The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-11-30
Sir Robert Ginen on Bimetallism.

Sir Robert Gifren On B~imetaIlism.
The most important article contributed
to the November number of the Nineteenth
Century Is a discussion Of the monetary
chaos" by Sir ROBERT GITFKN, the we'll.
known British authority on economics and
finance. What gives his paper o special
interest for Americans is the fact that, in
the course of 1t, he has a good deal to say
about the proposals. regarding international
b%imetallism which were submitted to the
Salisbury Government by the Wolcott
Commission.
The rejection Of the proposals by the Brit
ish Government is applauded by Sir Rob-
r. CITIZEN, Of course, but he does not think
1t was sufficiently prompt and unqualified.
He finds in the official correspondence
much that snot reassuring. The proposals
were much worse, he said, than the city of
London had any expectation of, and they
were dealt with in a dilatory fashion, In
stead Of being summarily dismissed. To
him it seems. amazing hat British Min
listers should listen gravely 70 requests that
they should not only reopen the Indian
minis to the coinage of silver, and arrange
for the Bank Of England to keep a fifth
of It's reserve in that metal, but should
also withdraw half sovereigns from circu-
lation and issue small notes instead, and
should purchase $50, 900, 900 worth of
silver annually, in order to rehabili.
tate 1t. He thinks that England's pub.
lie men should keep In mind what the Eng
lish monetary system Is and on what prin-
ciples it is founded, and that they should
think twice and thrice before throwing
discredit upon it, and listening to the
monetary vagaries of public men in other
countries which have not had the advan-
tage Of q sound and settled system.
What are the principles on which the
English monetary system is founded
These principles. according to Sir ROBERT
CITIZEN are, first, that the standard which
Is to be the sole measure of value and I'M
limited legal tender in a given country
should consist Of one metal only, because
there annot and ought not to be two or
more. Secondly, the coinage of his one
metal should be automatic, that is to say,
the coinage should expand or contract at
the pleasure of those who bring the metal
to the mint, the Government meddling no
further with the business than by stamp
ing the metal so as to indicate it's weight
and fneness. Thirdly, a Government
should refrain from any measures directly
intended to alter or affect the value of the
standard, or to make money abundant or
the reverse, or to attain a stable par of
exchange with other moneys, or between
gold and silver themselves; because
this is to embark on a course where there
Is no goal, and which will create endless
monetary discussion, and so produce dis.
credit and unrest. Sir ROBERT holds that
England would have escaped much trouble
and discredit IL her public men had de-
clared in 1873, when they were first in.
vited to a bimetallic conference, that their
national system of money was based, in
their judgment, on absolutely sound prin-
ciples, which they could not, and would
not, suffer to be questioned. BY taking a
lower line they have suffered public opinion
throughout the world to be misled, and
have encouraged q bimetallic agitation in
England itself, which, but for their apathy,
would never have acquired momentum.
The next point made is a corollary from
that just mentioned. The whole brunt of
throwing over the Wolcott proposals
should not have been cast upon the Indian
ia iAS J1cy blOulu
not have been considered for a moment.
Neither should the Salisbury Ministry
have intimated in their reply that they
were prepared to discuss other proposals,
apart from the opening of the Indian mints
to the coinage of silver. This may have
been, and doubtless was, diplomatic polite
ness only; but Sir ROBERT submits that
p~oliteness would have taken a different
form had the Ministry beer rue to the Eng
fish system of money. He believes, how
ever, that the recent protest Of the city
of London, a protest which might al
most he described as n revolt, will help to
clear the mind of England's public men on
the subject, and show them the necessity of
cordially adopting the English theory of
money, If they are to maintain the English
system itself. He insists that, hereafter,
there must be no playing with bimetallism
In England's communications with foreign
nations, n that, therefore, there must be
futile international conferences that nave
taken place during the past twenty years.
England has Joined these conferences from
tim to time, sometimes on the understand,
ing that her delegates should be spectators
only al other times she has sent represent
atives holding diverse, and even opposing
Views, as If the same power could grow hot
and cold at once; at still other times. there
was some attempt at negotiation, rs In the
1881 conference. All ave failed, because
conferences between powers that differed
toto cGto as to what money is, whose
aims and ideas were altogether contradic-
tory, were bound to fail. How, asks Sir
ROBERT CITIZEN, could sober Englishmen,
with their belief hat the monetary unit is
. certain weight of the metal chosen for
the standard, even discuss money with
those who believe that money is the crea-
ton of law, and that, at the mint, some
miracle takes place, whereby a commodity
is converted into money" instead OF
being the same In substance and fact after
the miracle as before. In SIR RoBERT's eyes,
tha xuhnIa nronanlinnu ~ thnya fnfarDn