
I than at present. In regard TO the ratios.
Sir Michael said he had been told the
United States would probably desire iaia
or 10 TO L. but in view of the present price
ratio was absolutely dishonest to cred
itors and would simply mean q financial
panic, with possible disastrous effec,s To
the credit of the country. If the ratio
was based on the market values of the
metals. he could not how II would
warrant the extravagant hopes of the hi
netali.stS, for the agreement would be
liable TO be broken in the event of polit
icsl conyuision or war. and the effect OF
such doubt In its permanence would mil
itate against success. Nothing more m
poi tant to Great Britain could be con-
ceiyed than the extreme danger Of alter
ing the currency. for Great Britain under
tha gold standard. instead OF beng
ruined. was sngularly prosperous, Wealth
was more generally diffused among the
working classes. and higher wages were
being paid than ever before. No country
in the history of the world. the speaker
asserted was ever in a better position to
bear an enormous load of taxation with
less discomfort. Therefore he saw MOTH
ing to Justify altering Great Br.tain's
currency system.
The chancellor of the exchequer adrnis-
ted however. that there was depression
in htsbandry and the cotton industry But
|, no claimed that the cause was 10 be tound
IN low prices, which were due at one time
10 the appreciation of gold. But the pro-
duetion OF gold has largely Increased, ard
was now higher than ever. He cited the
remarkable fact that the same year which
had shown an enormous and unexarnpled
stock of gold in the bank had showed the
lowest prices on record. Might there rot
be a reason for the falling prices without
anything 10 do with the appreciation OF
gold7 The fact was that the fall in the
price of nearly every article was due 10
foreign competition. which was due to an
increase in production and a more effec-
tive use of capital. also a Wider system OF
credit and the use of the telegraph. snd,
lastly. TO the vast extension OF the rail-
ways of the world and the improvements
in the mercantile marine.
Sir Michael Hicks-Beach while admit
ting tbs evils TO India consequent upon he
fall in the price Of the rupee. pointed
out that the other gold-gsing parts OF the
empire must be considered. The Cover l.
ment was willing and anxious 10 enter into
an international conference or upon re-
gotiations. but IL was not prepared 10
abandon the gold standard for the United
Kingdom. Some Of his colleagues. ike Mr.
Bslfour the first lord of the treasury. cid
not agree with these views. but they wero
all agreed that they were not justified in
proposing or accepting a change in the
gold standard of the United Kingdom.
Sir William Vernon Hsrcour'. who was
chancellor Of the eScl1eguer in the late
LIBERAL cabinet and who is now the eppo-
stion leader ~ the house of commons. re-
piled 10 Sir Michael Hicks-Beach. Motions
in parliament, he said. were becoming less
hi-metalllc every year. Sir Michael Hicks
| Beachs statement. he said. was
worthy Of his position. and will be under
| stood in Germany we'll as in America.
/ II is not creditahie that there should he any
/ doubt regarding Eugisnd's views on this
suhject In his opinion the resolution lof
Mr. white,yD was the enthsnasa of hi
! rnetallism. Proceeding. then. to argue
| that the fall OF prices was due to other
| causes than the appreciation Of gold, he
warned the country against altering In
| dia's currency system, which. ne sasd,
without doubt most suitable for her The
adoption of bi-metaiiism would place En-
gland at the mercy OF a monetary zoii-
ycrcin. and would more eftectualiy iniufe
| British commerce than anything that could
be done on the high seas II was not on "A
divided cabinet he concluded, that the re-
sponslb.llty should be taken of tampering
with England's currency.
Arthur j. Balfour first lord Of the treas
ury. whose strong sentiment In favor of
/ bl-metallism is well known. replied 20 Sir
/ William Vernon Harcouri. saying that
! nothing could persuade him that il was In
( conformity with civilization and common
sense that we should tolerate the present
4 Inconvenien, and ruiuous system. He re-
sarlci the resolution as an Indication that
England was preparing TO bear her fair
share IN establishing an tDtfTnation8
{ agreement for the use Of both metals tn
the currency on "A reasonable basis. Just 20
debtor and creditor alike
Mr. whiteiy's resolution was then adopt
/ ed without division MIR Macfean then
| announced that he would not renew me
I amendment Of which he had given notice.
! insisting upcn the necessity Of maintain
/ Ing the gold standard. in visx az the state
, rent made by Sir Michael Hfcks-i Beach
! as tc, the attitude Of the government To-
/ ward the question.
Paris March 1T-~Aeiine the French
! urotectiorist ieader In the chamber % den.
{ ssies today presented motion that the
( governments open negotiations for bringing
about an international monetary agree
+ nrrt-
fsrusse's March u in the senate today
Premier de Mayer reiterated ths views ~.
sVprsssei in the chamber of deputies OF.
Na~ca H. when. replying 70 question on
| me subject. ne urged the r.--esi sbIishrnent
I ~ international si-mefsii.su1. and assured
j the chamber that tire government wosfla
! argisi..scg IN ans ta-as1fe inspftnz bv in
{ ternaf3oaai agreement me stability ~ the
/ mcnefary exchange OF soif ard SILVER Ho
/ asaei tostay hgweveF. that tesg1lsEu could
/ rot take shs initiative.
z
The sooner you begin TO fight the fire.
I the more easily II may be exiinguished.
The sooner you begin taking Ayers SsFsa-
/ parilia fer your hiood-dtssase. ihs easier