THE BIMETALLIC LEAGUE.

Otago Daily Times, Issue 10237, 20 December 1894, Page 3

THE BIMETALLIC LEAGUE.

A meetingof the Bimetallic League was held !n the Chamber of Commerce last evening, Mr A. M 'Donald presided, and there wda a fair attendance of members. '''. The Chairman said tho object of the meeting was to diacugn a speech recently dalivered by Mr J. Shaw-Lftfevre, President of the English Board of Trade, and a strong monometallist. The »pe*ch of Mr J. Shaw-Lefevre wa3 rend to the mec-ting. The Chaikjian »aid that Mr Lefevre evidently overlooked the fact that the quantity of money Sn the world was reduced in 1873 by nearly 50 per cent. Gremt stress wan laid on the groat production of gold since 1873; but that was really of very little importance, inasmuch as they knew that mote than two-thirds of the production had been absorbed in the fine arts, and very little of it had gone into currency. In addition to that, population nnd prodnction had gone on increasing aince 1873. Mr Donald Reid read a paper by Mr Melland In reply to the address by. Mr Shaw-Lefevre, dealing with the various points raised. It was contended that the caae for the bimotallists had been seriously misstated, and in conclusion Mr Melland wrote:— "Mr Shaw-Lefevre's one burden is that the bimefcallisfcs object to low prices and want to Earce up prices and so tax wages in order to increase profits and rent. Now it is not low prices nor high ones to which we object— it is tailing prices, against which it is impossible to fight under modern conditions of carrying on trade. Nor do we espeot bimetallism te raise prices very materially. Our ayntem tends, as BSr Henry Hucks Gibba say», not to the depreciation of the standard of value, but to its Stability. 'High prises,' he goes on ta say, •are not in themselves to be desired, nor low prices altogether to be feared; hut all authority and the common sense of mankind concur in the belief that a lengthened period of falling prices is good for no one, and that when that is produced by an artificial contraction of the currency, by a prohibition of the natural and gradual expansion of the measure of value (needed for the service of an increasing population and an increasing mass of commodities) which the yearly production of both raetals ehonld provide, it ia a mischief which should sever have been inflicted, and which it is in our gower tg reißßve.'" A general discussion followed, and the proceedings closed with votes of thanks to Mr Melland for his paper and to the chairman for presiding. The names of about a dozen new members of the league were siren in »ft fv-> ri_-« of fa*,