HC Deb 21 August 1893 vol 16 cc642-4
MR. EVERETT (Suffolk, Woodbridge)

I beg to ask the Chancellor of the Exchequer whether he has taken notice of the fact that the new currency arrangements in India, intended to secure steadiness of exchange between the sovereign and the rupee, while not having done this, have been followed by a widening of the divergence between the values of silver and of gold, by the opening of new difficulties between India and other silver-using countries, and by an increase of the difficulties of British trade with those countries; whether he is aware that on Wednesday last Senator Gray stated to Members of both Houses of Congress of the United States that he violated no confidence in stating that President Cleveland is in favour of securing a par of exchange between gold and silver moneys with free coinage for both; and whether, in view of this favourable disposition of the United States Government towards securing a par of exchange, and in view of the common interest the two kindred nations have in the re-establishment of such a par on a durable basis, our Government will open negotiations with that of the United States in order to learn whether common action between the two Governments to secure such re-establishment can now be taken?

THE CHANCELLOR OF THE EXCHEQUER (Sir W. HARCOURT,) Derby

I must remind my hon. Friend that on February 28 a Resolution was moved urging Her Majesty's Government to use its utmost influence to procure the re-assembly of the Monetary Conference in order to find some effective remedy, in concert with other nations, in view of the serious evils resulting from the growing divergence of value between gold and silver. That Resolution was defeated by a majority of 81, and, in its place, an Amendment was carried declaring that any interference with the single monetary standard now by law established in this country is open to the gravest objections, and this House thinks it inexpedient that the Government should take any steps to procure the re-assembly of that Conference. That the Government of the United States is favourable to a bimetallic system has always been well-known; indeed, they made a formal proposal at Brussels to that effect, which was, however, withdrawn from want of support from the European States. The Government find nothing in the existing state of things, or in anything which has recently occurred in India, to alter the Resolution already announced by them, and approved by the House of Commons, not to interfere with the single monetary standard now by law established in this country.

MR. EVERETT

Is the right hon. Gentleman aware of the circumstances under which the majority of 81 in the House of Commons was obtained? Did not many hon. Members favourable to an International arrangement vote in that majority because of the severity of the discipline of the Party Whips; and has not the result of the recent action in India somewhat altered the complexion of affairs?

SIR W. HARCOURT

I really cannot give any information on that point. I have not myself been subjected to the severity of the Whips.

MR. CHAPLIN (Lincolnshire, Sleaford)

Is it not the fact that since the period referred to by the right hon. Gentleman, and very much owing to the action of Her Majesty's Government, the divergence between the values of gold and silver has enormously increased, together with all the difficulties arising from it, and, under those circumstances, are the Government not prepared to modify the opinions they have expressed, and to accede in some respect to the terms of the hon. Member's question?

SIR W. HARCOURT

I have already answered that question, but I will repeat the answer. It is— The Government find nothing in the existing state of things, or in anything which has recently occurred in India, to alter the Resolution already announced by them, and approved by the House of Commons, not to interfere with the single monetary standard now by law established in this country.

MR. CHAPLIN

Then, in the opinion of Her Majesty's Government, there are no steps which can be taken to modify the difficulties of the present situation, except to alter the standard by law established?

SIR W. HARCOURT

I have not said that.

MR. CHAPLIN

What was your answer?

*MR. SPEAKER

Order, order!