Year: 1878

same time nearly IS much, namely. $f5OOO,CO0
The struggle for gold has ten already begun, and II
is more than probabl~ that its Price has actually
risen, and that this is one of the causes for the ap
parent decline in the value of silver. This was the
opinion of the British Indian Government when they
made their rerort TO the home Government s on
port they say that % the prices OF commodities and
of the precious metals in London and IN India, wit
ness to a considerable rise in the value Of gold
since March, 1873, aud especially since Deem
ber 1875, and do not show any fali IN
the value Of silver measured IN commoditles
other than gold Using these views with all reserve
it must stilrbe said that they ofd evidence of this
fact at least that rise in the value OF gold Is one
of the causes which has disturbed the equilibrium "1
the two metals"


The evidence of this struggle between England
and Germany, for gold, is direct and unimpeachabie
In reviewing the condition OF the German money
market in it's number of the 9th lnst ne EcOhOniist
SAYS: THE influence Of the German money mar
ket upon is well illustrated by the com
parsOn of the movements In the rates OF discount
charged by the Bank of England and the Imperial
Bank of Germany respectively, during the last year
Ii is noticed that these being the only two great banks
holding cash reserves under gold currency stenl
certain competition between them in order to obtain
gold, is but natural. Only once during the paSt
year. says the B6rsen ZdiVRg, was an alteration Ill
the rate Of discount the part Of one of these
banks allowed to pass without corresponding
movement by the other"


WHERE Is THE GOLD TO COME FRONT


Now, how long will this monetary duel between
the representatives of the two principal gold stan
dard countries of Europe continue, without con-
vncmg the trading classes of one or the other OF OF
both, that their Governments sacrific-
ing the material interests Of their peoples
TO an economical chimerai And how long
will it be before that conviction will
lead to a revulson of opinion and TO reversal Of
policy on the subject of the standards If France
resumes specie payments, with her mints still
closed to silver, the duel will become triangular,
and the intensity of the struggle will not
be diminished. Shall America now complete
the quadr,lateral by also resum.iG specie payments
q gold basis Is Is not about time 10 pause and
inquire where the gold is to come FROM is 1t not
under the Bland bill il is hopeless 10 cx-
silver and for the gold men equally to admit that
facts do not sustain theiI fayOrte hypothesis that
it is only necessary TO resolutions az ban X IS
conventions and at the New-lork Clearing House
to make the gold currency tdit accompdT


The sensible conclusion OF tho whole matter Is,
that on "A question so largely affecting inter
national as well as domestic commerce, ma
tions cannot with safety leeslate alone;
England aud Germany have tried il, and
we see the result, or rather the beginning OF tie
end France and her allies Of the Latin lnlon have
come 10 the wiser conclusion that cooperation
is better than competition. Shall we follow
difficult aueston through international conference,
or 20 punging on by ourselves, under the impulses
of ignorance and folly, into outer darkness, and TO
certain ruin 7 Your obedient servant, 49,


GEORGE WALKER.


Nelr- York Jan. %, 1873.