Excerpt from The Gold Standard, 1895
The Government of the United States had taken measures to promote a Conference of the European Powers, in order to take into consideration the condition of silver, and expressed a wish to Her Majesty"s Government that a ratio might be established by the leading nations for the coinage of silver at their several Mints.
My predecessor in office - Mr. Goschen - while assenting to an inquiry as to the possibility of an enlarged use of silver in the currency of nations, distinctly declined to accept the invitation, couched in terms which involved the adoption of a bimetallic system.
When the Conference met at Brussels, the bimetallic proposals brought forward by the delegates of the United States, owing to their generally unfavourable reception, were not pressed to a division.
At the last session of the Conference an adjournment was agreed to, with a view of its re-assembling after an interval of six months, in order to consider some agreement (if any such could be produced) "which should not infringe in any way the fundamental principles of the monetary policies of the different countries." (Report of Brussels Conference, p. 195.)
It was recognised that there would be no advantage in calling the Conference together again except for the purpose of the examination of practical and explicit proposals brought forward on the responsibility of one or more of the Governments there represented, and which should conform to the condition that those proposals should not interfere with the fundamental principles governing the monetary systems of the various States.
When the prescribed time arrived, it appeared that these conditions were not fulfilled, and none of the Governments concerned expressed a desire for the re-assembling of the Conference, which accordingly came to an end.
I concur entirely in the opinion expressed in your Address, that the experience of well nigh a century has proved that our present system of currency is suited to the wants of this great commercial country, and that to depart from it would be disastrous to the trade and credit of the United Kingdom.
Continuity of National Policy is more necessary in this than perhaps any other question.
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