The herald., 1897-12-28

vocates of bimetallism may find them
selves holding the balance of power II
the British and German parliament an,
the French chamber. 1t was only las
Saturday that committee of the latte
body resolved to Invite the government
to submit a bill establishing bimetallisn
in France" a pretty good indication tina
the friends of silver in that country
are undismayed by the failure of the late
joint mission to England, and that the,
intend to continue the agitation for in.
dependent action.
The action noted, coming so soon aftel
don, gives additional color to the sugges-
tion of NJ. Meline, the French premier
prior to the departure of the ambassa-
dors from France, that the adoption OF
independent bimetalism by the United
States would be the surest way to bring
about international concert.
1t is significant that at the moment the
committee of the French chamber was
resolving in favor of bimetallism foI
France, an American minister was urg-
ing upon a committee of the American
house of representatives his plan for for
ever fastening upon the people of this
country the gold standard, thus pro-
posing to perpetually degrade a great
American product to the rank of a conf
modify, while French statesmen were
demanding recognition of the highest
order for metal not produced in the re-
public, dependence for future supplies Of
which must be upon the mines of this
country.
The bimetallic sentiment in Germany
is scarcely less strong and hopeful than
in France, although more subject to re-
straint by the despotic character of the
government. 1t is ably represented in
parliament, and is not wholly unrepre-
sented in the ministry.
Those who f1atter themselves that the
recent rejection of overtures for inter-
national concert by Great Britain puts
an end to the contention in that country
should read paper contributed to the
current number of The Nineteenth Cen
tury on "The Monetary Chaos" by Sir
Robert Giffen. In the course Of this
article this distinguished advocate Of
gold monometallism says:
Having begun TO tamper with the cur
rency in great dependency Cndia),
through mistaken apprehension of
the extent and nature Of the evils of
fall in silver, our government is less
able than it ought to be to stand on the
true conservative basis of the princi-
pies of the English monetary system.
The bimetallic agitation at home.
though it has not gone so far as in the
United States. has also gone good
way to become an electoral and party
question, with all the mischiefs attend
ant upon such a question being made
one about which popular passions are
excited. For many years in England
there has been no similar chaos of
opinion about money in high political
quarters, and there is real danger of
panic and confusion through the con-
sideration given by the government to
the widest absurdities.
From this candid confession of the
of the bimetallic sentiment in
England, forced from an unwilling op-
it would look as if the next
tending toward an interna-
tional agreement might come from Great
Britain, instead of the United States or
France Sir Robert frankly admits that
nothing has happened to silver in recent
years which makes it unfit to be stan
dard money" and his broad condemna-
ton of the government for its ill-ad-
vised act in closing the Indian mint JUS
titles the conclusion that he would not
object to wider use of silver, providing
it were not allowed to disturb the fixed
financial policy of the English home gov
ernment He indeed comedies that
worse things might happen to the United
States than its change from gold to 4
silver standard. On this point he re-
marks:
At the worst in the United States they
can but go over to a silver standard and.
although the shock will be great at first,
a silver standard steadily adhered to.
provided all proper obligations con-
tracted in gold are met in gold, would
not be a bad thing.
The friends of bimetalism in the Unit
ed States have no occasion for despon
dency over the situation at home or
abroad. The question has not been set
tied there nor here. No question ever is
settled until it is settled right. This one
will not be settled by international con-
cert until each nation shall have solved
the problem for itself. A return to in
dependent bimetallism by France, not
an unlikely event nor necessarily re-
mote, will aid the cause in this country,
and vice versa. Such departure by the
two greatest republics and most enlight-
ened nations in the world could not fail
to influence others to similar action. The
friends of silver everywhere have abun-
dant reason for felcitating themselves
upon the outlook. 1t is full of significant
promise.
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