Mr. H. Whiteley on Tuesday raised the question of the
currency, moving a Resolution that the instability of the relative value of gold and silver was an injury, and that the Government should do all in their power to establish a stable rate of exchange between the metals by negotiation. This resolution was ultitnately passed without a division after an extremely able debate, which it is, of course, impossible for as to condense adequately in these columns. We have else- where said enough of Mr. Balfour's unexpectedly frank speech, in which he accepted a s5ngle standard as the only possible policy for the present, but resolutely defended his bimetallic convictions, and more than hinted that if a reasonable agree- ment could be made India would enter into it, though not the United Kingdom ; but the speech of the evening was by the Chancellor of the Exchequer. It was thoroughly monometallist. He did not believe that a secure ratio could be fixed, even by general agreement. He denied the scarcity of gold, showing that bank reserves all over the world had enormously in- creased. He denied any general distress in the country, showing that, except as regarded agriculture, it was never so prosperous, and he denied that the distress of agriculture was due to an appreciation of gold. It was due to competition, and especially to competition in wheat, which exactly suited eountries with large areas and half-skilled labour. No article in which there was no competition, say, for example, straw and poultry, had fallen in price. He doubted if any one could predict the effect of a change of currency, and he especially dwelt on its effect on the great free Colonies, now containing fifteen millions of Englishmen, all of which, though they can do as they like, maintain a gold standard. Finally, while he thought India might join a bimetallic league, the Government would neither propose nor accept any change in the currency standard of the United Kingdom.
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