BIMETALLISM AND CHINESE COMPETITION.

Hot Lakes Chronicle, Volume 2, Issue 132, 14 August 1895, Page 4

BIMETALLISM AND CHINESE COMPETITION.

In the National Keview is published what is called ' A Dialogue on Bimetallism,' by Mr Leonard Courtney, but this is a misnomer. Some one has asked Mr Courtney a scries of questions on bimettalism, ana he has answered them, quary aud answer in parallel columns. The following observations of Mr Courtney as to the possible improvement which biuietaltallism might make in diminishing the stress of competition of the yellow man with the white money may be worth aotiDg ;

1 So far as silver falls in value the effect in silver-using countries is just the reverse of what is experienced under appreciation. Charges of a fixed kind becoming less, and wages altering slowly, there iR a stimulus to production. Tbe movement being in opposite directions in gold and silver using countries, there is in respect of commodities which are pror'u-ed in both an aggravated disadvantage to the gold standard country. Bimetallism at the existing ratio would arrest the divergence and prevent the further development of competition, and it is :tt least open to inquiry whether something might not be done to retrace the process through which we have been passing. Not India alone, China and Japan (the latter in --i v<-ry noteworthy degree) are our rivals in manufacture. ' It is admitted that if an international agreement established a ratio, and ilius ensured a, universal standard of value, that standard would still bt> liable to cbangt; ; but the change would affect all nationt so aa to remove the present aggravation of international competition ; and as, moreover, the standard the standard of the future would be controlled by the metal which is tending to become cheaper, the effect of tbe changes of the future (common to all) would be to stimulate, rather than contract, enterprise—to make industry everywhere more energetic, because di minishing the* weight of the charges tp in it. I"ur the reasons I ha«?e given 1 believe the gain that would ensue for Englnii.'l would far outweigh any loss of tribute on the part oi moneylend.'ng Englishmen.