A Plain Statement of the Currency Question, With Reasons Why We Should Restore the Old English Law of Bimetallism Classic Reprint

Excerpt from A Plain Statement of the Currency Question, With Reasons Why We Should Restore the Old English Law of Bimetallism

The following pages are intended for popular use and there fore do not pretend to completeness or to technical language. I have been encouraged to write them by the rapidly growing movement in favour of bimetallism and by assurance of aid from coming events, which may give the whole community lessons far sharper than our cotton workers, agriculturists and oriental traders have already received. Material prosperity has been retarded for 20 years and in many quarters there is deep depression, which has. Now reached a point requiring either a reduction of wages or a closure of business. Even the bankers and money lenders, among whom are the chief opponents of bimetallism, should consider the danger of such a general struggle between labour and capital. The banking interest is indeed itself in danger with no more than 25 or 30 millions of gold available to meet depositors' claims of 900 millions payable on demand. As yet only the weak spots of finance and banking, such as the Baring firm and Australian banks, have been touched, but we may be approaching a time when poor people will prefer gold to bank notes and consider an old stocking or a friend's cash boxa safer place for their savings than a bank, which pays no interest and perhaps may pay no principal. These dangers are not of my imagining. They have been discussed by able financiers, such as Mr. Goschen and Mr. H. Hucks Gibbs, in whom deep study has combined with practice an understanding of things which the practical man merely handles. Many even pf the practical men are taking alarm, as shown by the attempt of London bankers to get together a reserve of gold independent of the Bank of England. If I have strong opinions on this question they are not the result of my connection with India, which has now ceased, nor is this pamphlet much more than a compilation of current literature. Several friends have kindly assisted me in revising the proofs.

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