People's Pilot, Volume 4, Number 16, Rensselaer, Jasper County, 5 October 1894 — We Are in a Vicious Circle. [ARTICLE]

We Are in a Vicious Circle.

In accounting for the monetary convulsions which succeeded the radical change in the standard of value made in 1873 by this country and the commercial nations of Europe, Lord Beaconsfield said, in an address delivered in Glasgow, on the occasion of his installation as rector of the university of Glasgow: “When the various states of Europe suddenly resolved to have the gold standard, and took steps to carry it into effect, it was quite evident that we must prepare ourselves for convulsions in the money market not occasioned by speculation or any old cause, but by a new cause with which we are not sufficiently acquainted, and the consequences of which are very embarrassing.” In the monetary conference held in Paris in 1878 Chancellor Goschen said: “States are afraid to employ silver because of its depression, and the depression continues because the states refuse to employ it. We are in a vicious circle.”