The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-10-04
TIE SILVER QUESTION IN EUROPE.

which began q fortnight ago continued uh'iI
nearly the close OF last week with unaoateu
violence. Nevertheless. all the conditions, as
was pointed out in this column last Monday,
favor a rise, and that they have been disre-
Rarded by operators proves how little reason
and calculation avail against sentiment.
Tho enyoys sent to Europe by President Nc
Kinlev.on behalf OF the United States TO ncgo'
,iate an international bimctallic agreement, AS
nroyided by the act OF Congress of last Febru'
,rv and recommended by the Republican con-
vention of a year ago. are to assemble In London
this week to receive the answer which the Brit
ish Government has promised TO make TINS
month TO their proposals. What that answer
will he is at present unknown, but that at one
time Il was intended TO be favorable is apparent
frsm the disclosures recently made of the dis
cussion between the British Chancellor of tho
Excheuuer and the Governor Of the Bank of Eng
land in reference TO tho subject OF keeping one
afth of the banks reserve in silver. The oppo-
sition which has been shown BY the great Lon
don bankers to even the guarded offer OF tho
bank to increase It's holding Of silver has prob
ably killed the scheme and 1t will not again DO
brought forward.
The truth is that the banking and the moneyed
portion Of the British people stand for the MAIN
tenanco of the single gold standard with a unity
and a solidity which makes the politician adyo-
tAtCS VI SllNCI W o9h
against it. The Cabinet, with the single excep-
tion of the Chancellor OF the Exchequer. are
either ardent, outspoken partisans OF silver. like
Mr.. Balfour and Mr.. Chaplin. or, like Lord Sails
bury, willing to have the experiment tried of in
ternational legislation in its behalf. The British
Parliament could, II it dared. easily open the
British Mint to the free coinage OF the metal. As
long ago as February. 1895. 1t unanimously
passed 4 resolution in favor Of fixing by ~interna-
tional agreement the relative value OF silver and
gold, and repeated substantially the same reso-
luton in March. 1896. Nevertheless, nothing
has yet come of this action, and it is safe to say
that nothing ever will.
In France there is in the national legislature
and in the Ministry the same willingness to talk
and to resolve. and the same reluctance to act,
in favor OF silver, that prevails in Great Britain.
The National Assembly has declared for 1t by a
large majority, while the Prime Minister. Mon
Bieur Melinc, is an active member OF the French
Bimetallio League, and has done all he could
to assist our ENJOYS to accomplish their mission.
Still, as we see, the French Government hesi-
tates, making the excuse that Great Brit
ain will not concur, and that without her
concurrence action will be useless II not mis-
ohievous. Monsieur Meline has even gone SO
far as to press upon the British Government, on
behalf Of France, the acceptance of an agree
ment to which France. Great Britain. and tho
United States shall be parties, providing for tho
reopeninE to silver Of at least the minis OF India.
az we'll as those of France and of this country.
A similar deadlock Is observable in Germany.
The Reichsrath long ago declared in favor of
silver, and the members of the land
aristocracy in the Government earnestly advo-
cate legislation in its behalf, but the bankers.
the workingmen and the Socialists are OPP
posed to such legislation. and are too formi-
L. l. 4. -. l.. a
Austria, on the contrary. arc committed to the
single gold standard. and arc borrowing millions
IN order to establish it. Austria has virtually
resumed specie payments in gold. and will do so
formally at the beginning of 1898. Russia has
already brought her paper money up to par in
her new gold coinage. and is not entertaining
the idea Of adopting silver, in any manner, as a
standard of monetary value.
Events, too, in Europe, as in this country, are
working to destroy the force of one argument
in behalf Of the silver standard, which o few
years ago was used with great effect. The
gradual decline in the price OF agricultural
commodities, which was the most potent infiu-
ence in stimulating the owners and cultivators
Of land to demand q change In the money stand
ard. is giving way TO Q rise. The commercial
and manufacturing depression which followed
he Barring catastrophe, in 1890. has been sue
ceeded, the last two years, by an increased
volume OF exports and imports, particularly IN
Great Britain and in Germany. and by a moro
general employment Of skilled labor. Debtors
have become accustomed to the new order OF
things, and are less disposed to complain Of tho
hardships of the gold standard. Thus, the in
%centives to the financial revolution, which the
restoration OF silver would produce. are no
longer as powerful az they were, and are
gradually dying out.
The advocacy of silver has. therefore. become
in Europe. as it has in this country. more an
intellectual fancy than a measure OF practical
craftsmanship. Tho agriculturists keep 1t up
from force of habit and from fear OF a recur-
renee Of the low prices which have so greatly
increased the burden Of their debts The Man
chester manufacturers vainly imagine that they
could suppress the competition Of the cotton
mills of India, China, and Japan. II they could,
like the employers in those countries. pay their
workmen in deprecated money. Besides these.
a number of ill-informed and illogical fanatics
have adopted bimetallism, and argue upon it az
il a Parliament could make two and two equal
i've by simply passing an act to that effect.
The reason given by the British Ministry for
postponing until this month their answer TO
our ENJOYS, was that. before consenting to the
reopening of the India mints to silver. which
was to be one of the conditions of the proposed
agreement, it would be necessary to ascertain
whether the India Council would approve Of
the measure. In the interval which has since
elapsed two important changes in the condition
Of the currency OF India have occurred. Silver
bullion has fallen in value. and the silver rupee,
which. like our silver dollar. has a value as 4
token coin much greater than that OF the metal
contained in 1t. has risen. To open the India
mints 10 silver without restriction would. there
fore, cause a much greater fall in the value of
the rupee than 1t would have caused two