those who are interested in its rehabilitation to restore it to the nominal ratio of 15 to 1 of gold, which has probably been an unreal ratio for a very long time, is a question which must be left to them to decide. What suits one person's purpose does not suit another's. That which in this sense applies to individuals applies also to nations.

'One man can afford two footinen and a carriage and pair of horses, another has a gig and one man-servant. The third has neither, and is obliged to content himself in his small way with a maid-of-all-work. England and Germany have a gold standard, Austria and Russia have a mixed standard, and Turkey is obliged to be contented with inconvertible paper. We use just these few names as sufficient to complete the metaphor. It would no doubt be very kind of the two first-nained nations if they agreed to assist the two second named in endeavouring to establish a gold currency; but if England and Germany started Austria and Russia with two footmen and a carriage and pair of horses each, they would in both cases soon be found to have reverted to their original position, both horses and footmen having gone across the respective frontiers in search of employers who could afford permanently to keep them. The same would be the case with Turkey and other nationalities whose circumstances are not equal to the support of such luxuries."

Dealing with the great fact of the fall in prices since 1873, Mr. Crump appears quite ready to admit that the fall in silver has to some extent contributed to this depression. He discusses, however, the influences of other causes which have been at work, and comes to the conclusion that to whatever the general disturbance of the commerce of the world has been due the disturbance of silver has already been to a large extent repaired, and that the business of the world goes on very much as it did before, the difference, if any, probably being that it is upon a sounder basis.

On the future of silver Mr. Crump holds a strong opinion:

"Whether," he says, "we are right or wrong in our opinion, after a careful consideration of the evidence that is open to us, we are forced to the conclusion that the white metal can never recover the position it is losing with the foremost civilised states. The use of it may increase with the younger communities who are making their financial way among nations, and possibly through their instrumentality silver may for a time even attain to its old position, as regards relative value, but it is idle to hope that the older and richer states, who have passed into a higher stage of economical development, will be willing to retrace their steps to assist the development of other communities who will be better able by passing through England's experience eventually to join her in the more scientific currency arrangements which her modern commercial requirements render indispensable. Our remarks, therefore, regarding the white metal having lost its position refer more to the advanced states than to those whose circumstances better fit them to support the cheaper metal as a medium of exchange than the dearer. If by a combination the silver-using states can assist and stimulate the natural demand so far to overtake the supply as to absorb the surplus stock which at present defeats the realisation of their object, those who disapprove of the proposal that all nations must join in such a movement, whether it suits them or not, will wish them success,

and will no doubt be willing to render such indirect aid as they can. With this qualification, then, we may state that in our opinion silver has lost its title to maintain its old position of international currency for the following main reasons:-(1.) Because its decline in value in relation to gold disqualifies it in the sense in which it was formerly fitted for the work. (2.) The rapidity of modern transit and of communication has of late years greatly diminished the necessity for transferring the precious metals from one country to another, and also makes them much sooner again available after the debt has been settled, thereby enabling a larger volume of transactions to be arranged on a smaller metallic basis. The business of the banks which formerly did this work, and of the shipping companies who carried the metal, show now one transaction where there were several only a few years ago. (3.) The improved means of working silver mines, and the increase in their number, further deprive the metal of the value it possessed as currency when its steadiness in relative value was secured by the limitation of supply. (4.) Hitherto bags of five-franc pieces have been kept in the strong-rooms of French bankers and merchants, and thalers in the same way in Germany, and roubles in Russia; the same system prevailing in other countries. Whether or not the Germans saw what would be the result of the increased produce of the American and other mines we do not know, but as soon as they got what they considered a chance of unloading' upon someone else a security which there was a very fair prospect would before long go more out of use, and consequently fall in value, they made the attempt with the results with which we are all familiar."

Mr. Crump then proceeds to a review of the principal bi-metallic arguments which have been brought forward since the subject has become one of more practical interest than it was a few years ago, as they have appeared in the speeches addressed to the Paris Conference last year by several of its members, in various pamphlets which have appeared from time to time, and in some speeches which have been lately made upon the subject. The leading point of each bi-metallist is brought out, commented upon, and, to the author's satisfaction, demolished. The reader may pause to consider whether he is most struck by the ease with which the thing is done, or by admiration of the skilfulness with which each blow has been aimed, whether in front, or so as to take the argument in rear or sideways; but the thing is done. Not a bi-metallist argument is left standing. It is needless to say that the work is an able one, for Mr. Crump is an able man and one to whom all the points are familiar. It is of considerable value too in the discussion, as it reproduces in so concise and careful a form, and with fairness, the views of many minds, and the arguments that would be most readily used to refute them. To some minds, perhaps, these will not always appear to be conclusive, when, for instance, it is urged on some occasions that a certain view has found no adherent in either political party, or that it has not been adopted by any eminent statesman. Probably every measure of reform has been at some time in this position.

The volume may be divided into two parts. The able expression of opinions on the general question in the first part will be sure to meet with the respect certainly due to them. They are the thoughts of a mind exercised in such questions, expressed with the practised power of one well versed in expressing his thoughts concisely. The review embracing the second part may seem to many almost too complete, and invite the inquiry whether some arguments must not have been omitted? or whether it is a fact that all are quite so weak or far from reason as is suggested? Its perusal leaves a desire that some neutral philosopher may yet arise who will calmly review the whole question and examine its advantages and disadvantages. Professor Jevons has perhaps done this more nearly than others, for whilst he has put into the hands of all bi-metallists those happy illustrations which seem in their way to be unanswerable, he also, in his last article on the subject, brought forward the argument against the doctrine which has probably, of all others, been the least completely met.

Supplement to the Bullionist. Issued for the International Monetary Standard Association.

Attention is called to this publication, issued from time to time, as being, it is understood, the organ of the International Monetary Standard Association. The third number appeared on the 15th of April. Amongst various papers it contains one Concerning Faith in Treaties." It is written to refute the often-repeated cry of those who assert that were international bi-metallism secured by treaties there would be no power to see that such treaties were kept. The author admits at once that "there is no faith in treaties." But he desires to show that such agreements would, if it may be so said, tend to keep themselves, and illustrates this by the difficulty which a nation would experience in changing from a bi-metallic to a mono-metallic system, which, he urges, could only be done by a temporary suspension of cash payments and resort to a paper currency. He endeavours to show by a clear and carefully stated chain of reasoning, that "self-interest would be strong enough in any nation in which both metals were by treaty with other nations in like case current as standard money, to cause her to cling to a system the destruction of which by herself alone could only be accomplished at the cost of confusion to her commerce and heavy loss to her exchequer."

THE PARIS MONETARY CONFERENCE.

It is stated in the Supplement to the Bullionist (the organ of the International Monetary Standard Association) that "The Monetary Conference, the re-assembling of which was fixed for last Wednesday, has been adjourned at the instance of the Governments of France and the United States, on the ground that' it appears that in a large number of States the question has continued to be the subject of earnest consideration, and that various plans have been under discussion, with the object either of re-establishing the free coinage of silver money, or of restoring to the metal silver its proper international value by enlarging its use as coin.""

BANKING LAWS (SCOTLAND) AMENDMENT BILL.

A BILL" to amend the Banking Laws of Scotland" has lately been introduced into Parliament by Mr. Anderson, one of the members for Glasgow, and endorsed by Mr. Barclay, member for Forfarshire, and Mr. McLaren, member for Stafford.

The preamble recites the Act (8 and 9 Vic., chap. 38) giving a monopoly of issue to then existing banks, and declares the expediency of terminating such monopoly and providing means whereby new banks may acquire such privilege of issue.

The second clause provides against such issue being considered a vested interest involving compensation in event of the Government at any time withdrawing the privilege to make way for a State issue.

It is then proposed that any bank shall be allowed to issue notes to the extent of not more than one-half its paid-up capital, nor more than the sum of £400,000 altogether, provided it deposits with an officer appointed by the Treasury as security therefore Government securities (consols, or new or reduced annuities) with a margin of 15 per cent. in excess of the average amount in circulation, such amount to be ascertained in the same manner as at present. It is further proposed that banks under this Act shall have the power of unlimited issue against gold as at present, but that the gold so held shall be deemed a special asset to redeem the notes in the event of suspension. It will be remembered that this is not the case at present.

As each bank is precluded from issuing notes against Government securities beyond the sum of £400,000, so it is provided that the new issues shall not exceed in the aggregate the sum of four millions, plus the present authorized issue of £2,676,350, without the further sanction of Parliament.

The hire, or tax, to be charged by the State for the new issue it is proposed shall be 2 per cent. on the amount thereof, and any bank paying that tax shall be free of the present stamp duty on notes.

These are the general features of the Bill, but they are modified in favour of the existing banks in the following points: If they claim additional issue under this Act, the £400,000 maximum may in each case be exceeded by the amount of the present authorized issue so long as the two together do not exceed half the paid-up capital; they shall be required to deposit securities to cover their present authorized issues to the value of one-third only of such issues during the first year, another third during the second year, and so on until the 15 per cent. margin on the full amount is arrived at ; with respect to the tax they shall be free for five years on the amount of their present authorized issue, for the second five years they shall pay only 1 per cent. for hire, and thereafter such authorized issue shall be chargeable with the full amount of the hire as in the case of the new issues from the first.

LEGAL DECISIONS AFFECTING BANKERS.

Ex parte RICHDALE. In re PALMER.

(Reported in full, see below.)

THE facts in this case were as follows:-One Henry Palmer sold his public house to Messrs. Richdale and Tomlinson and contracted to sell to them the fixtures and fittings at a price to be fixed by valuation. On the 14th April, 1881, he committed an act of bankruptcy, but of this Messrs. Richdale and Tomlinson had no notice. The valuation was made on the 22nd day of April, and on the 25th Messrs. Richdale and Tomlinson handed Palmer a cheque for the amount of the valuation, drawn to his order and dated the 28th April. The cheque was post-dated, in order that if