General Walker's Lecture.

General Walker closely held the attention of his audience last evening in the Fogg Art Museum in his lecture on the Efforts to Restore the Bimetallic System International Conferences from 1878 to 1892.

General Walker said in part: The conference of nations invited by the United States in February 1878 at Paris to consider the monetary situation could not take any steps towards bimetallism. England was a gold using nation and her delegation had been instructed to make no concessions. Germany had not accepted the invitation to the conference, because of her demonetization of silver. Switzerland was for gold, as were Norway and Sweden. Belgium was drifting to monometallism, and France was in critical relations with the Latin Union.

In the years after this conference constant depression and recurring crises rendered the idea of a universal monometallism an impossibility. When in 1881 the United States and France issued an invitation to another conference, the gold monometallist had been put on the defensive. The statement made by Mr. Goshen of the English delegation, that the complete demonetization of silver portended a violent crisis, and the able defence of bimetallism made by M. De Normandie, governor of the Bank of France, were the most important results of this conference.

European sentiment on money matters began to change, after this, until in 1886 a Gold and Silver Commission was appointed by the English government to examine the questions of currency. The three reports of this commission,- a unanimous report of all members, a report signed by the six monometallists, and another signed by the six bimetallists,- are a mine of wealth for the financier. The commission formally admitted the efficiency of the bimetallic system in maintaining a constant par of exchange.

The proscription of bimetallism in England ceased, and the British Bimetallic League was formed. Arthur J. Balfour, Lord Treasurer in 1893, became a stronger bimetallist than ever, and Leonard H. Courtney deserted the ranks of the monometallists.

Meanwhile the United States had continued to coin silver at the ratio 16:1, as provided by the Act of 1876. In 1890 the Sherman Bill, providing for the monthly purchase of 4,500,000 ounces of silver and a corresponding issue of currency, was passed. In 1892 a conference was arranged to be held at Brussells, which but for the unreasonable delay of the United States might have accomplished much. But while the United States delayed for political reasons, Lord Salisbury, Mr. Goshen, then chancellor of the exchequer, and other bimetallists were defeated at the polls, and the English delegation sent to the conference November 22, 1882, were strongly opposed to bimetallism.

The money world has stood two great strains since the repeal of the Sherman act and the closing of the mints in India against silver. Sentiment is now again strongly in favor of monetary reform.