27 



BI-METALLISM. 



By JOSHUA RAWLINSON, J.P. Feh-mry 8th, 1887. 



Mr. EawUnson commenced his paper by referring to the fall in 

 the price of SHver which had been going on smce 1873. Prior 

 to that time the average price was about 61d. per oz but it had 

 gradually faUen until in 1886 the average was a httle over 46d 

 per oz. He pointed out that there had been a general fall m 

 prices of commodities coincident with the fall in silver. He 

 showed how the fluctuations of silver affected our foreign trade 

 and exchanges with countries where silver is the standard of 

 value! and how it upset and disturbed the calculations of our 

 merchants. The paper then describes 



What is Bi-metallism. 

 One of the remedies proposed for the cure of the evUs I have 

 brought before you is what is termed bi-metaUism. The advocates 

 of this theory are desirous of changing by Act of Parliament 

 the standard of value in this country, and by agreement and in 

 concert with other nations they propose to make silver and gold 

 exchangeable in given proportions, say of 15i of silver to one of 

 gold. 



English Standabd of Value. 

 Our standard is the sovereign, which must contain 123-274 

 grains of standard gold. This standard was hxed by Act of 

 ParUament in 1816, and it had for many years before been the 

 practical standard of value. As the sovereign con toms this 

 weight of metal, it makes the price of bar gold to be £3 17s. lU^d. 

 per oz. Any person can take a bar of gold to the English mint, 

 and if it weighs, say, 20lbs.. he mil have it coined into 934 

 sovereigns and one half-sovereign. But as he would have to wait 

 for his coin until the process of manufacture had been gone 

 through, and would lose interest on his money m the meantime, 

 it is as cheap, and more convenient, to take his bar of gold to 

 the Bank of England, where he can immediately exchange it tor 

 sovereigns at the rate of £3 17s 9d per oz. By the law of 

 England the sovereign is the standard of value, and all debts ot 

 over £2 in amount must be paid in sovereigns or m Bank of 

 England notes, which, being payable m gold at the Bank ot 

 Enlland, are equivalent to it. Our silver and copper corns are 

 tokens— that is, the instrinsic value of the metal is not equal to 

 the nominal value, and by law they are not good legal tender 

 bevond 40s. in case of silver and Is. m case of copper, ihe 

 Enghsh mint is not open to coin silver and copper for all-comers, 

 as it is in the case of gold. These two pomts-(l) the limita- 



