The Irish standard., 1897-07-24

Senator Wo,ceu. the French press jlll.S
lightly 81 his mission and debates
iha' The United stare, government,
might spoah its money more advantage
on>iH Than IN dctrsyinH the expense, of
th" Colorado senator ami mas cnmpaY-
ION, whose mission is hopc,cs- OF auc-
cess IN Europe.
later report conveys The iniciii-
gence that ON Jul, l. senator Woicou.
"N-Nicc rrcsiden; Stevenson and Gen.
PAYNE tie members Of the tinted States
hmciallc commission held = confer.
"acc with Lord Salisbury. Arthur Ea,-
four. Sir Michae! Hicks Beach ana Lord
George iiamilton. with the view OF ne
gC;iai'ng ON the financial que s,ion The
American ENJOYS did all the talking
ana the Britishcrs listened attentivcly.
withou' saving y word. The Ameri-
cans are persistent. however. and ALL
cnGeavor to secure The support of Baron
de RothSchild. who undoubtedly %ill
receive Them cordially and laugh a.
hem in his sleeve The three Amer
pleadings with The European govern
ment officials and financiera, but The
American administration that sent them
on the wild goose chase did il for 20
litical effect, We'll knowing that their
mission would Prove fruitless and vain.
Tie three American envoys must be
Very unsophistcated if they believe for
moment that Great Britain vii!
change its monetary system TO please
the United States.
The Peoria journal, an able Republic
can paper which is an advocate of
American bimetaliism without the aud
or consent of any foreign nation what
ever, believes that the object for which
the American ENJOYS are cringing to
tho Paris and London bankers and
statemcn is one which, If attained,
would virtually eXtinguish the indie.
pendence of the United States Uniyar-
sal money without universal govern
ment is physically impossible, says the
Journal; and to seek for universal
money, to negotiate or seek to negoti-
ate a treaty STIMULATING for a common
money with any other nation is an acc
of treason, and it has thus been charac-
terized by Won Stoltz and Fichte, of
Germany, Harrington, of Great Britain.
and other Dublicists and statesmen.
Taking all the states of the CONNER
cial world together. paper notes form
one-half of the aggregate circulation"
says the Journal. In each state these
paper notes possess legal functions and
attributes differing very widely from
the legal functions and attributes of
similar notes in other states. To bring
these all to the same level, for example,
to level the Russian paper rouble. the
Italian corso porsale, or the Argentine
Or Brazilian paper currency with the
Bank of England ncte is simply i'm
practicable. Until this is done univer-
sal money will be an idle dream; a
dream by means Of which the
designing will entrap and de-
stroy the unsophisticated. For be
it observed that the intrusion Of
paper notes-apart from other consid-
crations-alters the value of coins in
each country by itself; so that no mat
ter what Il coin costs to produce or
what proportion it bears to the whole
number OF coins in the world,
its vaiue. it's purchasing pow
er, in each state is different, and such
difference is caused, or else increased
and the value of the coin lowered, by
the proportion of paper notes In the cir
culation of such state. 1t is quite evil
dent that if. for example all the Bank
Of England notes were withdrawn from
circulation, the value of each gold SOW
ereign in England would be at once
EXCHANGED. If this be admitted, it fol-
lows that the value Of the gold sover-
eign in England depends-apart from
other OBSERVATION-DISCLOSURES the q,,ant;-
ty and proportion of paper notes in cir
culation in England. AS such propor-
ton differs in various countries. so does
the value OF a gold coin of any given
denomination. II universal money
(coins) is not to be attended with a
common level Of prices, Or common
value to the same weight Of metal,
there is no advantage in it, and gov
ernmcnts will refuse to adopt it. There
fore to render it practicable, the various
states of the world will, sooner or later.
be required to bring their paper currer-
cies to a common level. To formu-
late such proposal is to condemn it,
No statesman outside of Great Britain
or France will listen to it for mo-
ment. 1t is absolutely impracticablc;
nay. more, it is absurd and mischievous.
The Journal concludes an interesting
article by referring disparagingly to
Senator Wolcott as follows: "The ne
gotiations of haif-educated Colorado
lawyer with Mr.. Balfour, one of the
most highly trained and adroit states
men in Europe can have but one re-
sult-it will entangle, perhaps fatally en-
tangle, the country which has had The
imprudence to employ SO unskilled
representative"
Both at home and abroad the count;y
is in great danger from its immature
statesmen. They mean all right, but