The times. [volume] (Richmond, Va.) 1890-1903, 1897-10-22
FRIDAY. OCTOBER %. 1897,


The answer Of the British Cabinet TO
the American international bimetallists
Is what was confidently expected by all
who had any knowledge of the subject
and could look at 70 dlspasslonateD.
1t was Just about as likely. that an
appeal from the Democrats Of America to
the British Parliament TO overturn the
monarchy and substitute a President for
Queen Victoria would be needed as that
the established financial policy Of Eng
land upon which all Of her trade IS baacd,
would be reyolutlon.zed upon the request
OF Mr.. Walcott ana his associates.
This subject Of an established ratio he
tween gold and silver has been discussed
and studied I'm England from the time
OF Sir Isaac Newton until now. Indeed.
from before Sir Isaac Newton's time; from
that or Gresham, I'm tho reign of Queen
Elizabeth, and the unanimous conclusion
has been that it is q matter OF Physical
imposslbilty 20 regulate the value Of gold
and silver by international agreement
Mr.. Goschon, Chancellor Of tho British
Fxchoqucr, I'm a speech, said; THE let
tiers / have received about the supply of
silver have been innumerable "Why
don't you let US have more silver?" Good
heavens, 1 wish every one would take
as much silver as possible, considering the
enormous profit the Exchequer makes by
IT. We have untold sums al the Bank
of England and at the mint waiting to
be circulated, anxious 10 travel, but they
are not invited. j do not know who the
persons are who do not extend the invi-
tation TO these silver coins to pay a
visit to the country, but at all events,
some Of those who spread the circulation
Of the country-all OF them-have got far
more power to determine what circulation
there shall be in the country than the
government"
In the same speech he said; "The gov
eminent as a government has no power 10
enforce any particular kind Of circulation
on the country"
II silver and gold had an international
ratio established between them. and both
were equally acceptable by the govern
ment. and unlimited coinage Of both pre-
vailed, the public would choose for the
payment Of it's debts and taxes that coin
which 1t could easier get, that Is, il would
choose the least desirable. And IL silver
and gold at a ratio Of 10 20 /, would be
equally available for paying debts and
taxes, and were OF equal market value
at that ratio. every sensible man would
pay out the sixteen ounces Of silver and
keep the one ounce OF gold, as 1t would
be much more convenient 10 handle one
ounce than sixteen ounces. Every one
would stay TO his creditor IF II is the
same thing TO You L believe / will pay
you this silver and j win keep the gold,
because It Is more convenient TO me, and
because experience has shown me that
gold is more likely 90 maintain its value
in the market OF the world, irrespective
OF governments edicts, than silver" Tn
der such reasoning, gold would be with
drawn. or go to a premium, and silver
would become the currency of the country,
except where special contracts would be
made for payment in gold, which would
inevitably be the case where persons, be-
ing thoroughly persuaded Of the ultimate
survival OF the fittest. that is gold would
insist upon contracts. that had long time
10 run being paid in that metal.
There is no law that can control the
preference Of men in these matters, ana
as long as men are permitted TO contract
freely. according to their interests and
their judgment, international bimetallism
with unlimited coinage Of both metals at
a fixed ratio. and as a means OF securing
the equal currency of two metals. is a
simple impossibility.
There is no yiciousness. or deprayity,
or heartlessness In the preference Of men
for gold. 1t ia a matter simply OF prefer
ence and convenience. Our silver friends
make a great mistake IN assailing those
who believe in the gold standard. as lack
ing IN patriotism or human sympathy or
Ia any other OF the characteristics which
are given 70 all men.
A man is not 20 be blamed for prsferring
10 carry the weight OF one pound in
preference 70 &c or "a or q. or any greater
numbes Of pounds The fact Is that the
more the silver that is put in a dollar, in
this view OF the case, the less desirable