Mr. Courtney made a speech at Liskeard on Tuesday, remarkable
for the announcement that he has abandoned, or greatly modified, his view upon monometallism. He was one cf the six economists on the Gold and Silver Commission who reported against any change in the currency, but he now agrees with Mr. A. Balfour in regarding bimetallism as possibly a necessity. He has become convinced that agri- culture is suffering all over the world, not only from excessive competition, but from an appreciation of gold, the effect of which fell first upon the farmer. If the new discoveries of gold prove sufficient to arrest that apprecias tion, then the evil would be cured but if not, might it not be wise to reassociate silver with gold, say, at a ratio of 1 to 25 ? He thought such a change might be just, though it was a serious ono, and he condemns Sir William Harcourt, Mr. Gladstone, and Mr. Goschen for not sufficiently considering the subject. Mr. A. Balfour has been Chairman of the Com- mission, a keener man never existed; and he has become a bimetallist. We have made some comments on this speech elsewhere, and need here only express our surprise at the little discussion it has excited. Mr. Courtney's defection is a serious blow to monometallists, more especially as he is by no means carried away by sympathy with agriculture, though he laments its condition as an injury to the contentment of the world.
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