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'we did more than acquiesce-the unconscious but nevertheless responsible authors of a system of bounties which only differs from other systems of bounties established by less enlightened nations in the fact that the bounties are not given to those who are of us, but to those who compete with us.

"We have claimed for ourselves that we led the van of commerce, because we were the great upholders of the single gold standard, yet there is not a man in the city of London at this moment who would not look with horror and apprehension at every other nation following so good an example. Let Germany, India, and the United States try a gold currency, and a tremor seizes every one of our commercial magnates. They look forward, in the immediate future, to catastrophe, and feel that the ultimate result may be a slow appreciation of the standard of value, which is perhaps the most deadening and benumbing influence that can touch the enterprise of a nation.

"I appeal to that portion of my audience whose minds are not yet made up on this question to reflect whether, of all subjects in the world which deserve international treatment, that of the currency does not stand in the very first

rank.

"I urge them to consider whether we can afford to lose out of circulation in the world the whole of that vast mass of silver which now does duty in oiling the wheels of commerce; whether we can contemplate without absolute terror the substitution of a gold standard throughout the world for the silver standard which now covers so large a part of it.

"I ask whether they do not think that the great, preponderating opinion of the city of London ought to be thrown into the scale of those who desire to see some international settlement of this vast problem and the establish ment-I would not say of universal bimetallism, for that, I believe, unnecessary-but of some system under which every great commercial community throughout the world would contribute its share, at all events, to maintain the stability of the value of silver."

Hon. Wm. E. Gladstone,

"I suppose there is not a year which passes over our heads which does not largely add to the mass of British investments abroad. I am almosī afraid to estimate the total amount of the property which the United Kingdom holds beyond the limits of the United Kingdom, but of this I am well convinced, that it is tens or hundreds of millions. One thousand millions ($5,000,000,000) probably would be an extremely low and inadequate estimate. Two thousand millions ($10,000,000,000), or something even more than that, is very likely to be nearer the mark. (Hear! Hear!) I think under these circumstances it is rather a serious matter to ask this country to consider whether we are going to perform this supreme act of self-sacrifice. I have a profound admiration for cosmopolitan principles. I can go a great length in moderation (laughter) in recommending their recognition and es tablishment, but if there are these two thousand millions ($10,000,000,000) or fifteen hundred millions ($7,500,000,000) of money which we have got abroad, it is a very serious matter as between this and other countries.

"We have nothing to pay them; we are not debtors at all; we should get no comfort, no consolation out of the substitution of an inferior material, of a cheaper money, which we could obtain for less and part with for more. We should get no consolation, but the consolation throughout the world would be great. (Loud laughter.) This splendid spirit of philanthropy, which we cannot too highly praise-because I have no doubt all this is foreseen-would result in our making a present of fifty or a hundred millions $500,000,000) to the world. It would be thankfully accepted, but I think the gratitude for your benevolence would be mixed with very grave misgivings as to your wisdom. I have shown why we should pause and consider for ourselves, once, twice, and thrice, before departing from the solid ground on which you have within the last half century erected a commercial fabric unknown in the whole history of the world-before departing from the solid ground you should well consult and well consider and take no step except such as you can well justify to your own understanding, to your fellow countrymen, and to those who come after us. (Cheers.)-From speeech in House of Commons about 1893.*

Bismarck,

Dallas, Tex., Sept. 19.—In a speech to-night, Governor Culberson read the following significant correspondence between himself and Prince Bismarck on the money question:

In reply Prince Bismarck said:

*

"Friedrichsruhe, August 24, 1896. "Honored Sir: Your esteemed favor has been duly received. I hold that this is the very hour that would be advisable to bring about between the nations chiefly engaged in the world's commerce a mutual agreement in favor of the establishment of bimetallism. The United States are freer, by far in their movements than any nation of Europe, and hence, if the people of the United States should find it compatible with their interests to take independent action in the direction of bimetallism, I can not but believe that such action would exert a most salutary influence upon the consummation of international agreement.

"BISMARCK."

M. Allard.

[From the Chicago Record.]

To the Editor of the Chicago Record: Sir: The inclosed letter to the Min ister of the United States at Brussels reaches me from M. Allard, the distinguished Belgian publicist. Coming from a source free from political bias, it is likely to interest equally the supporters of Mr. McKinley and

*I am indebted to the courtesy of Hon. Stilson Hutchins for this extract from Mr. Gladstone's speech.

those of Mr. Bryan, each party being, as we are assured, equally in earnest to restore silver to the world's currency, the methods only being different:

To His Excellency the Hon. James Currie, United States Minister, Brussels: I feel it my duty to answer without delay the letter which you kindly addressed to me yesterday, but I beg your forgiveness if here in the coun try, far from my office and my references, I am less explicit than I should wish to be.

I follow in my answers the same sequence which you have adopted in your questions:

1. The law of Belgium gives to every debtor the unquestioned right to pay. at his option, in gold or silver, whether this debtor be the bank, the government, or a private citizen, native or foreign.

2. No official estimate exists of the quantity of money actually in circulation in Belgium, but this much can be affirmed, that practically no gold is met with; so that the national bank, which alone issues bank notes in Belgium, never pays gold when these notes are presented, but always pays silver.

3. At its birth (in 1831) Belgium adopted the French monetary system, based on the two metals, gold and silver, i. e., bimetallism.

About 1851, when the gold mines of California and Australia produced gold in large quantities, Belgium demonetized gold and became silver monometallic.

About 1865, however, business became so depressed in Belgium that the people forced the minister, M. Frere-Orban, to retire, and obliged the government to become again bimetallic.

About 1873 France prevailed upon the Latin States-France, Italy, Belgium, Switzerland-to suspend the coinage of silver, which suspension established here a kind of limping monometallism— for, though silver can no longer be coined, the then existing silver coins continue to circulate within the Latin Union, which Union dates from 1865.

Since 1873 a crisis, consisting in a fall in all prices, exists continually, nor does it appear possible to arrest its progress. This fall in prices, reacting on

wages, is now evolving a social and industrial crisis.

You ask me why we returned, in 1873, to monometallism, limping though it be? I can conceive no other reason, unless it was to please a certain class of financiers which profited thereby-a class supported by theories, invented and defended at that time by some political economists, notably by members of the Institute of France.

4. You ask what influence these monetary measures have had in Belgium on industry and wages? Money, which was already scarce in 1873, has become still scarcer, and that fall in prices which was predicted has taken place. The average fall in the price of all the products of labor is 50 per cent. since 1873; that of cereals over 65 per cent. Industry is no longer remunerative, agriculture is ruined, and everybody is clamoring for protection by

import duties, while our ruined citizens think of wars-such is the sad condition of Europe.

5. For the last twenty years no new gold nor silver has been coined in Belgium.

6. The mint pays for gold 3,437 francs per kilo, and for silver 220.55 francs per kilo, without any change since 1865; but since 1874 it no longer buys silver. There is thus a mint price for gold only; but gold is always dearer in the open market than the purchase price of the mint.

Accept, M. le Minister, the assurances, etc.,

ALPHONSE ALLARD,

Director Honoraire de la Monnaie de Belgique, Delegue du Gouvernment Belge aux Confereux Montaire International, 1892, etc.

Aug. 12, 1896. (Translated from the French.)

At my request M. Allard has obtained permission from Mr. Ewing to pub lish the letter. Yours, faithfully,

No. 25 Chesham Place, Sept. 5, 1896.

W. H. Grenfell.

M. MORETON FREWEN.

In July last the well-known writer, Ballard Smith, was requested by the New York World to interview the leading bimetallists of Europe on the silver question and to secure answers to the following questions:

"First. What effect would free and unlimited silver coinage, at a ratio of 16 to 1, in the United States, independently of Europe, have upon the chances of international bimetallism?"

"Second. Would it lead to silver monometallism in the United States?"

"Third. Would a ratio of 16 to 1 help or hurt the chances of an international conference and an international agreement upon a truly bimetallic standard?"

In reply Mr. William Henry Grenfell, chairman of the General Council of the Bimetallic League of Great Britain, wrote as follows:

"I have much pleasure in answering the questions which you have addressed to me. My opinions are personal and do not in any way represent those of the English Bimetallic League.

"I believe that free and unlimited coinage of silver at a ratio of 16 to 1 in the United States would greatly increase the chance of an international agreement for the adoption of bimetallism. I am a strong international bimetallist myself, and I should like to see an international agreement headed by England, but I do not believe that it is in the sphere of practical politics. Even our English bimetallists are very much divided on the question of the ratio, and it would be impossible to get a proposal adopting any ratio through the House of Commons.

"I attended the last two international bimetallic conferences, in Paris and Brussels, and I came away from both with the impression that each European country wanted England to show the way, and that if they wait for England to show the way they will wait forever. We have a century

of monometallism behind us, and the forces opposed to any radical change are too strong.

"What is wanted is an electric spark, and this will not come from England. I hope it will come from the United States. When the first step is taken I believe that other countries, such as France, Russia, and, in time, Germany, will join. England would open its Indian mints again, and we should have a stable bimetallic par of exchange all over the world.

"2. My own humble opinion is that the United States are big enough and strong enough and rich enough to maintain a par of exchange. It is not improbable that panic would be organized and that there would be a selling of American securities by ignorant people and a buying of them by wise ones, but I believe there would be such a stimulus to trade and such an increase in exports of the United States that gold would begin to flow back in a natural manner. I believe that the way for the United States to keep their gold is to go on to silver. On this point I inclose two cuttings from Cornuschi, who was just as bitter against silver monometallism as against gold monometallism. Furthermore, I believe that the United States would soon be joined by other countries.

"3. I believe that a ratio of 16 to 1 would help the prospects of an international conference very greatly. I inclose a motion which I proposed at the Brussels conference, and which all the delegates approved of. It was incorporated with a pronouncement signed by all the delegates. It was meant to assist the adoption of the 16 to 1 ratio by the United States.

"The great difficulty is the ratio, and if the mints of the United States were opened to silver there would be a rise in the price of silver which would greatly help to overcome this difficulty. I feel certain that England will never adopt a ratio of anything like 16 to 1 as long as the market ratio is in the neighborhood of 30 to 1, but I believe that if the price of silver were once raised England would make great efforts to prevent it falling again.

"If bimetallism were once started in the United States I believe that it would give an enormous impetus to bimetallic agitation throughout Europe to get different countries to join in a bimetallic agreement with the United States, and I believe that the agitation would be so strong that it would be impossible for the gold ring to fight against it. Most countries are ready for a return to the bimetallic system. What is wanted is the electric spark, the turn of the wheel, the something which will set the machinery in motion. "Although I believe that England suffers more from the want of bimetallism than any other European country, I believe that those who are waiting for England to take the initiative are waiting for something that will never take place, and I can only turn to the United States in the hope that this initiative will start with them.

Edward Sassoon.

"W. H. GRENFELL."

Another expression of opinion secured was reported as follows: "Edward Sassoon is at present the working head of the great firm of Sas soon, bankers and East India merchants. The members of the Sassoon

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