Source.—The Times, March 11.
A meeting convened by the Council of the International Monetary Standard Association was held in the Egyptian Hall of the Mansion House.
Mr. Grenfell, Governor of the Bank of England, said ... he presumed that all present knew that the standard of this country was a monometallic gold standard, and that it was introduced by that great statesman Sir Robert Peel; but it was not so generally known, and it was somewhat singular, that when Sir R. Peel brought forward the measure for the resumption of cash payments, and for the institution of a monometallic gold standard, he appealed to the House of Commons, by all the wish they had to act with good faith towards their creditors, that they should return to the ancient standard of the realm. He presumed that Sir R. Peel meant that the ancient standard of the realm was a gold standard; but it was not a monometallic standard at all. The ancient standard of the realm was a bimetallic standard, and although there had been a monometallic standard before, it was never a gold standard.... What were the events that had occurred since Sir R. Peel's death? They were entirely new. The first event was the calling together of a conference in Paris in 1868, for the purpose of attempting to govern the coinage of all nations, and unfortunately that conference came to the conclusion that the best of all standards was a monometallic gold standard. Very shortly afterwards there came the Franco-German War, and when a large quantity of the gold of France passed into the hands of Germany, that Government decided to make a gold standard. Scarcely had that been done, when the evil arising from the great monetary revolution began to be shown.... Had they calculated what the cost of the demonetization of Germany was? The amount the German Government coined was 87,000,000 sterling of gold, which, according to the average for the last twenty years, was equal to 3.3 years of the whole world's production of gold. Besides that, Germany sold 28,000,000 sterling of silver, which was equal to more than two years' production of the whole world of that metal. What did they think, supposing the Latin Union, our Indian Empire, and the United States were to resort to some such measure as Germany did?
[BRIGHT'S RESIGNATION (1882).]
Source.—Hansard, Third Series, vol. 272, col. 724, July 17, 1882.
A Gladstonian Fine Distinction.
Mr. Gladstone: ... This is not an occasion for arguing the question of the differences that have unhappily arisen between my right hon. friend and those who were, and rejoiced to be, his colleagues. But I venture to assure him that I agree with him in thinking that the moral law is as applicable to the conduct of nations as of individuals, and that the difference between us, most painful to him and most painful to us, is a difference as to the particular application in this particular case of the Divine law.