Mr. Balfour, on Thursday, made a long and bold speech
at Manchester. in favour of bimetallism—premising, however, that he spoke neither for his party nor his colleagues, but only for himself. His idea is that the appreciation of gold, which goes on continuously, and has no visible limit, is an injury to the world ; that it is necessary to found currency on -the wider basis of the two metals ; and that a ratio between the two can be maintained by the Governments of the world. He maintains that the contrary theory, that the price of a commodity is outside the reach of legislation, is untrue, for that legislation does affect the value of silver both in England and France. "Of all conceivable systems of cur- rency, that is the worst which gives you a standard steadily, continuously, and indefinitely appreciating,"—a remark cer- tainly true of National Debts, though, owing to the recent reductions of interest, their increasing pressure is unperceived. Mr. Balfour thinks the danger in India most serious, and, as we understand, would act with energy and decision to prevent it. He does not, however, state his plan with distinctness, leaving it doubtful if he would fix a ratio by a treaty among the Powers, or simply induce them all to make silver dearer by universal taxation. The latter, we agree with Sir J. Lubbock, would be the easier way, because it would greatly tempt the poorer treasuries.
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