The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-03-18

hdelOnS might possibly oflnS 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 1519 or 16
/ to !. but in view of the present price
/ of silver it seemed TO him that such
ratio was absolutely dishonest to cred
/ itors and would simply mean a f1nan-
clal panic with possible disastrous Ell
/ fects to the credit of the country. IL
the ratio was based on the market val
/ tleS of the metals. he could not see how
I that would warrant the eXtravagant
( hopes of the bimetallists. for the
agreement would be liable to be broken
in the event of political commissions or
war and the effect of such doubt in its
! permanence might initiate against
success. Nothing more important to
Great Britain could be conceived than
THE EXTREME DANGER
of altering the currency for Great
Britain under the gold standard, in
stead of being ruined, was singularly
prosperous. Wealth was more gener-
ally 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 better position
to bear an enormous load of taxation
with less discomfort. Therefore, he
saw nothing to justify altering Great
Britain's currency system.
The chancellor of the eXchequer adj
mitted however. that there was de-
preston in husbandry and cotton in
dustry But, he claimed. the cause was
I to be found in low prices. which were
due at one time to the APPRECIATION of
gold. But the production of gold had
largely increased and now higher than
ever stood the remarkable fact that the
same year which had shown ali
ENORMOUS AND UNEXAMPLED
stock of gold in the bank had shown
the lowest prices on record. Might there
not be reason for the fall in prices
without anything to do with the APP
probation of gold? The fact was that
the fall in the price of nearly every ar
tlcle was due to foreign competition,
which was due 70 an increase in pro-
auction and a more effective use of
capital, owing to a wider system of
credit. and the use of the telegraph
and, lastly, to the vast extension of
the railways of the world and the inn
provements in the mercantile marine
Sir Michael Hicks-Beach also said that
While admitting the evils no India con-
sequent upon the fall in the price of
the rupee, he pointed out that the other
gofd-using parts of the empire must be
considered. The government was
WILLING AND ANXIOUS
TO enter into an international confer
ence or upon negotiations but it was
not prepared 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 were
all agreed that they were not justi-
he'd in proposing or accepting a change
IN the gold standard of the united king
dom.
Sir William Vernon Harcourt. who
was chancellor of the exchecquer in the
late Liberal cabinet, and who Is now
the opposition leader in the house of
commons, replied to Sir Michael Hicks
Beach.
Motions in parliament, he said, were
becoming less bimetallic every year.
Sir Michael Hicks-Beach statement,
he said, was worthy of his position.
and viii be understood in Germany as
Well as in America 1t was not credit
able that there should be any doubt
regarding England's views on this sub
/ ject. In his opinion the resolution of
Mr.. Whitley was the euthanasia of BIZ
metallism.
Proceeding then to argue that the
fall Of prices was due to other causes
ehdaA lie appreciation OI BOtO. ne
! warned the country against altering
INDIAS CURRENCY SYSTEM,
which. he said. was without doubt most
suitable for her. The adoption of BIZ
metalliSm would place England at the
mercy of monetary zollverein and
would more effectually injure British
J commerce than anything that could
4 be done on the high seas. It was not
/ on a cabinet that the responsibility
! should be taken of tampering with
/ Englands currency.
Mr.. Arthur Balfour the first lord of
| the treasury, whose sentiment
! in favor of bimetallism is well
/ known, replied 10 Sir William
Vernon Rarcourt, expressing his
! sentiments and saving n1thing could
! persuade him that it was in conform
1 ity with civilization and common sense
: that we should tolerate the present in
convenient and ruinous system He
regarded the resolution as an indica-
ton that England was prepared to
! bear her fair share in establishing an
interna tional agreement for the use Of
Sonable basis, just TO debtor and cred
itor alike
Mr.. WhHely's resolution was then
adopted without a division Mr. Mac
Lean then announced that The would
not remove the amendment which he
had given notice, insisting upon the
necessity Of maintaining the gold
standard in view of the satisfactory
statement made by Sir Michael Hicks
I Beach. as TO the attitude of the gov