New-York tribune., 1886-08-02
Mr.. GRENFELL on SILVER.
THE ATTACK ON AMERICAN CREDIT IN
LONDON.
an ENGLISH FINANCIAL AUTHORITY on TIE NOR
RISON RESOLUTION.
IBY CABLE TO TIE TEIDUNE.I

Copprichtj 1856, Worth american cdt!s NsUs Co.
LONDON, Aug. l. - The passage by the
Senate OF the Treasury Surplus resolution Intended
TO facilitate the circulation OF silver has been used IN
London 10 attack Am rcan credit but unsucccssruly'
The view taken the subject by the best EngIish
financial authorities IA we'll stated in following letter
from Henry Riversdae Grenfe. Of the directors OF
the Bank OF Engsnd
have read tho article The Neo York Commercial
ona Financial Chronicle Of last week aud to follow ths
up Dy perussl of the editorial In The London hcono
mist of this would suppose some sidney smith
vould shortly write letters the browncoaed men OF
Pennsylvania accusing them OF robbng the widow ana
the orphan the hospital and the cottage OF their haru
earned savings by dong that very thing which the
Indian Government doing at the same time namely
paying their debts in that currency In whcn
thev had actually contracted to pay them
There does not far know, exist anywhere an In
strumeni OF any kind, unless II may be uscd by auVer
tsement bankers which any promise is made any one
to pay the American debt in gold. yet all holders OF
funded other American securities, even a.
though they may holders rupee paper as WELL cry
out as If they in some way deprived
Of that which is their own by the
mere suggestion OF the American treasury
paving some creditors in silver. What is 10 me still
stranger IS that high banking authorities and inhuen-
nsl nnancsl journals Of NewYork should eoho the cry
aloud. Even with those two omniscent journals be-
fore quite unable to answer your question as TO
what will be thought here OF carrying into enect the
"Englishmen hate thinking. They are promo to fol-
low the bell wether The Economist and Times are
bell wethers they 0elieve. The Hm>s announces
exultingy that all the efforts OF the silver party nave
been thwarcd by the amendments inserted In the Nor
rsou bill and that all business being wound up mean
while silver continues 10 fall ana serious proposals are
made here to enhance the value Of the rupee by
limiting the coinage OF that medium OF commerce. This
need tell you would be contraction OF the mass OF
Giro aiion which though dcfensibe ON Indian ground
would intensity other emergencies and difficulties ese-
where which have arisen from the German demone,za
tion of silver Our bell wethers seem ready for any
folly however great"
Mr. Hyndman, the leader of tho Enslish social demo
Gratis contradcts ths statement that he Intends visiting
America 10 found socisstic Journal He has no such
Intention II he does visit America on the Invitation OF
many labor ORGANIZATIONS, lie will 90 at Ills own
expense to study the sociasic situation. He may pos
sby deliver public lectures on the scientific aspects OF
socialism as the best accredited representative In Eng
LAND of Karl Marx the scientific school OF connen-
tal English socialism, which has no more connection
with Herr Mosto perform than with the Catholic
Church.
Mr. Hynd;nans attention being calledto the state
ent concerning the TREE troubles made by the Duke OF
Argyll says .The Duke entirely right when he as
sumes tna the troubles would not have obtained their
present proportions without systematic agitation intel
Igently directed. The movement In Iiree
~ well in skye and on the
main land OF Scotland has been familiar TO me theso
two years past, we'll as the general movement when
and those who agree with desire to see extended
from Ireland to the British Isles" Mr.. Hyndmahs be
lief is that the OF Home Rule is. at least in part
attributable to tho exclusively Irish aspect OF tho SUD-
jct az twas presented under the leadership OF hessrs
Gladstone and ParnoL
The story OF the famine In Labradoris now dsoredited
here py the best official authorities Direct communca-
ton with Hudson Bay officers enables The IkiB-
USE representative to state that no beiio'
whatever Is 70 be placed in the story Ihe
Governor OF newfoundland cabled yesterd y :
"The story here il regarded as fabrication and much
tn gnatoD Is manifested by the people over It, IL Is
proven story originated by persons inter-
esed to prevent floating In the London market OF
the railway project connecting the Northwest with ud
son Bay serious steps will bo taken.