The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-09-23
ENGLISH BIME TALLISTS.
STATEMENT ISSUED BY THE
BRITISH BIMEEALLIc LEAGUE
Significant Resolution Adopted By
the House of Commons-A Declar
alton In Favor of an International
Bimetallic Agreement.

their EFFORTS seem TO De ATTENDED Dy all
aopracable amount of success. The fol-
lowing statement. received by Hon A
". NIcCune and issued by the English BIZ
metallic League. throws a good deal OF
light On what our friends across the
! water are thinking and doing:
The Bmetall:c League @es!res to call
attention to the significance of the reso-
luton Of March Il, viz:
! This house is of the opinion that the
instability of tine relative value of gold
and silver since the action of the Latin
| Union in 1873 has proved injurious 10 the
| best interests of this country. and urges
upon tne government the adVisaolHty Of
doing all in their power 10 secure py m
ternattOnal agreement STABLE moHeVaiS
par of exchange between gold and SILVER.
This resolution, unanimously adopted
by the house of commons without amend
ment or division, marks distinct dd-
vance of public opinion in support OIL o.
1t is a declaration in favor of an inter
national bime-allic agreement
If, as the house of commons has de
cided the action of the Latin UneoA III
suspendlng the bimetaluc system In IOree
up TO 1873 mas proved injurious 10 the
best interests Of this country, ana H. as
1t has further affirmed, ii be advisable
| ito secure by International agreement a
stable monetary par of exchange between
gold and silver then nothing less NIiaIi
( a new bimetallic agreement can remedy
the injuries so inflicted, or restore tIle
stable monetary par of exchange which
bimetallism secured to the world.
GOLD STANDARD ARGUMENTS.
/ During the past year the Cold Standard
| Defense association has been circulating
| statements assertinG:
1. That the system known as "blmetal-
| ism which was in operation IN the
| Latin Union, did AcL maintain parity
| between gold and silver;
| 2. That the fan in the gold price ot
! silver has not been due TO the action or
! the Latin Union in 1913.
! 3. mat the monetary changes since
! 1873 have not been Injurious TO Brush
! interests.
4 TEat nothing has occurred TO cal
! for acton on the part OF her majesty 5
/ government TO promote an lnternatloha4
! agreement amongst the great powers
! with a view 10 securing a stable mon
/ etary par of exchange between go-d ana
silver. +ho., .ssor.,o,s ara n-acttos,,v
/ traversed and Regulated in the res1lu-
! ton which the house of commons has
! adopted.
Moreover, the attempt of the monomet-
! all-Sts 70 bind the government, by
! specific resolution OF the house, a. no
! time and in 40 way 10 commit this coun-
! try to any international engagement
! which might enGangef the mainienanee
| Kingdom, was abandoned by lis authors
| International binn etalllsm therefore
| st.lI holds the field.
The question whether this coultfy
! Should or should not Ultimately adopt b.
! metallism within the United Kingdom is
! LEFT by the resolution matter for later
! consideration.
/ The declaration of the government does
! not preclude the eventual adoption OF BIZ
/ metallism by this country. The position
/ of The government as defined by the first
! lord OF the treasury and by the chancellor
/ Of tAe eXCheQuer, is, that under present
( circumstances, they do not feel justified
( in proposing or accepting departure
( from 'uhe gold STANDARD of the U11-ed
/ klngGona.' - The nanion, through its rep
/ resentatlvas in the house OF commons,
has formally decided that international
7 btmetallism is necessary in It's best IN
/ terests, and has urged the government to
promote chat end by every means in their
! power. If this end cannot he accom-
( pi.shed without the full cooperation Of
/ England. England must cooperate fully
! or else neglect her best interests.
ANOMALOUS CONDITION.
One of the most striking points
brought oqt in the debate vas the anon
Within the British empire. This was
specially emphasized by Mr.. Balfour, the
Z first lord of the treasury, in the following
words: The chancellor of the eXchequer
! recalled to the memory of the house the
! ludicrOuS fact that at the present mo-
ment, within the limits of this empire.
J mems debts are measured by q rec dit
I LCEGUt S-dHudTUS. IHCy SuiLtT dllCEdLkOU
! by three different sets Of causes; they are
I subject to Influences arising from three
different quarters. We have a sold
{ standard in this country. We have a
| silver standard in the Straits settlements.
| In India there IS standard based neither
| on gold nor silver-a standard varying
/ from day 10 day at the VIII of the Indian
I executive and the discretion f. the indian
finance minister. Nothing shall
/ persuade me that i. is in Conformity with
I civilization and common sense tldt the
commercial world should long tole.d ate so
/ announcement SIuel ana ab5uEd 4 system y
! 1t has never been seriously suggested,
I even by nTonoDlethlEsts. that any remedy
other than international bimetailism
8 would remove TING renrOacn from our
{ monetary system.
+ The result of the debate may be briefly
/ summarized thus: The house of commons
holds tnat an International bimetdllic
: agreement would give the world stable
+ monetary par Of exchange. and therefore
{ be Of benefit to the best interests of tie
( empire. Tf>e government, wai.e approving
of this view, says that at present they a-e
/ not prepared to make such j modification
( in our monetary system as would be in
/ volVed III this country becoming q party
I other powers. They are unwilling to tg-
, more altogether the opinions of q small
others in the city of London who are OPP
! posed to this course. The government IS.
however, DESTROYS that this empire shall
take a real and Immediate part in An
and, with this object. they offer TO re-
open and TO keep open the India m1utS
and to make other provisions in order to
! secure the full recognition of silver as
standard money.
THE L. X. OUGHT TO JOIN.
The BimetalIic League remains con-
WINGED that the United Kingdom ought to
join without reserve in any international
( agreement which may be formed. THE
prejudices of a class, however Influential
or select, must ultimately give way TO q
reform which will promote the best in
teCegts of the empire as q whole. and our
productive Industries. upon which the
great mass of the people DEPEND. mast
sooner or later, become the first care OF
the government. Meanwhile the object
lesson which would be afforded by the
/ effective establishment of bimetaIlism
throughout the world would be the bes;
means of removing the ignorance and
prejudice which ROW pCevep- our full
cooperation. The league snares the
opinion confidently EXPRESSED in the de-
, bate tU Mr.. balfuur THAI the time WI
come when bimetallism will be accepted
not merely by all the great commercial
nations outside England, and not only by
the greae manufacturing classes of Lam
casia!re and the vast majority of the
/ repreSen taitdves of British agriculture, but
also by the great body of opinion wu.lic