FIXITÉ DU RAPPORT ENTRE L'OR ET L*ARGENT

La Gold and Silver Commission admet comme démontré que le bimétallisme français a suffi pour maintenir partout le rapport légal français entre les deux métaux. Ce point est si important que nous reproduisons le texte même^

« Aussi longtemps que ce système est resté en vigueur, nous pensons que, malgré les changements survenus dans la production et dans l'emploi des métaux précieux, il a maintenu le prix marchand (market price) de Targent à peu près fixe, conformément au rapport établi par la loi entre Tor et l'argent, savoir celui de 15 1/2 à 1 .

« Le fait que le propriétaire d'argent pouvait, en fin de compte, l'apporter à la Monnaie et le faire convertir en numéraire, qui acquérait des marchandises sur la base du rapport légal de 15 i/2 d'argent à 1 d'or, avait pour effet, dans notre opinion, d'influencer le prix de l'argent sur le marché général, n'importe pour quel acquéreur ou pour quel pays l'argent était destiné ; il mettait le vendeur à même d'exiger un prix approximativement égal au rapport légal et avait ainsi pour résultat de maintenir le prix marchand fixe à environ ce taux. » {Final Report, p. 59.)

Cette opinion de la commission anglaise, émise après une longue enquête et les débats les plus approfondis, est si décisive, que nous croyons utile de citer le texte anglais. 11 est emprunté à la partie du Final Report signée par les douze commissaires :

« Part. I, Sec, 189. — Looking, then, to the vast changes which occurred prior to 1873 in the relative production of the two matais, without any oorresponding disturbance in their market valae, it appears to us difûcult - to resist the conclusion that some influence was then at work tending to steady the price of silver, and to keep the ratio "which it bore to gold approximately stable.

« Sec. 190. — Prier to 1873 the fluctuations in the price of silver were graduai in ther character, and ranged within very narrow limits. The maximum variation in 1872 was 5/8 d., and the average not quite 5/16 d. while in 1886 the maximum was 2 9/16 d., and the average nearly I 1/8 d. It bas not been, and indeed hardly could be, suggested that this différence can be accounted for by changes in the relative production or actual use of the two metals.

« Sec. 191. — The explanation commonly offered of thèse constant variations in the silver market is that the rise or dépression of the price of silver dépends upon the briskness or slackness or the demand for the purpose of remittance to silver-using countries, and that the price is iargely

affected by the amount of the bills sold, from time to lime, by tbe SeereUrf of State for India ia Counoil.

« Bat thèse causes vere, as far as caa be seen, operatinç prior to 1873, as vell as subséquent to that date, and yet the sUrer market did not display the sensitiveuess to thèse influences from day to day and month to month which it now does.

« See. 193. — Thèse considérations seem to suggest the existence of some steadying influence in former periods, vhich has nov been removed, and which hasleftthe sllrer market subjectto thefree influence of causes, the fuU effect of which vas previously kept in check. The question, therefore, forces itself upon us : H there any oLher eircumstanoe caiculated to affect the relation of silver to gold which dislinguishes the lalter period from the earlier?

« Nov, undoubtedly the date which forms the dividing line between an epoch of approximate ûxity in the relative value of gold and silver and one of marked instability, is the year when the bimetallic system, whioh had previously been in force in the Latin Union, ceased to be in fuil opération; and we are irresistibly led to the conclusion that the opération of that System, establisbed as it was in countries the population and commerce of which were considérable, exerted a material influence upon the relative value of the two metals.

« So long as that system was in force we think that, notwithstanding the changes in the production and use of the precious metals, it kept the market price of silver approximately steady at the ratio Qxed by law between them, namely 15 1/2 to 1.

« See. 193. — Nor does it appear to os a priori unreasonable to suppose that the existence in the Latin Union of a bimetallic system with a ratio of 15 1/2 to 1 fixed between the two metals should hâve been capable of keeping the market price of silver steady at approximately that ratio.

tt The view that it could only affect the market price to the extent to whieh there was a demand for it for currency purposes in the Latin Union, or to which it was actually taken to the Mints of those countries is, we think» fallacious.

« The fact that the owner of silver could, in the last resort, take it to those Mints and hâve it converted into coin which would purchase commodities at the ratio of 15 1/2 of silver to 1 of gold, would, in onr opinion, be likely to affect the price of silver in the market generally, whoever the purchaser and for whatever country it was destined. It would enable the seller to stand out for a price approximating to the légal coin, and would tend to keep the market steady at about that point.

« Sec. 194. — It has been urged that during the earlier of the two periods which we hâve been contrasting, the conditions which existed from time to time were favourable to the maintenance of the légal ratio ; that the great influx of gold towards the middle of thb century found France with a large stock of silver, and that this silver, owing to exceplional circumstances, had a ready outlet to India.

« But we do not think this affords an adéquate solution of the problem without taking into account the existence of the bimetallic system. U may be true that the circumstances referred to were conditions which helped to make the bimetallic system operative. But, as we hâve observed before, circumstances and conditions of a like nature hâve been n\ore or less operative both before and since, 1873 and yet the effect on the relative value of the two metalls has been very différent, m