Ixii. 



Annual Report of the Council. 



acceptance of the doctrine of fiduciary issues — " a gold 

 standard with or without a gold currency" was Mr. Bertram 

 Currie's pronouncment at the Brussels Monetary Conference 

 in 1892 — by the increased proportion of the fiduciary issues 

 to the central gold reserves in Germany, France, and the 

 United States, and by the embarrassments of the last-named 

 Power. Such fiduciary issues are, of course, in direct oppo- 

 sition to the teaching of Walker. In short, whatever may 

 be the future course of events, the facts so far illustrate 

 the essential points of Walker's monetary conclusions, the 

 inadequacy of gold, the evils attending fiduciary supplements 

 whose currency is limited to the issuing country, and the 

 desirableness of the adoption of gold and silver as the joint 

 full-powered money of international commerce and the cent, 

 per cent, basis of all note issues. Other works, in addition 

 to those already mentioned, from Walker's pen, were : " The 

 Indian Question," 1873 ( ne was appointed Indian Com- 

 missioner in 1871) ; " The World's Fair," 1876; " Land and 

 its E!ent," 1883; and " History of the Second Corps: Army 

 of the Potomac," 1886. General Walker was elected an 

 honorary member of the Manchester Literary and Philo- 

 sophical Society in 1892, and in 1895 tne University of 

 Edinburgh conferred upon him the honorary degree of 

 LL.D. F. J. F. 



Samuel Cottam was one of a family whose members 

 have for a hundred years or more filled prominent positions 

 in Manchester. He was born on December 3rd, 1828, the 

 only son of S. E. Cottam and his first wife Elizabeth. 

 His mother, a Swedenborgian, died in his infancy, and his 

 father, not willing either to bring him up as a mystic or 

 to disregard what he knew to be the wishes of his dead 

 wife, brought him up on the understanding that he should 

 choose his faith when of age. In course of time he was 

 baptised in 1849, and remained a Churchrhan to the end, 

 and, although deaf, he attended service without fail every 

 Sunday morning. 



