People's Pilot, Volume 4, Number 16, Rensselaer, Jasper County, 12 October 1894 — THE POUND OF FLESH. [ARTICLE]

THE POUND OF FLESH.

Lombard Street Will Continue to Demand It of All Debtor Nations. Senator Wolcott, of Colorado, has returned from Europe with what appears to be a gloomy view of the future of bimetallism. He says that while the sentiment in Germany and France is favorable to the early resumption of silver coinage under safe conditions and an international agreement, neither of these countries is willing to take the initiative, and both of them are waiting for the co-operation of England before making any change in financial policy. England has led the world away from bimetallism and to the single gold standard. Mr. Gladstone has told in a very candid way, why this was done. England, as the greatest creditor nation of the world, has a distinct interest in compelling the use of gold as the only money metal of final payment. It is our recollection that Mr. Gladstone, on one occasion, went so far as to furnish the figures showing England's annual gains under the operation of the single gold standard. No doubt has been left as to the view of policy which led the liberal party, under Mr. Gladstone, into the demonetization of silver in India, with a view to forcing its demonetization here. It was a policy of enlightened selfishness, having for its avowed object the cornering of gold and the absolute control of the world’s exchanges. It is somewhat anomalous that with the purpose and object of British policy so clearly revealed as that of a creditor nation, the other nations of the world, and particularly the debtor nations, can expect or demand that England shall take the initiative in the abandonment of the gold policy. The situation is analogous to that of a borrower who would wait for the banker to propose a reduction in the interest rate. We are assured that when the conservatives return to power the land holding class, which is the one in England most favorable to bimetallism as a means of advancing prices of agricultural products, will force a recognition of silver as international money, and this assumed fact is the only one offered us as a reason why we may expect Lombard street to take less than the pound of flesh to which it is entitled under the existing bond. If bimetallism is to wait for the return of the tory party to power in British politics this generation will not see it. There can be no doubt that the mercantile classes of England are suffering under a policy which elevates the financial above the commercial class by the impairment of industrial activities all over the world to an extent which has caused a shrinkage of more than $100,000,000 in British mercantile exchanges within a year. International bimetallism must come through other means than the restoration of the tory party, if the initiative in the movement is to be left to England. It might be well to inquire in the meantime whether, if all the other great commercial powers are anxious to use silver as the international money, they cannot find some means of doing it. It such an arrangement can be reached it is entirely safe to say that England would not long remain out of it, no matter what party might control her ministry. England will not lead, but she will be forced to follow.—St. Louis Republic.