Mr. Axpensoy's Sreecu, (Continued from last week.)
The total average fall in the 45 leading es of commerce between 1873 an is calculated by Dr. Sauerbeck at over 40*per cent,—during the same period silver fell 35 per cent.—so that in gold countries the prices of commodities have practically followed silver; in 1890 during the great rise in silver, there was a reaction in the price of commodities. Dr. Svetbeer" Mr. Palgrave's, and Mr. Giflen's figures practically confirm Dr. Sauerbeck's. On the other hand the prices of commodities in silver countries have been rema steady during this period, and'as a general rule a tael goes as far in. purchasing po to-day, when it is quoted at 3)9, as. it did in 1873 when it was quoted at 6)-, in some cases the tael purchases more than it did when it was at such a remarkably different figure; and, notwithstanding the alleged overproduction of silver, there plethora of it to-day in China. If. then, gold has risen, since bimetallism has been discontinued in Europe, and if silver hax not fallen, in relation to commodities, it follows that gold, and not silver, hus been the more fluctuating standard of the two, and it seems a fair assumption, that if gold had continued to be allied to silver as formerly, the combined ewrency would have been more stable, and more capable of preserving a steady equilibrium, than
a num will stand firmer and steadier on the two metaly on a separate basis, just two legs than on one. Tt may be asked, if these views ure correct, where does the chief opposition to bimetallism come from? The principal obstacle has always been Englind, whose financial policy has been dictated by what. is known as Lombard Street." The advocates of a single gold standard are mainly those whose interests benefit by it, and the lange portion of the public who have given no attention to the question, and who are influenced by opinion of the leading financiers and the Press. There are no doubt a few mon of influence, who, though the appreciation of gold suits them, will argue against their own interests, but in the rough and tumble of the world, they do not count for much, in comparison with the dead weight of the interested, The various interests which compose the country are beginning to speak out for themselves, and men of the greatest ability represent them; from time to time men of light and leading change sides, as they see that the balance of argument is against them, and it is a hopeful sign that the changes are nearly all towards bimetallism, In a complex question of this kind any change involves the opposition of powerful interests these interests do their utmost to influence the public, mainly through able articles in the Press, and clever articles are constantly Enwland is largely due to its gold standard, published to show that the prosperity of
as if gold had some inherent magical power in itself. Who benefit: by this appreciation of gold, and who suffer from it? The former are i very powerful phalanx; they include all those who have incomes fixed in
and Civil Services at home, the Press, as gold, gorernment oficials—Army, Navy a veneral rule, lawyers, doctors, the Clergy, and as a rule. all professional men. All people in receipt of salaries—People whose income is derived from m-vestments in the Funds, in foreign, Indian, or Colonial gold loans; bankers whose business.is with gold constituents, and who are represented by what is called "Lombard Street." These important classes, and the people who are influenced by them, form a compact and powerful body, opposed to any change in the present currency law: mainly because they feel that they benefit, by the fall in prices, and they cannot easily be made to see that what is good for
Text read from the printed page and cleaned; old type leaves the occasional error.