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department and bibliography have, as yet, been very brief and of comparatively little value. There is, however, ample room for the development of such a magazine as this, and scholars, both in and out of Switzerland, can be helped to a large amount of useful information if the future of the publication is such as its beginnings promise.

THE AMERICAN INSTITUTE OF CHRISTIAN SOCIOLOGY was formed at Chautauqua on July 19th last. At the preliminary meeting held upon that day, Professor R. T. Ely was made temporary chairman, and Professor John R. Commons provisional secretary. Brief addresses were delivered by Professor Ely, Rev. George D. Herron and Rev. Frank Russell, showing the need of a society whose work should be that of encouraging and aiding, among the people of America, the study of social questions from both the scientific and the Christian standpoint. A committee was appointed to report a Constitution and nominate officers. The next day another meeting was held at which the Constitution was adopted and the following officers chosen : president, Professor Richard T. Ely; vice-presidents, Bishop John H. Vincent, Rev. Josiah Strong, D.D., Rev. Philip S. Moxom, D.D., Rev. John H. Barrows, D.D., and Rev. J. H. Garrison; secretary, Professor John R. Commons; treasurer, Charles Beardsley LL.D.; and principal of instruction and organization, Rev. George D. Herron, D.D. As set forth in the Constitution, the objects of the institute are:

"I. To claim for the Christian law the ultimate authority to rule social practice;

"2. To study in common how to apply the principles of Christianity to the social and economic difficulties of the time;

"3. To present Christ as the Living Master and King of men, and His kingdom as the complete ideal of human society to be realized on

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Their methods of work will include the publication of papers which relate to Christian sociology, the recommendation of courses of reading, the preaching of sermons and delivery of addresses on sociological topics especially upon the first Sunday of May and Sunday before the first Monday of September, the formation of local institutes for study and practical work, the encouragement of the study of social science by founding libraries, scholarships, fellowships, lectureships and professorships, and annual conventions of the general body. Any person may become a member of the institute. Two general summer meetings have been arranged. The first will be held early in the summer of 1894, at Grinnell, Iowa, under the auspices of Iowa College, and the other at Chautauqua.

SWITZERLAND was, during the month of August, the scene of a very interesting and peculiar Constitutional contest. In pursuance of the Amendment to the Swiss Constitution, passed in 1891, giving the people the right to propose or initiate amendments which must be submitted by the Federal authorities to popular vote whenever demanded by a petition signed by at least 50,000 citizens, the friends of the Societies for the Protection of Cruelty to Animals and the promoters of an anti-Jewish sentiment, combined for the purpose of securing a Constitutional Amendment, to prohibit the slaughter of animals in any way except by first stunning them, or, in other words, declaring the Jewish method of slaughter to be unlawful. The exact words of the clause which was proposed and has since been added to Article 25 of the Swiss Constitution are as follows: "Il est absolument interdit de saigner les animaux de boucherie sans les avoir étourdis préalablement; cette disposition s'applique a tout mode d'abattage et à toute espèce de bétail." The petition asking to have this amendment submitted to popular vote was signed by upwards of 80,000 citizens, for the most part from the German Cantons, where the anti-Semitic feeling was strongest. It was the first use to be made of the people's right to the initiative as granted by the Amendment of 1891. It was fiercely opposed by the French-speaking Cantons and by most of the influential journals and Constitutional authorities as an unfit regulation to introduce into the body of the Constitution, even if justified on grounds of public necessity or desirability, which latter argument was opposed by the ablest authorities on the subject. The matter came to vote on the twentieth of August, and the Amendment was accepted by a majority of the people and a majority of the Cantonsthe two conditions essential to make it a part of the Constitution. The vote was a close one, in round numbers, 195,000 in favor and 120,000 opposed, and eleven and a half Cantons in the affirmative to ten and a half in the negative. As a matter of fact, it may be said the seven hundred affirmative votes in the Canton of Zoug, the smallest of the Swiss Cantons, or deducting the four hundred negative votes, we have three hundred votes that decided the question. The whole episode is an extremely interesting one from many points of view. The insertion into the Constitution-a code of fundamental principles-of a mere police regulation reminds one of some of our American constitutions.

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It was, I think, Mr. Evarts, Secretary of State for t United States of America, who, many years ago, said:

"The British Empire is neither monometallist nor bimetallist, but bi-monometallist. The British Empire cannot be monometallist gold, nor monometallist silver, throughout its length and breadth. Its present position of bi-monometallism is entirely inconsistent with reason and government; it must be bimetallic sooner or later, for it cannot maintain the permanent position of a house divided against itself which cannot stand."

So long as silver and gold were kept, by the monetary laws of France, the joint money of the world at a fixed ratio, this bi-monometallism of England and India, although productive of some minor inconveniences, was little more than nominal, and did not involve any serious complications; but when the link between gold and silver was broken by the violation of the monetary law in 1873, very grave difficulties rapidly developed as the result of this illogical position.

In 1871, when the rupture of the link between gold and silver was merely contemplated, M. Ernest Seyd predicted that it would "only lead to the destruction of the monetary equilibrium hitherto existing and cause a fall in the value of silver from which England's trade and the Indian silver valuation will suffer more than all other interests, grievous as the general decline of prosperity over the whole world will be;" and he added: "The strong doctrinarianism existing in England as regards the gold valuation is so blind, that when the time of depression sets in, there will be this special feature the economical authorities of the country will refuse to listen to the cause here foreshadowed; every possible attempt will be made to prove that the decline of commerce is due to all sorts of causes and irreconcilable matters The great danger of the time will then be that among all this confusion and strife, England's supremacy in commerce and manufactures may go backwards to an extent which cannot be redressed, when the real cause becomes recognized, and the natural remedy is applied."

The fidelity with which this prediction has been fulfilled is perfectly marvelous. Soon after 1873, when the link was broken, a depression of trade unexampled in magnitude and duration set in, and after twenty years it shows no signs of abatement, but on the contrary threatens to increase in intensity. The report of the Royal Commission appointed to inquire into the depression of trade and industry in 1886, failed to account satisfactorily for the depression. It was, as Seyd foretold, attributed to all sorts of causes and irreconcilable matters. The members of the commission were at variance with each other, and no less than eleven separate reports or notes of dissent were submitted. The majority were quite unable to account for "the remarkable feature of the present situation, which distinguished it from all other periods of depression, viz., its duration," but they desired that the fall of prices so far as it had been caused by an appreciation in the standard of value should be a matter of

independent inquiry, and they added, "We do not think it necessary to investigate at length the causes that have brought it about, but we desire to give it a leading place in the enumeration of the influences which have tended to produce the present depression." Still, the people of England clung to their golden idol.*

The gold-using countries generally, and Great Britain in particular, have really suffered more than India from this violation of the monetary law. It is true that India has experienced inconvenience to its government in its financial position; suffering to its civil servants, from the manner in which it has affected their salaries and pensions; loss to its merchants, from want of stability in exchange, and hindrance to the development of the country, by the instability of the medium in which the interest on capital must be repaid; but the country itself, as a whole, has not otherwise suffered from this cause. The rupee, in common with silver all over the world, has not, until very lately altered in value (i. e. in its purchasing power), but has remained stable while gold has appreciated; consequently the producer in India has enjoyed an immunity from those evils which are caused by an appreciating standard and which have weighed so heavily on his gold-using competitors. India, as a rule, has enjoyed a fair

* It is a fallacy to suppose that the commercial superiority of England has been due to its gold standard. England acquired its commercial superiority long before it had a gold standard. Alison, in describing the trade of Great Britain at the beginning of this century, sixteen years before she adopted a gold standard, wrote: "The monopoly of almost all the trade of the world was in its hands." We have that monopoly no longer. Our commercial superiority is due to the energy and determination of the Anglo-Saxon race-to England's insular position, to its good harbors, to its two centuries of internal peace, and accumulating capital. The gold standard has been from first to last a source of inconvenience and danger, but up to 1873 she was saved from the difficulties which have since beset her, by the double standard of France. Some people suppose that England has benefited by her gold standard, in that obligations payable in England secured payment in gold, and consequently induced the foreigner to hold bills payable in London, and thus attracted capital. Even were this the case it might be very well for bankers, but not so satisfactory for bankers' customers who have to satisfy their obligations in an uncertain and appreciating standard. But the inference is incorrect, for during a considerable period of the time in which England had a gold standard, and that period one of its greatest prosperity, it was a positive disadvantage to be paid in gold, silver being at a small premium when compared with gold.

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