Walter Bagehot. 145 tiveness of labor; but it seems to me they have not sufficiently considered and expounded the effects of the increased. preciousness imparted to gold" by monometallistic legislation. Walter Bagehot, if living to-day, would be, I think, a joint-metallist. He wrote in February, 1877, shortly before he died : As yet no one can prove that the permanent value of silver, whether in its relation to gold or to commodities at large, will change so much as to render any alteration necessary." Since 1877 silver has declined from $1.20 per ounce (the average for that year) to .63 per ounce, November, 1894, and the index number of gold prices of general commodities has declined, according to Sauerbeck's tables (45 leading commodities average per year), from 94 to 65 (to February 28, 1894); or, according to the London Economist's tables (22 leading articles January 1, 1877, to January 1, 1894), from 88 to 67. Joint-metallism is strictly a merit sys ΙΟ tem, based upon equal opportunities for competition, and upon the limitation of the arbitrary power of the Executive. At present the Secretary of the Treasury has the power to put the country, any day, upon a silver basis. Under that part of the act of 1890 which is still in force, he is authorized to pay out "gold or silver coin at his discretion." Civil-Service Reform, Tariff Reform, and many other reforms are bound up with this question of monetary reform. Gold monometallism increases the attractiveness of official salaries, and thus promotes office-seeking and political corruption. Countries on a gold basis cannot trade freely with countries on a silver basis, unless the relative values of the two metals are controlled and ascertainable by having, in some great country, a mint open to both gold and silver at some calculable and nearly just ratio. Mr. Samuel Smith, M. P., has ably shown how gold monometallism is protection to "those who enjoy without working at the Just and Fair to All. 147 expense of those who work without enjoying." Yes! Monometallists and monopolists are near akin. Monometallism debtors. works injustice to Bimetallism might be unfair to cred itors. Joint-metallism would be always just and fair to all. |