Tur: two chief political questions of the first week of June in England were Mr. Chaplin's bimetallism motion in the House of Commons, and the refusal of the Government to accept the terms on which Sir Hercules Robinson was willing to accept for another term the Governorship of the Cape of Good Hope; the former attracting more temporary attention, the latter being of far more intrinsic importance. Mr. Chaplin is 8 politician of eminence, much courted by the World, who considers himself eminently fitted for a seat in the Cabinet, but of whom his party leaders are a0 sure that they do not consider it necessary to attach him to them more firmly by the offer of office. He has devoted himself to the cause of the agricultural interest, which has few real friends left on either side of the House and he has convinced himself that the only salvation for the English farmer is in the rehabilitation of silver. The English farmer's most formidable competitor is the Indian ryot, and it is hoped that bimetallism will raise silver sufficiently to check the ex-ort of wheat from India. In fact, it is Mr.
chaplin and his friends who are now raising the ery of Perish India", for which the Radicals were once taunted. Unfortunately, while a rise in silver would check Indian, it would encourage American exports. ' We are glad to believe that there is no chance of the advocates of bimetalhaving any practical success, as Lord Si bury no doubt feels; and therefore Old Morality" is instructed to temable manner dorise with the movement in the following Mr. W. H. Smith admitted that the question was an important one. The attitude of the Government was fully explained the other day by Lord Salisbury and the Chancellor of the Exchequer. Personally, he was not satisfied that the institution of a bimetallic system would conduce to the prosperity of th country.
Mr, Gladstone who, if he were in office, would probably shuffle in the same way, Doing free from official reaponaibility io able to come out boldly against the bimetallic craze. The Standard has, as usualy a very good article on the subject, from which we extract the following Germany has been ambitious to rival Eugland in the markets of. the world, and not least as a great centre of Banking exchange. If only the world could be persuaded to draw bills on Berlin or Hamburg, as it has had the habit of doing this last century or more on London, much of the commission and banking business of nations might be expected to pass into German hands." That was the idea, but it is no nearer fulfilment to-day than it was when the German Mint began coining twenty-mark pieces in gold. Germans do, it is true, enjoy a larger share of the world's business now than they did then, but they have to finance most of it through London. German Banks and German merchants have to come here in order to be sure of obtaining even such share of International trade as they have, and it isa share which tends more and more to become English as time goes on, There is a very plain and simple reason for this. London is the only spot on the face of the earth where the merchant can be sire of always receiving a "golden sovereign" for his pound sterling, without drawback or deduction. No other country can afford to make this bargain and keep it, Germany as little as any. Up to a certain limited sum, the holder of the gold bill of change may receive cash in Paris, in Berlin, in Hamburg, in Rome, or Genoa; but he is never sure where that it is, nor when the moment will Cony 4 w hie finds "specie Paeatly, he draws on London; and therefore ments. goal yy the police." Conse-
don is the banking centre of the worl Te is this unique, unassailable position the professors of hi-metallism would shatter atablow, In effect, they say to this country, let us give up our strong "vantage ground and come down to the position of the nation which is never sure whether it can pay the drafts mit metal or not. And for what? What has happened that we should do this thing? Is the country poorer? Is work less abundant? Are wages lower? Has our trade abroad shrunk in dimensions because of this silver difficulty Not one of these things has happened. Work was never more plentiful, nor workers better off than they are in England to-day. The cry of distress which went up from Mr. Chaplin and his friends last night will find no echo among the as whole. It may be true, as Mr. S. Smith alleges—we hope and believe it is—that manufacturing industries are increasing fast in India, but that does not lessen work here. And if it did, there would be no more conneetion between cheap silver and enlarged manufacturing power in India than between the same kind of expansion and dear gold in Germany. Antagonistic causes cannot produce identical effects, and yet we find precisely the same outery about German as about Indian manufactures. Tt seems so much easier for some people to weep than to work.
The Economist's latest article on the subject we hope to print ina day or two; what the Daily News says is more smart than The bimetallists propose to cure all evil which arises from the fluctua tion of gold, by adding to it the fluctuation of silver, compared with which gold is unchangeable adamant. A more ludicrous remedy was never suggested. Instead of a hair from the dog that bit you, you must swallow the whole hide," It seems rather doubtful whether the Daily News' writer understands the question at all; and indeed it isa very dry one. The Saturday Review jao one aspect of the case with rather brutal frankness What these gentlemen want is only too obvious. They want a market in which the demand is equal to, if not in excess of, the supply. They want to clear off the obligations they have contracted in something cheaper than the currency in which they contracted them. If they do not want. these bons for themselves, they want them for their client This may seem a brutal way of putting i but Let any man with a little faculty for weighing evidence listen to a bimetallist for a couple of hours (he will hardly escape from him in less), and he will discover that this is exactly the length and breadth of the bimetallist case. Mr. Goschen the deputation which waited on the Premier and on him last Thursday to discuss the matter without imputing motives, and thereby set an example enough), are in want of one. The advice to the monomatallita, who, ha hinted (rightly excellent; but, after all, when people want a thing it is to be presumed that they want it for some reason, and it is not superfluous to discover what that reason is. Now the object of the bimetallist is to obtain the power of paying his debts in either gold or silver. As 'a matter of theory, it may be fairly argued that the debtor's power to pay in either metal will tend to keep the market steady. Mr. H. case very clearly. t it is not to keep the Gibbs stated this part of the bimetallists market steady—it is to readjust it—that a return to bimetallism is asked for. This may be called imputing motives; but, if it is nob the real object of the bulk of the his is why should they trouble themsel this readjustment, if it is to do them any good, must do it by fixing the ratio of silver to gold a good deal higher than it has been fixed by the market, But that, in plain English, means the confiscation of a part of the creditor's property. If, on the other hand, we are to accept the ratio fixed by the market, the farmer and the debtor in general will beno better off than they were before.
The London press seems to be almost unanimous as to the grave mistake the Government have made in not. promising Sir Hercules Robinson the support he asked for as the condition on which he would remain at the Cape, and when. we find Lord Carnarvon, a man of crochets perhaps, but one of the "best Colonial secretaries alive, joining Lord Kimberley in condemning 'Lord Knutsford' action, we can have little doubt that the con: demnation is deserved. The question is a very simple one. Sir Hercules Robinson who has administered successfully for eight years our most difficult colony, asks to be assured that the responsible government there should be allowed to govern, with out interference. The Government, says Lord Knutsford, cannot immediately and without consideration give that assurance ofconcurrence and support," and accordingly they lose Sir Hercules.' The absurdity of it is, that our statesmen have had years to "consider" the question, and that everybody knows that if the Cape Colony took a line of its own, in opposition to home views,
Government did to the Australians on the should promptly give in, as the present Chinese question, On this the Standard itself in 20 complex and perplexing a fashion Nowhere does the Colonial problem present as in South Africa, Compared with the questions with which the Colonial Offic deal in connection with our terogeneous possessions in that quarter of the world, the problems that_are from time to time presented to its consideration by Canada or the Australian Communities are insignificant and simple, Take, for example, the two ints on which Sir Hercules Robinson has id so much stress, concerning which his differences with the Home Government have virtually led to his resignation. He holds in the strongest manner that the Governor of the Cape should always be High, Commis:
mer, and that the Imperial Government ould not permanently undertake the direct rule and administration of newly-annexed Gistricte. The Government at home does not feel disposed to pledge itself to. the frst of these two principles, lest by so doing it should confer on Cape Colony too much influence and authority. Sir Hercules Robinson, however, argues that it is idle to be perpetually endea: vouring to limit and control the aspirations of Cape Colony, unless we have made up our minds to stand our ground when some difference of opinion between it and us reaches an acute and critical stage. But in that case we must be prepared to attempt to coerce Cape Colony, which is only another way of saying that we must be prepared, in the long run, to lose it.
The Pall Malt is, of course, more violent Lord Knutsford, it seems, shrinks from extending to the High Commissioner of his choice the support without which he would be more or less paralysed for good. If this decision is irrevocable, Downing Street is entering upon a very stormy chapter of South African history. As for Sir Hercules, we congratulate hin upon having escaped an ordeal_ which might have tarnished his laurels, He now retires from the High Commissionership at the zenith of his success, to begin in the old country a political career which will, we hope, result in his establishment as Colonial Secretary in the next Administration. But his Successor at Cape Townt Who he may be we mom not. Won extent Paijent "the policy of Peter Waggy"—as the children's wooden toy is called, which jerks its lo and arms,'in convulsive obedience to. the pulling of a string—may be carried out is at present unknown, and Ministers may
Text read from the printed page and cleaned; old type leaves the occasional error.