Excerpt from The Gold Standard: A Selection From the Papers
The Committee of the Gold Standard Defence Association, in issuing this volume, has felt that some explanation should be given of its origin and purport.
In the year 1895, many of the leading men of business in the City of London considered, with a foresight amply justified by subsequent events, that a formidable attempt was to be made upon the established monetary system of Great Britain, and they accordingly decided to organise the Gold Standard Defence Association with the object of maintaining that system and of opposing bimetallism. Those who favoured the unlimited coinage of silver were at that date full of hope; they had possessed for many years an active organisation in the Bimetallic League, they had recently collected a large fund of money, and they could reckon many names of distinction among the list of their supporters. Hitherto no step had been taken to counteract this movement. Those who were familiar with sound monetary principles had not co-operated, and now they realised that the public mind was confused upon the matter of currency, and, so to speak, lost in the maze of bimetallic literature.
It was the demand of the bimetallic party that government should fix the relation between two commodities, gold and silver. Similar attempts had uniformly failed, for the simple reason that the forces of demand and supply arc beyond the province of legal authority. But the bimetallists hoped to succeed this time by ordaining that each of the two metals was to be unlimited legal tender at a given ratio, not only in this country, but by international agreement in all the chief commercial countries of the world.
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