othe Editor of the Norra: Omwa Dany News. thinks there will-be any difficulty in disposing 5, Tye resolution which was oat it be individual: prepertyy and there. to-day's meeting is one which, I think cannot but find general approval amongst fore, f think, sit.o i to Be, natio rposes, such as' redeeming a to be used: for guapet but td general approval oon portion of the national debt, etc., etc.
China trade; the disadvantages of the 7.—With regard to the 4,000 millions present system, which the Chamber desires to soe, are before us sterling, -of which is said' to be depreciated, if all this propery is valued o every day, and almost every hour of the assessed in gold, as ' Student" gives it, day. Changes of one and two per cent. in then, in case of a change, there can no the rates take place within the space of refit result under this head; but. if the "an: hour or two, and between the date of ordering merchandise in England or on the figure represents with silver and gold then, Continent, or America and its arrival hero, in order to satisfy Student's" question, no one has the slightest idea whether the T must classify it, as under Class 1.—Gold. On this property there rate will change 5 or 10 or 20 per cent. will be no gain, for a pound sterling of the or whether the variations will be up or down. It seems quite indisputable. that old: system will pass into the new un-chat aes be true of all kinds of property and what is true of the coin itself' this is not a reasonable state of things. It seems also clear that it cannot be increase in the stock of gold or silver which causes valued or expressed in that coin.
Class -2.—Uncoined silver. On this' such violent changes, nor can it be a change property, within the borders of the gold in the cost of production of gold, or silver. standard countries, would all the advantage, By the way, we hear a great deal more resulting from the change, fall. about the cost of production of silver, but very little about what gold costs—Landed property or remunerative business situated in silver using coun-to produce. There seems, however, to tries and the owners residing in gold be a general opinion gaining ground standard country To these gentlemen, that it is the currency legislation of the who figure up their annual income on the great Western countries which is at fault remitted them from their China that the changes introduced by Germany, the Latin Union, and United States have brought about consequences, which are change would be desi property, it scorns to me, a 8.—A part of these contributions referred almost the reverse of whut was anticipated, to by "Student" has already been assigned and that the time has come for taking some its international action to put the two cur-of oper account—see Art. 6; ti value 1,300 millions sterling must by rendes of the world upon a stable basis in relation to one another.
Class 1 be considerably reduced, the remainder will fall to Class 2 and Class 3, irros-'There need be no hesitation in expressing pective whether. the rightful owners be our opinion that these violent fluctuations promoters of the double standard or met are extremely detrimental to the China "Student" is quite right in saying trade. Asto the remedy, we are not perhaps that great and successful efforts have be in a position to say what is the wisest course made in the march of civilisation towards re-to take, but we know that stability existed ducing standards of all kinds to simplicity, before 1873, notwithstanding great changes but I think the main object in view has been in the production of gold and silver. We not so much the reduction of number as believe that an attempt to establish a the systems of calculation, for the ecitnal universal gold or silver standard would consent could by obtained, an intrseonal The general belief is that if
agreement could be arrived at, but if it is withheld nothing can be done; if. nothing is done the. whole Eastern world will be practically at the merey-of the Americans.
onder to force a settlement of this question, they decided to. stop buying 4} million ounces of silver monthly, and to sell that quantity monthly in the London market in exchange for gold, they could probably drive silver down, and gold up, to panic prices; they could probably stand the shock better than any nation in the world, while England and English interests and investments in the East would. suffer very severely, It surely cannot be the interest of England or the Continent. to bring about a situation like this, which would virtually amount to a currency war.
The opinions of such a community as this may not have much weight if we are. alone, but as the, test commercial centre cast of Calcutta I think we have done well to endorse the views of the Bengal Chamber of Commerce; and, if the Chamber succeed_in eliciting a unanimous expression. of opinion from all the Chambers in the East it would doubtless be received: at- home as worthy of consideration.
Tam, etc, 17th August, To the Editor of the Noxtu-Cama Dany News.
Sin,—The gentleman who dissented from the resolution passed yesterday at the meeting of the Chamber of Commerce is reported to have made the following remark: " What should be sought for is the quickest and best way of undoing the mischief that has already been done by legislation and of getting back to the, state of things when the natural laws which govern prices will have full scope." Hulding such views it is difficult to understand why the gentleman refused to vote' for the resolution. Surely the purport of it-was in accordance with his idea. It formulate ed no plan. It advocated no particular course of action, it merely exprossed.the system, by its natural simplicity, requires only aggravate the evils we are experieneloss of auxiliary standards to complete the ing, and that a stable ratio between gold BOI of this community that the best way this question has mainly for object to. fie list thart'a more complicated one. and silver is the only satisfactory solution. to bring about the. former steady relation between the two metals should be adopted. 'The present state of uncertaintyes to what sinuate: complications resulting' from the will happen in the future is cousin, 80} ment between There is, nothing to, preclude, any. agroethe Western Powers' in: adoption'of the double' valuation, I must much want of confidence, that something cluding in its terms the discontinuance by reply that, instead of conipli ions, it will must be done, and it is satisfactory to introduce' order and simplicity, because know that the principal governments. the United States of its, present policy with regard to silver. If in the dis-everybody will then know the value of both the world have agreed to hold a conference cussion that will take place in the Conto discuss the situation; it is to be hoped of things it i ul impossible metals, whereas under the-present order vention, the arguments of the advocates shore one will fetch up'e week or a month that some definite ratio will be decided of the single standard are. convincing; hence, financial; speaking upon, be it high or be it low. To man, enough, no doubt the United States wil ing. Such being the case, I would-rather say that certainty, people here it seems that a high ratio we see that it is: to their advantage to alter ter for English ana other manufacttheir course; if on the other hand; those of at all times, in, Broseer simplicity than ing countries, and a low one for China. A the bimetallists clearly prove that a double uncertainty, especially when it implies con-Chinese view of the case is that as spinning, standard with a fixed ratio is the onl; tinual loss. manufacturing, dyeing, and printing are 10.—Legislation need not-tamper with bound to develope largely in China, a low method to follow, then they would prevail, In either case the remedy for the: present accord its exclusive protection to gold as the gold standard; it is quite enough to exchange would enable them to compete state of-affairs would be found, and this is more favourably with the West than a high that this community, and other: foreign the only standard of value, and gold will one. For instance, if it costs say 4s. to mercantile communities in the East. are present results: I quite willingly admit exert its own influence to bring about the transform 101b. of raw cotton bought in praying for.
Liverpool into a piece of 101b. shirting to Another remark in the same speech apthat it is easy for legislation to tamper be sold in. Manchester, that amount' re-pears mather odd coming from the source with a single standard, either gold or silver.
English labour and skill; the Chinaman resents wages and charges lo for itchd, namely, "That any interference with but I cantlet possibly' see any chance left the natural laws which govern the rise and for legislation or any other institution to argues that at 6s. exchange this outlay fall of all articles is a mistake." Does this practise on the-metals if both are raised costs him about Mace 6.6., but at 4s. apply to a conference regulating the rates to the standard of value at a fixed rate and exchange it costs him Tls. 1.00; so that freight by steamer? free coinage—unless the meanest tricks are unless wages and charges are reduced to Tam, ote. resorted, to, of which we have no right' the same extent as the reduction in the to, suspect legislation. rate of exchange, there is all the greater 18th August.
Tam, ete., inducement for him to make the goods Dovste Stanparp. himself. This may be'a superficial view. of To Ovencoms Wuaxwi Popper's 18th: August. the case, as there may -be counteracting Quinine and Tron Toute gives Now Life:
quickly, drives away. Eruptions, -Pimples, nae kor sonss—-Sulpboling ation quences which ho' does not take into Appetite, Health, Strength, Energy. Cures account, but his experience has been that Neural, Neuralgia. Indigestion, Nerve -Debility..
Text read from the printed page and cleaned; old type leaves the occasional error.