The herald., 1896-03-18
D|METALL|SM IN BRITAIN
ENGLAND WILL NOT DEPART FROM THE
SINGLE GOLD STANDARD
Under the Present System the Country ID
SinguIarly Prosperous. Wealth Is Well
Diffused and Wages High-No Reason -
Change the Standard
Associated Press Special Wire.

Associated Press Special Wire.
LONDON, March 17.-It is stated that the
government will support the Whiteley BIZ
metallic motion, with the qualification that
the government does not intend to depart
in the slightest degree from the gold stand
ard.
The motion of Mr.. Whiteley recited that
it is the opinion of the house that the insta-
bility in the relative value of gold and sil-
yer since the action of the Latin union In
1873 has proved injurious to the business
interests of the country, and it urges upon
the government the advisability that they
do their utmost to secure an international
agreement.
The chancellor of the exchequer. Sir
William Hicks Beach, said that although
bimetallisn is involved in the motion, its
adoption by the house did not necessarily
involve the adoption of the bimetallic sys-
TEN by the United Kingdom.
In regard to the ratio, Sir Michael said he
had been told the United States would
probably desire 15% or 16 to l, but in
view of the present price of silver it seemed
to him that such ratio was absolutely dis
mean financial panic with possible
disastrous effects to the credit oe
the country. If the ratio were based ON
the market values of the metals he could
not see how it would warrant the extravar
CANT hopes of the bimetaliists, for the
agreement would be liable to be broken in
the event of political commissions or ware
and the effect of such doubt in its perma-
nepce would initiate against its success.
Nothing more important to Great Britain
could be conceived than the extreme dam
ger of altering the curreDcv. Great Brit
ain under the gold standard, instead of be-
ing ruined. was singularly prosperous.
Wealth was more generally diffused among
the working classes, and higher wages
were being paid than ever before. No
Al Ii g
speaker asserted, was ever in better po-
sltion to bear an enormous load of taxa
ton with less discomfort. Therefore, hN
saw nothing to justify altering Great Brit
aims currency system.
The chancellor of the exchequer admit.
ted, however. that there was depression in
husbandry and cotton industry. But he
claimed the fact was that the fall in the
price of nearly every article was due To
foreign competition which was due to an
increase in production and a more effect-
i've use of capital, owing to a wider system
of credit and the use of the telegraph, and
lastly to the vast extension of the railroads
of the world and the improvements in thu
mercantile marine.
Sir Michael Hicks-B Beach also said that
while admitting the evils to India conse-
quent upon the fall in the price of the rl.
pee, he pointed out that the other gold d-us.
ing parts of the empire must be considered.
The government was willing and anxious
to enter into an International conference
or upon negotiations. but it was not pre-
pared TO abandon the gold standard for the
United Kingdom. Some of his colleagues,
like Mr.. Balfour, the first lord of the
treasury, did not agree with these views,
but they we're all agreed that they were nos
justified in proposing or accepting a change
in the gold standard of the united kingdom.
Sir William Vernon Harcourt, who was
chancellor OF the exchequer in the late
liberal cabinet, and who is now the opposi-
ton leader in the house of commons, re-
piled.
Notions in parliament, ne said, were be-
coming less bimetallic every year. Sir
Michael Hicks-Beach's statement, he said,
was worthy of his position and will be
understood in Germany as we'll as in
America. 1t was not creditable that there
should be any doubt regarding England's
views on this subject. In his opinion the
resolution of Mr.. Whitley was the euthans
asia of bmetallism.
Mr.. Arthur Balfour, the first lord of tho
treasury, whose strong sentiment in favor
of bimetallsm is we'll known. replied to
Sir William Harcourt. expressing this sem
timent and saying nothing could persuade
him that it was in conformity with civIliza-
ton and common sense that we should
tolerate the present inconvenient and
ruincus system. Mr.. Balfour admitted
however, that it was absolutely Impossible
to force upon the commercial and banking
class form of currency which they dis
trusted and were not prepared to accepts
but. in his judgment. the whole trend OF
civilized opinion was in the direction of the
double standard.
Mr.. Whitely's resolution was then
adopted without division.