Show EN8IiSFI D1MEFAWST1 STATEMENT ISSUED BY THE BRITISH BIMETALLIC LEAGUE Significant Resolution Adopted By the House of Commons A Declaration Declar-ation In Favor of an International Bimetallic Agreement That the bimetallic cause Is gaining ground in England there seems to bo no doubt The advocates of the double standard are active in their mission and their efforts seem to be attended by an aoprecable amount of success The following fol-lowing statement received by Hon A w McCune and Issued by the English Bimetallic Bi-metallic League throws a good deal of light on what our friends across the water are thinking and doing The Bimetallic League Jesires to call attention to the significance of the resolution reso-lution of March 17 viz This house is of the opinion that the instability of the relative value of sold and silver since the action of the Latin Union in 1S73 has proved injurious to the beet interests of this country and urges upon me government the advisability 01 doing ah in tneir power to secure by international in-ternational agreement a stable monetary par ot exchange between gold and silver This resolution unanimously adopted by the house of commons without amendment amend-ment or division marks a distinct advance ad-vance of public opinion in support of bimetallism bi-metallism It is a declaration In favor of an international inter-national bimetallic agreement If as the house of commons one decided de-cided the action of the Latin UnCoa W suspenamg the bimetallic system in Jrce up to IJfiJ has proved injurious to the best interests of this country and if as It has further affirmed it be advisable to secure by international agreement a stable monetary par of exchange between gold and silver then nothing less Chan a new bimetallic agreement can remedy the injuries so Inflicted or restore the stable monetary par of exchange which bimetallism secured to the world GOLD STANDARD ARGUMENTS During the past year the Gold Standard Defense association has been circulating statements asserting 1 That the system known as bimetallism bimetal-lism which was m operation in the Latin Union did nw maintain a parity between gold and silver 2 Tnat the fall In the gold price of sliver has not been due to the action t > f the Latin Union in moo i That the monetary changes since 1STJ have not been Injurious to British Interests L That nothing has occurred to call for action on the part of her nvajesty s government to promote an international agreement amongst the great powers with a view to securing a stable monetary mon-etary par ol exchange between gold and sliver All these assertions ore practically traversed and reaudlated in the resolution resolu-tion whjch the house of commons has I adopted Moreover the attempt of the monomet alllsts to bind the government by a specific resolution of the house at no time and in no way to commlt this country coun-try to any international engagement vrnich might eniiinger the maintenance of the gold standard in the United Kingdom was abandoned by its authors international bimetallism thtrafore still holds the hilt The riuestion whether this couauy should or should not ultimately adopt b motalligm within the United Kingdom is left by the resolution a master for later consideration The declaration of the government does not preclude the eventual adoption of bimetallism bi-metallism by this country The position of tile government as denned by the first lord of the treasury and by the chancdllor of the exchequer is that under present circumstances they do not feel justiflid in proposing or accepting a departure from Uh6 gold stanCusU of Sloe UnXed Kingdom line notion thtougli its representatives rep-resentatives in the house of commons has formally decided that international bimetallism is necessary in its best Interests In-terests and has urged the government to promote that end by very means In their power If this end cannot be accomplished accom-plished without the full cooperation of England England must cooperate fully I or else neglect hr best interests ANOMALOUS CONDITION One of the most striking points brought out in the debate was the anomalous anom-alous condition of the monetary system within the British empire This was specially emphasized by Mr Balfour the first lord of the treasury in the following words The chancellor of the exchequer recalled to the memory of the house the I ludicrous fact chat at he present moment mo-ment wthln the limits of this empre i mens debts are measured by i ret tilt Cerent standards They suffer alteration j by three different sets of causes they are subject to Influences arising from three different quarters We have a sold i standard in this country We have ashier a-shier standard In the Straits settlements In India there is a standard based neither on gold nor silver a standard varying i from day to day at tha will of the Indian j executive and thus discretions the In Mn i finance minister Nothing shall i pcKuule me that f is In ccaim aity with civilization and common sense that the i commercial world ehould long tolerate wo incoTivemert tmel and ab3Uirrt a system It has never been seriously fenggcatto1 even by mononietuHMs that tiny remedy j other than international bimetallism would remove tnis rernoacti from our monetary system The result of the debate may bo briefly stiminuized thus The house of commons holds that an International bimetallic agreement would give the world a stable I monetary par of exchange and therefore i be of benefit to the best interests of the I empire The government wX > e approving I of this view sage that at present they np i not prepared to iruke such a modification 1 i in our monetary system ns would be in I velvet in thIs country becoming a party to the agreement In ttic tame form as other powers They are unwilling to ignore ig-nore altogether the opinions of a small but influential section of bankers and others in the city of London who are op posed to this course The government is however desirous that this empire shall I false a real and Immediate part in an agreement with the other great cowers and with this object they otter to reopen re-open and to keen open the India mints and to make other provisons in order to secure tlio full recognition of silver as standard money THE U K OUGHT TO JOIN The Bimetallic League remains convinced con-vinced that the United Kingdom ought to join without reserve In any international agreement which may be formed The prejudices of a class however Influential or select must ultimately give way to a reform which will promote the best in tecetts of the empire as a whole und our productive Industries upon which the great moss of the people depend mutt i sooner or later become the first cure of the government Meanwhile the object lesson which Would be affonieil by the effective establishment of bimetallism throughout the world would be the beet > means or removing the Ignorance anti prejudice watch now prev at our full cooperation TOte league shire the opinion confidently expressed In the de bite ttr Mr Ualfour that the time wll come when bimetallism will be accepted trot merely by Cii l the great commercial nations outside Engiund and not coils by the great jrviimfuctiiring classes of Lan cae ire anti the vast majority of to representatives of British agriculture but also by the great body of opinion wltitn this commercial center of tbs emcre It Is our productive industries and our vast trade which have given the emrire its commercial supremacy and made London Lon-don the monetary center of the vorkl As it ia now recognized that a svable and uniform standard of value Is i esseiiUn to the maintenance of this paramount peat tjn the Bimetallic league urges all bl motall tts to redouble their efforts In the great work of education Grcav BrOaln riv ng now approveU tile principle of International In-ternational blmetuJHsm as necessarj tome to-me rraiperlty of her commerce the time cannot be far distant when she will recognize that her only true position ia in the van of this movement > 3iUon worthy of her imperial Interests and consonant con-sonant With her tradition ALDENHAM President H R GRENPELL Chairman of General Council ROBERT BARCLAY Chairman of Executive Council HERBERT C GIBBS Vice Chairman of Executive Council W H HOULDSXVORTH Chairman of Parliamentary Committee HENRY McNIEL General Secretary 29 Cornhill London C llth April liE |