June 26- 1895.]
CHINA OVERLAND TRADE REPORT.
be on
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479
GEORGE
even in
the time has arrived when European bime-preciable rise in silver; on the other hand, jesty's sleep must give way to that." In tallists, not forgetting the Eastern Bimetallic it is not so certain that if the metal continues five minutes down came the little lady "in a League, should declare themselves on the to be boycotted for monetary purposes, there "loose white nightgown and shawl, ber nightcap thrown off, and her hair falling all important question of the ratio. Their may not be a further considerable fall- American friends boldly advocate the old What is desired, by Eastern merchants at upon her shoulders, her feet in slippers,
Are the all events, is stability of exchange, the ques-
"tears in her eyes, American ratio of sixteen to one.
but perfectly col- "lected and dignified." The King is British and Continental bimetallists prepared tion of the ratio being with them a secondary to join them in that? If that is the position consideration, for they know that trade can dead, long live the Queen! Such was the they intend to take up bimetallism will never adapt itself to any ratio. The desired beginning of a reign which completes its be re-established. For the united Govern- stability of exchange might be attained by fifty-eighth year to-day. It was surely an meats of the world, by a stroke of the pen, taking the average market rates of gold and interesting if not a pretty picture: the young to depreciate gold to the extent of one half silver. say for the last year, as the basis Queen steps into history manifesting sim- its value would be an incredible act of in- of the proposed legal ratio. According plicity, sincerity, a warm heart, a cool head, justice. The appreciation which has taken to the bimetallic doctrine there could and a prompt subordination of self to public place in the value of gold has worked great then be no further fall in the value of duty. What was then the spontaneous issue hardship, but that is now a thing of the silver; but there might possibly be a gradual of a sweet and noble character has by nearly past, trade and contracts having for the rise, to meet which the ratio could be revised sixty years of daily practice become fixed as Long live the Queen !" most part adjusted themselves to the new at intervals of sufficient length to prevent the unalterable habit, conditions. Mr. CARLISLE denies that there manipulation of the market by speculators. Length of days such as rarely befalls a is any such thing as a debtor class in the By many of the so-called bimetallists, who monarch has been granted to her. United States, for while nearly every one have axes of their own to grind a settlement the Third alone of British sovereigns owes some debts, large or small, nearly on these lines would naturally be deemed has out-reigned VICTORIA, and every one has also some debts owing him; eminently unsatisfatory; but the men who this case the advantage is apparent rather in other words, he is both debtor and are working to bring about & rise in the than real, for out of his fifty-nine odd years creditor. That is equally true of Great value of silver for the benefit of special in- the last eleven were passed under a Regency Britain, and, in fact, of every civilised country, terests must not be confounded with the necessitated by the stark madness of the except in so far as its foreign loans may true bimetallists, whose only object is to hing. Louis the Fourteenth of France be concerned; and the injustice that would be give the world a reliable international cur. reigned seventy years, but these included a done to individuals by a change in the re- rency and so eliminate from business the long minority. Of the present Manchu lative values of gold and silver such as is gambling element introduced by exchange dynasty KANG CHE ruled and reigned sixty- advocated by the American bimetallists fluctuations. There are the owners of silver one years, KIEN LUNG sixty. Our personal an knowledge of history supplies no other ex- may be illustrated by the effect it would wines, who are naturally eager to see have in the field of life insurance. Every artificial value given to the outturn of their amples of reigns which exceed the Queen's in length. Splendid as all these undoubtedly man of thrilt and prudence insures his life. mines, no matter what the effect may Say A.B., residing in Hongkong, has in- business in general; there are the cotton were, we doubt if they approach hers in the sured his life for £1,000. As exchange has manufacturers of Lancashire whose idea of true elements of greatness.
There are many criteria of the success and declined a larger number of dollars has bimetallism seems to be that it would retard been required to pay the premium, but the the progress of industrial enterprise in splendour of a monarch's rule-the diffusion insurer has had the satisfaction of thinking India, China, and Japan, and preserve for of happiness among the people, military and that the sum payable on the policy would themselves markets now threatened with in-naval prestige, the expansion and consolida
tion of empire, the development of law and be increased in the same proportion ifvasion by native manufactures; there are
social order, scientific discovery, the aggrega- turned into silver, and that the thousand the farmers, who think that by playing some pounds would realise say ten thousand trick with the currency India wheat might tion of wealth, and, lastly, literary and dollars. According to the American bime.be kept out of England to the advantage of artistic production. These may all co-exist, tallic view, he should receive only five the home grown article; and there are a large and may react on each other indefinitely; thousand dollars; or, if payment be made in number of people in the Far East who would when the national life is "full" they are the gold, the thousand pounds should be worth, naturally welcome any movement that would simultaneous outcome of a vitality and a for purchasing purposes, only half its pre-make their two shilling dollars worth four spiritual force as obscure in their origins as sent value. There is no mistake about shillings. None of these are likely to see genius is in an individual. The determina this, because low prices are complained of, their desires realised. It by legislation the tion of the period of man's greatest happi- and the object, not of true bimetallists, but dollar could be made worth four shillings, ness has had great attractions for historians: of the high-ratioists, is to raise prices, that why not, as we have somewhere seen it per Gibbon placed it between the death of is, to diminish the purchasing value of tinently asked, make it worth eight shillings, DOMITIAN and the accession of COMMODUS, Had it not been for the reigns of NERVA, TRAJAN, HADRIAN, money. The Memphis Sound Money Con- or twelve shillings? vention, before which Mr. CARLISLE delivered the action taken by Germany in 1873 pro and the ANTONINES (A.D. 96-A.D. 180). his address, passed a series of resolutions bably silver would have been maintained at The grave and cautious HALLAM located
Ignoring one of which declared that the Convention the ratio of 153 to one; but that ratio has in the despised 18th century. would rejoice over the adoption of real been destroyed, and, like Humpty Dumpty, mankind and confining our attention to the bimetallism, but that in view of the not all the King's horses and all the King's English nation, we deliberately think that continued fluctuations in the price of men can set it up again. Bimetallists, if its happiness and prosperity up to date have silver in the open market they realised their cause is to succeed, must therefore been consummated in the long and happy that it was impossible for the United be content, to start afresh on the basis of reign of Queen VicTORIA. Men are as a rule States independently to adopt a bimetallic the actual relative values of the two precious profoundly ignorant of the history of events just preceding and succeeding their own standard. A definition of what the Conven-metals.
birth; except to greybeards and students tion meant by "real bimetallism" would
the England of 1837 is as unknown as have been useful. It is the contention of
Ruccubah. It is now so far distant as to bimetallists, and we believe a correct con-
fall into its proper historical perspective; tention, that with the adoption of bimetallisu
we can judge it dispassionately without the "the continued fluctuations in the price of On June 20th, 1837, at 2.30a.m., WILLIAM distortion of party spirit and prejudice. Of "silver in the open market" would cease, the Fourth lay dead in royal Windsor. The the public men who ante-date her Majesty provided always that a correct ratio were fixed. The ratio of sixteen to one would Archbishop of Canterbury with two other only two survive in honoured and advanced age, Mr. GLADSTONE and Mr. VILLIERS. not, under present circumstances, be correct; high officials at once drove off for London When the student of political or social except that it was formerly the actual as and reached Kensington Palace about five science turns to the literature of the period well as the legal ratio it has no more to re. o'clock. The janitor was sleepy and the or to such books as Mr. BESANT'S " Fifty commend it than a ratio of one to one, or
magnates had to knock and ring for Years Ago" and Mr. HUMPHRY WARD'S ten to one, or fifty to one; it is no longer either an actual or a legal ratio, and has
considerable time" before they could even
Reign of Queen Victoria," he comes upon ceased to have any claim to recognition. get into the courtyard. Admitted, they found Heptarchy, though far better described. an antique world, practically as dead as the But there is no good reason why another still greater somnolence within, and only The retrospect leads inevitably to optimism ratio should not be fixed.
The fair after a good deal of trouble did they suc-and to the conviction that in no equal period of our national life has progress been so marked and prosperity and happiness so widely diffused.
THE QUEEN'S REIGN.
(20th June.)
a
"
and safe course, it seems to us, would ceed in rousing the maid of the Princess be to adopt the present actual ratio Victoria. The abigail stoutly refused to as fixed by the market rates for the re-isturb her mistress in "such a sweet sleep," spective metals, subject to revision at long whereupon His Grace of Canterbury fired
To what is this "fulness" in the national intervals. No one supposes that, except as his biggest gun, "We are come on business life due ? Some will seek it in moral causes, a result of legislation, there will be any ap- "of state to the QUEEN, and even Her Ma-others in physical. We will not dogmatize,