| Show MR GLADSTONE ON SILVER SEVERAL years ago mr gladstone Gladston els view of monetary standards stan darda was pub limbed in the manchester england guardian this was reproduced in a recent issue of the american banker from which the following in ia taken the standard of value which is the great instrument of exchange is itself a commodity kodity and being such is itself subject tto to fluctuation such fluctuation is in economically an evil and every wise ly governed state should seek to have for its standard etan dard of value the commodity which is the least subject to fluctuation that commodity as I 1 conceive is gold and to adopt any other standard or to add to gold any other metal more subject to fluctuation than gold would be to increase that fluctuation and therewith the consequent inconvenience or distress if a change were made which should of itself lower the value of sterling money in which debts are payable this would be an additional and most formidable mischief thirty or forty years age it was very commonly thought that gold had undergone a very heavy depreciation cia tion there la Is now an opinion that it has been artificially and very largely forced up in value my belief has been all along that any increase or any decrease in value which has taken place has haa been within very narrow limi a I 1 cannot deny that the atlon action of certain gre great at continental tin states may have had bad a limited effect in raising the exchangeable value of gold such action has haa arisen I 1 must suppose from a desire to attain or approach to the best beat possible standard and while I 1 regret the inconvenience which ma mav v be due even to a minor change of va value lile there will be a future compensation in the results of a policy licy that extends the area over which the ine best and most moat stable standard is in in use I 1 also observe that in ciden al contraction may be counteracted ter acted by incidental expansion it is at this time thought by many persons that south africa is to make a material addition to the available gold currency of the world I 1 personally am aware of no sufficient reason why we ourselves should not dot effect a moderate addition to it by the gradual introduction of a carefully limited system stem of issuing notes smaller in value man than five pounds but I 1 am convinced that any search lor for industrial relief of whatever kind from legislative alteration in the basis of our exchanges great and small which is gold would be a barren and hopeless quest diverting men for the time from efforts after practical thrift aud and improvement and ending in substantial perhaps in bitter disappointment unless mr gladstone has baa changed in his bis opinions free silver coinage will not receive much support from his hia government but then like all men of progressive minds mind the grand old man modifies his views with the increase of bight the effect of experience and the change in surrounding con |
