text of the draft resolution to be submitted to the Conference in Paris, implies that the French law establishing the double standard was intended to act as a regulator of the values of the metals according to the ratio of 15 to 1. The fact, however, is that no such idea seems to have prompted the law. Gaudin, who in the ninth year of the Revolution proposed the ratio of 15 to 1, did so upon the ground that this ratio was sufficiently near to that of the market values to allow coins of gold and silver to circulate side by side indifferently. In case the market ratio should alter after a time, he thought that the gold pieces could be melted and reissued. Sir Isaac Newton, again, when in 1717 he fixed the guinea at 21s., did so upon the ground that this was the closest convenient approximation to market rates. Only four months ago I quoted in the Contemporary Review (January, 1881, vol. xxxix. p. 73) the remarks of Cantillon upon this decision of Newton. Cantillon says :· "It is the market price which decides the proportion of the value of gold to that of silver. On this is based the proportion which we give to pieces of gold and silver money. If the market price varies considerably, it is necessary to alter the proportion of the coins. If we neglect to do this the circulation is thrown into confusion and disorder," etc. There is, in fact, no precedent for the views now pressed upon us. It is not even proposed to accept the prevailing ratio of the markets, but by an arbitrary convention to raise up silver to the place it held in the markets before, which involves bringing down gold so as to meet it about half-way. I do not undertake to deny that if a convention were agreed upon, and carried into formal effect, it might possibly raise silver to its former price of 59d. per ounce. The measure is one of so novel a character that it is almost impossible to say what would or would not happen. The attempt to force silver dollars into use in the United States has entirely failed, and it might fail even under a convention. It is quite conceivable that in the United Kingdom and the colonies the scheme would be defeated by the tacit refusal of the people to accept silver legal tender. A bank or a trades man might try to stand upon his legal rights, but the result would be a kind of commercial "Boycotting." Some formula would probably be discovered for contracting affairs out of the Double Legal Tender Law. At present there is no law to prevent people from making contracts in terms of gold or silver bullion, or tin or copper or corn, or whatever else they like, which is capable of precise definition. Even if the law were not thus circumvented, it might still be possible to make payments in gold a point of honor. Then, again, the perpetual mainten ance of this supposed convention is the only safeguard against the most serious inconvenience to some of the parties to it. The convention would resemble a chain, the breaking of each link of which would throw an increased strain upon the other links. There exist, indeed, a good many international conventions relating to postal intercourse, extradition of criminals, copyright, and so forth; but in none of these cases would the breaking or suspension of the convention result in any ruinous consequences. There would be suspension of benefits racher than occasion of evil. But should war break out among some of the countries involved in the monetary convention, the probable effect would be to throw the mass of silver coin upon neutral nations. This might be done without any express breach of the convention, simply by the issue of paper money, a measure which we cannot pretend to consider unlikely, seeing that the chief difficulties of the present monetary situation arise out of efforts for the withdrawal of recent paper-money issues. It is true that the 8th Article of the proposed Convention enacts that "the fact of issuing or allowing to be issued paper money, convertible or otherwise, shall not relieve the State issuing it, or allowing it to be issued, from the above stipulated obligation of keeping its mints always open for the free mintage of the two metals at the ratio of 1 to 15." But as far as I can understand this "keeping of the mints open," it seems probable that this article would be quite nugatory in time of war. If silver were depreciated 5 or 10 per cent, paper legal tender might easily be depreciated The No 20 or 30 per cent, and nobody would the abandonment of the gold standard, there are two or three minor measures of a temporary nature which might perhaps be adopted to relieve the disturbed relations of the precious metals. There would probably be little or no inconvenience in raising the limit of legal currency of silver coin in the United Kingdom to five pounds instead of two pounds as at present. This change would probably prove to be a merely nominal one, unless bankers and others could be induced to pay out silver coin more largely than at present. The Mint gains so handsome a profit upon the coinage of silver money at present that the opportunity might well be taken to When a measure is so clearly unde- throw as much silver into circulation as sirable, it is hardly needful to point out possible; but unless the habits of the the many difficulties which would arise people be changed it would not stop in in its operation. But there is one which circulation. There is, in fact, at prespresents itself to my mind as almost in- ent a very clear disinclination on the superable-namely, the confusion which part of the public to take any larger would be produced in the masses of na- amount of silver money than is necestional and other debts contracted in sary. It is an almost unknown thing terms of gold money. Silver is now in England for any tradesman to give about 13 per cent below its old custom- as much as two pounds in silver change. ary value, compared with gold. If, No customer is expected to take more then, debts contracted formerly in gold than ten, or at the most twenty shillings could be paid in silver, by the option in silver, and any surplus of silver reof the bimetallic system, the claims of ceipts is paid into the banking account, all creditors would be endangered to and the general balance of the district this extent, and in all probability would is eventually returned to the Bank of be depreciated to half that extent. Nor England. It is very doubtful whether would the matter be much improved by Mr. Seyd's scheme of a four-shilling enacting that old debts should be paid piece or any other scheme would overin gold as contracted, because gold, be- come this fixed habit, which is moreing forced into a fixed par with silver, over a reasonable habit. would be depreciated, say, six per cent. The adoption of the bimetallic régime would be a coup d'état affecting the value of all past monetary contracts in a degree incapable of estimation; and although such a coup, or almost any other coup, might be advisable under certain circumstances, according to the maxim, salus populi suprema lex, yet it would be clearly impossible to unsettle the whole monetary contracts of the British nation and the British race, to the extent of some six per cent or more, for the sake of the exceedingly problematic, if not visionary, advantages to be derived from this proposed convention. Though it thus appears to be altogether out of the question that the English Government should contemplate It will easily be seen that in this article I do not pretend to enter into the complexities of the subject, nor to answer the numerous arguments adduced in favor of the bimetallic project. The literature and statistics of the subject are of an almost interminable extent. If any reader wants to learn what he has to read before he can be considered to have mastered this subject, let him refer to "A Partial List of Modern Publications on the Subject of Money,' prepared by Mr. Horton, and printed among the Appendices to the Official American Report on the International Monetary Conference, held in Paris, in August, 1878. This volume is replete with information on the subject. But my contention is that to wade through 1 1881. 13 the interminable discussions on bimetal- result of which is usually to find your- THE SUNBEAM IN A STORM. AN EXTRACT FROM MRS. BRASSEY'S DIARY. Ar the beginning of October last year, we left the Sunbeam at Birkenhead, in order that sundry repairs might be executed by Messrs. Laird, and that she might be reclassed at Lloyd's. By the end of the month the work was nearly completed, and the surveyor had just examined and passed her, when one day a carpenter, engaged in caulking, lost his auger through a hole he had made. In searching for it, his fingers encountered a mass of crumbling dust, and a suspicion of dry rot A careful examinaimmediately arose. tion was made, and upon stripping off the copper it was discovered that for a depth of about six feet and a length of seventy on each side of the engine many planks were entirely and all partially rotten. It seems that these planks were all of elm instead of teak; for at the time the Sunbeam was built it had not been discovered in private establishments, though it was known in the Government dockyards, that elm is a wood that will not stand in a dry, hot atmosphere. Oddly enough, it will last long if always wet, or alternately wet and dry, but it is very liable to rot if entireThe dely protected from moisture. once replaced fective planks were at with teak, and the dear old Sunbeam is now as strong and as seaworthy as she ever was. A few days before Christmas, Tom sailing vessels seeking to gain the shelter of the breakwater. The next morning the Sunbeam left the harbor under sail and steam, and had just rounded the lighthouse, when a heavy sea struck her and carried away The her jibboom and fore-topmast. next day she was hove to in the British Channel, in the face of another heavy gale, and finally reached Portsmouth on Wednesday, December 29th. Our departure for the Mediterranean had been fixed for 1.30 P.M. on Thursday, January 20th. Tuesday, January 18th, will long be remembered by every one in England as Heavy one of the most awful days that have been known for many years. snow, driven before a fierce gale from the northeast, impeded all traffic in the streets, broke telegraph wires, stopped trains, snowed up mail-carts, and made communication everywhere difficult and in many places impossible. First of all I received a telegram from the servants, who with all our luggage had started from Normanhurst for the yacht at 5 A.M., to say that they were snowed up Then came one from at Brighton. Portsmouth, to say that the yacht had been blown from her moorings and had Then one to say lost two anchors. that the children were snowed up there, on their way from London to Brighton. Then innumerable telegrams as to things I had ordered for the yacht, which could not possibly be sent off; a message from Kindred, the sailing master, to say that he was snowed up on his way from London, and another from the children to the effect that they had got back to Park Lane safely, none the worse for their adventures, thanks to the kindness of a friend. In the face of all these mishaps I began to despair of making a start on Thursday, though it was most important that we should do so if possible, on account of Tom's leave. Telegrams were de spatched to urge everybody to use their utmost efforts to get on board, and I determined to make a start myself the next day for Brighton, en route to Portsmouth. A way was cleared by gardeners and laborers through the deep drifts of snow near our farm gate; and, by starting an hour and a half sooner than we should have had to do in the ordinary state of things, we managed to get to Hastings station in time for the train, at the imminent risk of being upset into one or other of the deep drifts on the road. At the station we parted from our friends, and proceeded to Brighton. Arrived at Brighton station, our difficulties began again. The streets were nearly impassable, only a narrow path being cleared in the middle of each of the principal thoroughfares; so that, besides having to crawl along at a very slow pace, it was necessary to wait every now and then at the top of some of the side streets for vehicles coming in the other direction to pass us. Thursday, January 20th, we all proceeded straight on board, where the troubles and inconvenience caused by the snowstorm still pursued us. The decks were covered with frozen snow, and innumerable packages that had arrived at the last moment; to say nothing of a large wherry alongside, full of boxes, baskets, and barrels and tubs of salt beef and pork for the crew, all of which added to the general confusion. By three o'clock, however, the last anchor was weighed, and we were slowly gliding down the harbor. Opposite the railway pier we said farewell to our friends, and an hour later we were clear of the Spit buoy-not so very unpunctual after all, considering the numerous and unexpected difficulties we had had to contend with. Nothing but the determination to start, with or without our bag and baggage, enabled us to get off. There was a thick fog, and the air was very cold; but fortunately the fires burnt pretty well, and we were able to keep ourselves tolerably warm below. Friday was a lovely day, with a light fair wind and a hot sun. The gentlemen walked and sat on deck without extra coats, the birds sung cheerfully, and everybody enjoyed the bright sunshine, though the wind was still some what cold. What a change within twenty-four hours or less! The sea was as nearly smooth as possible; and as we neared Ushant, toward evening, every one remarked what a splendid night we should have for entering the Bay-not the least sign of more wind, and the barometer rising fast. The result proved the truth of the old adage that appearances are sometimes deceptive. By seven o'clock the breeze had freshened considerably, and we were rolling and tumbling about. The wind increased, and before dinner was over it had become impossible to sit at the table, which was flying about in the most uncomfortable manner. "Early to bed" was therefore the general order. At midnight we were all awoke by a great shock, the vessel being apparently thrown on her beam ends. A tremendous smashing and tearing noise was heard on deck, while the water poured below in torrents through the skylights and down the hatches. It was evident that there was a great deal of water on deck, and that they were far too busy there to pay much attention to us. The stewards came and did what they could to help us; but the waves seemed to break continually over the deck, and the water poured down below in such quantities that I became quite alarmed for the safety of the vessel. The nursery presented a most dismal appearance, being full of water to a considerable depth. The children were fortunately high and dry in the upper berths, and were as good as gold; while the maids did their best under very trying circumstances. So much water came through the skylight in my own cabin, in spite of covers, tarpaulins, and lashings, that I was nearly washed out of bed; and the noise it made, as it rushed from one side of the cabin to the other with the rolling of the vessel, was anything but reassuring. Toward morning Tom came down for a few minutes, the engineers went to the pumps, and steps were taken to batten us down securely and stop the leaks. Then it was that we discovered that the clamps of the skylights-which, for the convenience of stowing sails away in the winter time, are made to lift completely on and off as well as merely to open had never been properly secured before the yacht left Birkenhead. The consequence was, that, when a heavy sea broke on board, the water lifted the skylights up a few inches and rushed in like a cataract. This unfortunate piece of carelessness would never have been overlooked if our invaluable "Chippy" (the carpenter) had not been laid up with a severe attack of bronchitis, and been left behind in England. When I went along forward, I found the saloon in just as bad a state as the nursery, and from just the same cause. These little mishaps almost always happen when rough weather comes on, directly after the commencement of a fresh voyage, before the new hands have had time to settle down to their work properly. Having described our experience below, I will now relate what was going on on deck. About twelve o'clock at night, the look-out man suddenly reported a light on the port bow, following this up by shouting out "Hard-a-starboard!" The man at the wheel, not recognizing the voice, owing to the roaring and howling of the wind, obeyed the order only too promptly, before Tom-who had noticed, what the lookout man had not seen in the blinding rain and snow, that the light was that of a steamer and not of a sailing vessel -could countermand it. The result was that, as the course was altered, and the Sunbeam came suddenly up to the wind, the press of canvas she was carrying caused her to bury herself in the sea, from which she emerged with the loss of her jibboom. Fortunately, however, the fore-topmast stood the strain, and did not follow suit, as is so often the case. Sturmer, the man who was steering, said to me afterward: "As soon as I put the helm down, ma'am, she seemed to bury herself completely in the sea. I could see and hear nothing of anybody; there was nothing but waves pouring right over her. I thought they were all washed overboard, and that no one but me was left to manage the vessel." Both watches and every available hand were on deck, reefing sails, lowering topmasts, and stowing boats. Presently another great sea came on board, filling the waist of the vessel completely, and tearing out the bows of the big cutter that was secured on deck, and carrying away a piece of the lee rail. The poor Glance is the same boat we so nearly lost in 1877, as we were running up to Yokohama, when she was washed out of the davits in a storm. When Saturday morning broke, matters did not mend. The gale continued, the sea ran mountains high, and got worse and worse every minute. From eight o'clock until noon was a most anxious period. Sail had been shortened, and all preparations were made to heave to; so that when it was decided that it would be better to run, there was great difficulty in getting sail enough on her in time to prevent her being pooped. Twice in quick succession were two helmsmen knocked down at the wheel, washed into the lee-scuppers, and very nearly carried overboard. One man was raised by the water level with the rail, but happily kept his presence of mind, and, floating with his hands open, managed to seize a rope and so save himself. I never saw Tom look so anxious and worn-out as at this time, for he had had no rest at all since the gale commenced. Twice he took the wheel himself-up to his waist in water-to prevent her broaching-to. Once a helmsman, less experienced than the others, did allow her to broach-to; and in a moment our square sail was carried completely away, and we were very near going to the bottom altogether. Our pace was now so much diminished that the tops of the waves, which seemed to pursue us with demon-like fury, kept coming over the stern and covering the decks with water, while there was, of course, always the risk of one higher and fiercer than the rest breaking on board and filling us up altogether. However they managed to get the double-reefed square topsail on her (which would have been better done before, and would probably have saved the square-sail; but one can only learn by experience), and once more we were scudding away before the gale. The force of the wind may be imagined from the fact that, in spite of the delay caused by these misfortunes, and the small amount of canvas we were able to carry, we ran 315 nautical, or 360 statute, miles, in twenty-four hours, soon |