The herald., 1897-10-02
who posse sses more iron may soon be.
come the master Of all this gold"
BIMETAL11sm IN ENGLAND

The Bimetallist Nondon) gives an alb
stract from the report Of the Royal Ag-
ricultural Commission which possesses
great interest to Americans. We take
1t for granted that very few Of our peo-
pie are Indifferent on this subject. The
great vote for Bryan when the issue was
decidedly in the trend of bimetallism,
and the article in the st. Louis platform
declaring for International bimetallism
show that there is Widespread feel-'
ing that silver might be used more in
our monetary affairs, and that its lin
tied use causes gold to appreciate and
SO makes all products sell for less in the
market.
This report OF the Royal Agricultural
Commission will be read by all our peo-
ple whatever their views, with exceed
commission who signed the main report
and ten signed a supplementary report
to the effect that bime allism Is the one
practical remedy for the depression in
agriculture. II WAS tHS uuduiilouS
opinion of the commission that "the
chief cause OF the existing depression is
the progressive and serious decline in the
prices OF farm products" Ten of the
committee who signed the supplemental
report make this proposition the basis
of their argument. They urge that low
prices are consequent upon the appre-
citation of gold, and gold has risen in
value because of the demon etiZaton of
silver, and SO argue that the English
government should unite with other ma
tions to remonetize silver.
1t will rejoice bimetallists to know
that Sir Robert Giffin, the extreme
on the commission.
agrees with his fellow members that the
fall of prices is due to the appreciation
OF gold. Mr.. Gif1n takes issue with
David A. Wells and others Of our
American monometallists that the de-
cline in the price of wheat from 1893 to
1896 was wholly due to the great in
crease in supply throughout the world.
He refers to reliable statistics ard adds:
Speaking broadly, the figures clearly
suggest that the decline in wheat DUR
ing the last twenty years is not due
to any great growth in production IN
excess of the growth of the consuming
population.
The facts are rather the other way;
the growth Of the acreage under wheat
has Jagged behind the growth Of popu-
lation.
To quote further:
1t is a great misfortune. consider,
that some monometallists refuse to rec
ognize the general fall of prices in the
last quarter of a century as being, in
economic language. an appreciation Of
gold, and as being explained by a con-
traction of gold (as compared with
previous period Of expansion) which
commenced about the year 1873. The
facts are all beyond dispute. The crux
of the question is, that whereas, for
twenty years before 1878, owing to the
state of the gold supply and demand,
the progress of invention cheapening
of means of communication and the
like influences were attended by no
general fall of prices but prices rather
advanced. Now, owing to the differ
ence in conditions of gold supply and
demand, the progress of invention,
cheapening of means of communica-
ton and the like influences, have been
accompanied by fall of prices.
Mr.. Giffiri, then, agrees with bimetal-
lists that if money had increased in sup
DIV as rapidly after 1873 there would |
rave been no fall in prices. He also
,dmits that bimetallism would bring a |
general rise in prices, but dissents from
he views of his colleague that general |
Use in prices would aid the farmer We
hink the farmers would like to try the |
,xperiment