Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1896-03-20
England is Doing Very Well
With Her Gold,
But She is Troubled with Depression,
Due to Lew Prices. and Low Pr ces
Owing to the Appreciation OF Gold,
But that is All over, Now.

government Will support the Wnltely
bimetalic motion, with the qualification
that the government does not intend to
depart in the slightest from the gold
standard.
The resolution of Mr.. Whitley recites
that it is the opinion of the house that
the instability in the relative value of
gold and silver, since the action of the
Latin union in 1873 had proved injurious
to the best interests of the country, and
it urges upon the government the ad
visibility of doing their utmost to Sc
cure an international agreement.
The chancellor of the exchequer, Sir
Michael Hicks Beach, said that although
bimetalism was involved in the motion,
its adoption by the house did not neces-
sarily involve the adoption of the bime-
ta1lic system by the United Kingdom.
He then proceeded to dwell upon the
diversity of opinion regarding bimetal-
ism, and he thought it was impossibleto
fix a ratio absolutely Independent of the
market fucuation 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 fuctu-
ations. Besides, Sir Michael added, the
adoption of an international agreement
by a sufficient number of nations might
possibly bring the value of the metals
closer than at present.
In regard to the ratio, Sir Michael said
he had been told the United States would
probably desire I5H or 10 to I, but in
view of the present price of silver it |
seemed to him that such a ratio was alb |
solutelv dishonest to creditors and would |
simply mean financial panic with pos
sible disastrous effects to the credit of
the country. If the ratio was based on
the market values of the etals, he coutd
not see how that would warrant the ex-
travagant hopes of the bimetallsts, for
the agreement would be liable to be
broken in the event of political convul-
sion or war, and the effect of such doubt
n Its permanence might initiate against
success. Nothing more important TO
Great Britain could be conceived than
he extreme danger of altering the cur
ency, for Great Britain under the gold
standard instead of being ruined, was
prosperous. Wealth was more
generally diffused among the working
.lasses, and higher wages were being j
,aid than ever before. No country in |
he history of the world, the speaker as
erted, was ever in better position to {
,ear an enormous load of taxation with 7
ess discomfort. Therefore, he saw {
othing to justify altering Great Brit
ms currency system. s
The chancellor of the exchequer adj i
lifted, however, that there was dePres- r
ion in husbandry and the cotton indus q
y; but he claimed the cause was TO be "
ound in low prices, which were due at c
ne time to the appreciation of gold. o
But the production of gold had largely r
lcreased, and now higher than ever t
God the remarkable fact that the same a
ear which had shown an enormous and Il
nexamped stock OF gold in the bank
ad showed the lowest prices on record. Il
light there not be a reason for the fall n
prices without anything to do with U
e appreciation of gold' The fact was at
at the fall in the price of nearly every HI
ticle was due to foreign competition, hi
hich was due to an increase in produc- liz
IN and a more effective use of capital m
wing to a wider system of credit, and
e use of the telegraph, and, lastly, to &C
E vast extension of the railways of the tn
,rld and the Improvements in the mer- fu
ntile marine. Sir Michael aicks- pi
ach also said that while admitting the
lis to India consequent upon the fall
the price of the rupee, he felt that the
Ter gold-using parts OF the empire rit
list be considered. da
he governmet was willing and anxious re.
enter into an international conference sci
upon negotiations, but it was not Pc
.pared to abandon the gold standard an
the United Kingdom. Some of his he
leagues, like Mr.. Balfour, the first life
d of the treasury, did not agree with bu
Sc views; but they were all agreed bra
t they were not justified in proposing !
a change in the gold stand EN-
of the United Kingdom. Ny
ir William Vernon Harcourt, who pla
chancellor of the exchequer in the bee
liberal cabinet, and who is now the ton
TT. taoaa- - tho bo,,sa 81 con, AFT,