its leaditig article on the discussion of bimetallism in the House of Commons, details of which have already appeared in our columns, the Times draws attention to the unmistakable declaration of the Chancellor of the Exchequer, on behalf of the whole Cabinet, that the currency of the country must not be changed. The conclusion of the article is There is much in the doubts expressed by the leader of the Opposition—which are Beach—whether the Government are likely parently shared by Sir Michael Hicks to win over the assent of foreign Powers plainly ma; enough for the likes to the tral of a system which we tell them Riem bek wil nex do_at al for ourselves, Even Mr. Balfour's conditional: pledge that if an agreement is possible the Indian mints will be re-opened will hardly affect a repugnance that would probably be much more marked if the discussion had not hitherto seemed unpractical and unreal. However that may be, we reg as unanswerable the contention of the Chancellor of the Exchequer that no case of widespread and increasing depression has been proved sufficient to justify a radical change in the system of currency under which the commercial, industrial, and financial prosperity of this country has been developed. Notwithstanding some "painful exceptions, especially inregatd toagricultureand the cotton industry, the immense accumulation of capital, the steady yield of taxation, the high rate of wages, theimprovedstandard of comfort among the working classes, are inconsistent with the fact that there has been the dangerous decadtence alleged by the bimetallists. The evils of the fall in prices are obvious, though even in this respect it must be remembered that low prices mean cheap and plentiful living for the masses. But it is not proved that low prices are due to any fluctuations in the precious metals, or that they would be raised by bimetallism. The annual production of gol is twice as great as it was ten years ago; the accumulated reserves are vastly larger than they ever were before; the rate of discount never was slow. Sir Michael Hicks Beach boldly denies that there is any scarcity of gold, or that prices have been affected in this way. If they had been, the fall would have been uniform, whereas it varies from 30 per cent on wheat to 25 per cent on cats, 15 per cent on cheese, 10 per cent on butter, 8 per cent on mutton, and soon, while some commodities have not fallen at all, The development of foreign competition in articles of which the production is practically unlimited, the improvement of communications, and the opening up of new coun: tries, suffice to account for the downward movement. The Chancellor of the Exchequer, furthermore, gave some. practical reasons for questioning the theory that the un. fair competition of silver-using countries is the cause of the depression in the cotton trade. If it be, how does it happen that the export; trade of Lancashire to. silver-using countries is increasing much more rapidly than that to countries which do not use silver? It is true that India constitutes a serious difficulty, but, as Sir Michael Hicks Beach showed, there are enormous intel even apart from those of the United Kin dom, that would be affected by any tamper! of our colonies, with four-fifths of the colonial with the gold standard. The great majority trade, are on. gold basis, They like the mother country, are concerned in maintaining the system under which London has become the monetary centre of the world, under which our commerce and industry have outstripped all rivals, under which the greatest accumulation avallable for beneficent and productive of capital that the world has ever seen is
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The Liberal Daily News heads its loader on the subject Bimetallism Snuffed Out," and says The currency of this country is not, as Sir William Harcourt said, to be placed at the merey of a foreign syndicate. We have got good thing, and we mean to keep it. All the Solemn twaddle about, the "appreciation of id," is beside the mark. An appreciation of gold and a fall in prices are. two aspects of out phenomenon. They are the sare thing, Low prices have always bea beneficial, and never injurious to the masses. Mr. Balfour had better have held his tongue than have made the paltry speech which closed the debate. His childish taunt that Sir William Harcourt was in favour of long hours and low wages was more like the humours of an election in a corrupt borough than a Parliament. ary debate. Mr. Balfour still looks forward to the establishment of a double standard as the panacea for all our ills, He will be a very old man before that' particular delusion comes within the range of, practical politics. There is nothing which the people this country would not be justiGed fo dotag to avert such an immeasurable calamity. We do not allay realise.the comparative worthlessness of silver, because our silver coins are mere tokens. Buta man need not far to find it out. He has only. to visit a foreign country, near or distant. e British sovereign will frank him round the world. The British shilling will be contemptuously rejected ina Parisian shop. There is not a whose wages would not be lowered by bimetalworkman in England, Scotland, or Ireland, lism, If Mr. Balfour really. believes in this most fantastic of all fallacies, he ought not to be First Lord of the Fortunately, he has's colleague who is not attain to ribe
Text read from the printed page and cleaned; old type leaves the occasional error.