New-York tribune., 1897-07-11
ENGLANDS INTEREST IN SILVER.
1T is GREATER THAN THAT OF ANY OTHER COIN
TRY. on ACCOUNT OF HER TRADE

To the Editor Of The Tribune:
Sir: Your intelligent London correspondent has
several times furnished accurate and Interesting IN
formation concerning the International movement
now going on for the restoration Of the joint gold
and silver standard Of money, but in his letter of
last Sunday he seems to me to express a misap-
prehension. viz. in the following: IF invitations
be sent out by the United States another none
tary conference can be held In which the United
States and France as the countries mainly inter-
ested, may make joint PROPOSALS." etc. Are France
and the United States the countries mainly inter-
ested"? Is not the country which exports most
to countries having the single silver standard as
a basis for their currency the most Interested:
and is not that country England?
England stood practically alone with the single
gold standard up 10 about 1873. when the action
of the newly formed German Empire (Which had
as one Of It's first measures, 10 establish currency
and coinage TO take the place md do away with
the Inconvenience Of those Of the several German
States) In adopting the single gold standard was
the principal OF the precipitate abandon
ment of the joint standard and the adoption Of
the single gold standard throughout Europe and
also by the United States. This, OF course caused
gradual rise in the value purchasing power) of
gold. or a fall In the value Of silver and other
commodities. measured BY god. as some would
prefer TO say; and this, Of course. broke the par
OF exchange between the gold countries and the
bimetallic and silver countries. Up to that time.
9o I Ses par Of
india frd with a. PgopuaSGn gop alto ,e Of THIS re-
standard bimea naton, gold par and silver live '0fe. be
ing held by them approximately 10 fixed ratio,
gold England and the silver countres s aiRe % thus fue
making a common par Of exchange for the com
TIE breaking o. tha, PAT by the aemonstization
made not only Mr Bafour, but nearly every mem
Der Of the present British cabine as well as, ma
aP exehns bS the sf9sp s@i the son
m5aafaciTrer aesspIsd an indi@n order manu-;
me the roods we're out oi the @ snd he was sas
sssGy 70 h and @ os bill
rise OF the exchange meanwhile was such as not
S Ha II fnsd TsS 0of OF i bns % % bill %n o
1000 rupees INTO about 1000 (which is par)
fourths and finally one-haif OF that amount of ster-
Worse than this the rise had 1.as soon become 50
there could not pay two rupsss for that for whish
in domestic use in India. and retail purchasers
nsy TSgd hnS pn
result was that machinery was II, imPorier & and
One needs to talk yery little Indeed with businesa
I. IS not surprising that the Manchester district
for instance centre OF 2o.ooo0o OF people. Is be-
coming overwh mngly In favor OF tie joint stand
ard OF money England wants the former par OF
exchange in the commercial world restored. and for
that reason she wants the restoration OF tho joint
money standard upon the Continent OF Europe and
In The United States at the ratio OF l5is 70 which
may be called the worlds ratio ours Of nearly l6
to ! having proved too unfavorable 10 silver, viz.
in that II undervalued silver In relation TO gold To
change her coinage and currency. Having been
upon the single gold standard since lslG. such
change would be an immense disturbance. She
need not be asked to make IT. She only. needs.
her part 10 reopen the Indian mint to the coinage
of silver on individual account or. TO Use the SCI
enrihc phrase TO the free coinage OF silver
may say 10 you that q great many people. after