Manchester Memoirs, Vol. xlii. (1898), No. 10. 9 



These are the conditions under which we float towards 

 a great monetary crisis. Yukon will not be the last of the 

 rich discoveries. Some others probably are still reserved 

 for the near future, be it on the north of the Kuenlun 

 Range, or in Central Africa, in Siberia, or in any other 

 distant part of the world. Other sources will decline, 

 but, in toto, the world's production will for some time 

 continue to increase. The necessities of mankind will also 

 continue to increase, and probably even in a higher degree. 

 Then the apex of the wave of production will be attained, 

 the final decrease of gold will begin, but the necessities of 

 mankind will continue to increase. Perhaps America will 

 in the meantime decide upon the free coinage of silver, and, 

 setting up a monetary barrier right across the traflic of the 

 world, will defer the final crisis of gold. We cannot 

 foresee the single events, but we can see the line of drift. 



Germany has loosened the old tie of gold and silver, 

 without anticipating the consequences. In the long run 

 the profits have, without any merit, fallen to the bond- 

 holders, and the losses, without any fault, to the debtors. 

 The holders of foreign securities in England are actually 

 in the first line responsible to the world for the continuation 

 of this state of monetary affairs, so perilous also for 

 themselves. 



I know well, that personal interest is a very strong 

 item, but national interest is a stronger item, and when 

 national interest speaks, personal interest must rest silent. 

 But the interest of humanity is a stronger item still, and 

 even if national interest should eventually point another 

 way, which I contend is not here the case for England, 

 the common interest of humanity must prevail. A great 

 nation, claiming to be a leading member of mankind, 

 must feel this as a duty. 



