Jere are to judge by the telegrams from Europe regarding the Monetary Conference which appearing the American shewapapers just to laud, and the.comments of some of the editors, the _great meeting from which the bi-metallists expected.so much has proved an entire failure, We knew that the members had separated without offecting anything, but hopes were entertained that their labours would not prove.altogether barren, and that, when the Conference met again next spring some practical project would be proposed and adopted. It is highly probable that the telegrams in the American papers are of too positive a character, and that by-and-by something may come of the deliberations, speeches, and various proposals of the members of the Conference, But that the Italian Ministry should be framing a now scheme for the settlement of the silver difficulty, rather favours the view, that, when the Conference closer had done nothing, or that no solution of the question it had been considering had been offered which, in the opinion of the' Italian Ministry, at least, was likely to result in proposals in April next such as the different Governments were likely to approve. The hopes of those who trusted in the Conference and believed that some result would follow, rested mainly as an indefinite faith that something feasible had really been proposed, but for some reason bad been kept secret, and that, after the delegates and the other financiers of the different nations bad turned thig something over in their minds for eight or nine months, a practical cure for the evils of our cheap silver would be found. We have heard so little of the proceedings at the Monetary Conference that every one was pretty nearly left to form a theory of his own, We heard that the members had met, and resumes of the speeches of " few of the more prominent representatives have been published. But as to what'taok plnco during the debates, or whether there were debates at all, we are ignorant: It is perhaps not to be overmuch regretted that fuller reports of the speeches have not been published, for, as a rule, and one to which there lave been few- exception, papers on bimetallism are the dullest reading with which reasonable men.can afflict themselves. But we know that Sir Louis Malet, the representative of India at the Conference, surprised many in England by the views he enunciated. It has since been explained that he was only expressing his own opinions, and the Government have carefully assated the public that they never entertained the idea of tampering with the present monetary system of Great Britain in any way whatever. Such. positive statements were no doubt rendered necessary by what had fallen from Sir Louis Malet, and besides there was-undoubtedly a movement among the friends of a double standard with the either adopted the hi-metallic faith or made his adherence to it publicly known then through the medium of an article in the Nineteenth Coniury, The arguments be used did not attract much attention, nor is there anything in the article of striking interest or novelty, but the position of the author lent it some importance. Petitions in favour of a double standard wore, we see by the American papers, Lying for signature on the counters of the Banke in London, but they do not seen to have been largely subscribed.
But it appears evident that the India Office has some hope that silver and exchange are likely to improve, as they made no allotment of Council drafts Inst week, and yesterday only disposed of two lacs of rupees. They may be meditating some change of policy, or in the mode of bringing home the amounts reqnived; and it is greatly to be desired that they should sneeeed in diminishing to a largo extent the sales of Oonneil drafts. It is more probable that the India Office is relying on the effect which some changes they hope to make will produce on Indian exchange than on anything which may come from the scheme which the Italian Government is said to have under consideration. It is possible that an arrangement might be made in Indian nce which would cause a legitimate improvement in the value of silver and Eastern exchange, whereas there is too much ranson to fent that in the direction of its employment oan doable or alternating standard, would, f generally adopted, have only a temporary effect. The manner in which the Council drafts are sold in London has often been impugned, and the Government lately adopted n guggestion which bad been frequently press on thera, namely, to fix a minimum rate every Wednesday, to allot then the amounts applied for atthe minimum, and to dispose of the balance before the following Wednesday. This, though facility to buyers, will not cause a demand for drafta when the minimum rate has been fixed too high, as, has been the case during the last two weeks. What is imperatively required in the interests of India and of trade is a large diminution in the amount of Council drafte. object of influencing the Government, Many of the newspapers which arrived about a month ago stated that cou-versions. of important city men to hi-metallism were of almost daily occurrence, A very great change was said to have passed, and to be passing over the banking and mercantile mind on she subject. That few people of some importance in the city did change their opinions a short time ago is undoubted, The Governor of the Bank, for instance, Mr. Baxrour's task in translating the works of Chwang-tsze has evidently.: been a labour of love. It is certainly one that few would enter on without the hope of reward of some sort or other, and as in this case the enthusiasm, of Mr. Balfour for his author is hardly likely to be shared by a large public we may probably be assured that the task, like virtue, is its own reward, Still it would not be right_ to say that Chwang-toze's work la without
Text read from the printed page and cleaned; old type leaves the occasional error.