, 1891-02-28
Spectator 31st Jan.


Mr.. Goschen, on Wednesday delivered a
most important speech before the Leeds
Chamber of Commerce, the main drift and
object of which we have described elsewhere.
The Chancellor of the Exchequer has, it
is clear, been seriously alarmed by the finan-
cial crisis so narrowly averted in the Barring
affair, and desires to awaken the country to
the danger it runs from the smallness OF the
reserve of gold kept in the Bank of England.
He grew absolutely solemn in describing this
danger, and called upon all the bankers IN
the country to Keep a larger proportion OF
their deposits in their~own hands. He even
limited that it might be necessary to compel
them to do this by taxation, though at present
he should only bring the opinion of deposi-
tors to bear by insisting on a more frequent
publication Of accounts. He stated, moreover,
that while he was not opposed to an issue OF
one-pound or even ten-shilling notes, and
did not consider the danger of forgery a final
argument against the scheme, he should issue
them, if at all, not to increase currency, but
to provide a second reserve in the Bank
Of England, which, might enable the Bank to
dispense with suspensions of the Bank
Charter Act. lie has not yet settled on his
plan for this end, but he is in communication
with the Bank about it, and it is pretty clear
that his mind inclincs to accumulate a new
stock Of gold by the issue of small notes based
on that metal, and to allow the Bank in times
of extremity to use it, thus reducing the notes
for a moment to securities based only on
confidence in the State. His measures will
create much discussion, especially if they
seriously touch the banking interest, which
at present profits greatly by ~endangcring the
financial safety Of the community.
nI - ,I- I'll ,C 1.1 l..
ended, as was inevitable after the men had
suffered themselves to descend to outrage, in
the surrender Of the strikers. Those employ
ed on the North British line, who had much
the best case, gave way on Thursday, practi-
cally without conditions, except that the
Directors should for two months give them a
preference in filling up vacancies. The Gale
donian men are still out, the General Manager
requiring unconditional submission but it
is not likely that they will carry on the
contest alone. 1t is well that the men have
lost this battle, as a warming to them and all
workmen that they must keep within the
bounds of legality but we earnestly trust
that the Directors of both Companies will
take advantage of their victory to remove
at once any just grievance in connection with
hours. No men entrusted with such grave du-
tics as engine-drivers and signalmen are, ought
to be either required or allowed to work
more than sixty hours a week, except in
cases of sudden and demonstrable emergency.
We are most anxious that large employers of
all kinds should recognise some such maxi
mum as this, for they may rely on it, as we
have argued elsewhere, that it is round this
question that the first great fight with Socia-
lism will be fought. The demand for ex-
oessive hours, which, . besides wearing mon
out, spoil the quality of work, is the weak
est bastion in the capitalist fortress, and en-
ployers should settle clearly in their own
minds whore excess begins. After that, a
working compromise will become posi-
BILE.