TRANSACTIONS OF SECTION F, - 888 
The influence of the system on agriculture is salutary :— 
1. It furnishes buyers at a time when supplies are enormous and a congestion 
likely to occur. 
2. It increases the number of buyers, which is always an advantage to sellers. 
3. It brings consumers into closer contact with producers, and the saving 
hereby effected benefits producers. 
4, It engenders speculative investments by capitalists. 
4 5. It ensures banking facilities to the small shippers, and thus increases 
competition. 
6. It gives producers the cardinal advantage of making produce at all times 
_  areadily saleable commodity. 
7. It has a decidedly levelling effect on prices, while the abuses, such as arti- 
ficial depression or artificial inflation, are only rare occurrences, and have only a 
temporary effect. 
The low price of produce is due to natural causes, ruled by the inexorable law 
of supply and demand, and the trading in futures has nothing to do with it. 
‘Bear’ selling is too sweepingly cendemned by the opponents; on the con- 
trary, it very frequently acts beneficially. 
In summing up, the conclusion is reached that the system of dealing in futures 
is a branch of business with which, under modern conditions of trade, we cannot 
dispense; and that the excrescences and abuses are insignificant compared with 
the advantages which it confers on trade and agriculture. 
5. The Cowrse of Average General Prices. By Henry Binns. 
TUESDAY, SEPTEMBER 22. 
The following Papers were read :— 
1, The Currency Question in the United States and its bearing on British 
Interests. By Arruur Lee. 
Recent developments of the currency question in the United States have rudely 
dispelled many illusions. Both great parties bimetallist: the Republicans 
declare for international bimetallism; the Democrats for national bimetallism. 
No proper gold monometallist party now in the United States. The attitude of 
England towards international bimetallism a potent factor in the development of 
strength of the free silver party. 
In whatever way struggle results it will vitally affect British interests: 
1. If the Republicans win, by operation of a new McKinley tariff especially 
hostile to British trade; by non-settlement of silver question and four years of 
continual agitation; by prospect of free silver victory in 1900 and consequent 
uncertainty as to future. 2. If Democrats win, by reduction in exchangeable value 
of gold; by increase in exchangeable value of silver; by a violent change in 
relative values of gold and silver, and consequently of the three standards of value 
now in existence in British Empire. 
Can the United States alone make a coinage ratio of 16 tol effective? Opinion 
_ generally held in this country that they cannot do so. Not supported on any 
definite scientific ground. Factors in the problem: Amount of gold now in the 
States; how much of this can be absorbed by gold-standard countries; how 
“much silver will probably rise and gold will probably fall. Argument of those 
_ who maintain that ratio cannot be made effective. Effect of throwing one-seventh 
of the total stock of gold in the world on the gold-standard countries. Effect of a 
_ demand for one-seventh of the total silver money in existence. Gregory King’s 
law. Professor Thorold Rogers on Gregory King’s law. No reason why law, 
eo 
