The Durham daily globe. (Durham, N.C.) 1889-1894, 1891-10-05
SOME MONEY TALK.

Some time ago the manager of the
Bank Of England, esteemed to be per-
haps the highest financial authority in
Europe, said that all danger of anything
there need be no apprehension of further
serious trouble. Such a r~eassuring
statement from so high a source was all
the more important because it is ex-
tremely rare that any expression of
| opinion can be obtained from the man
ager of the great institution which prac-
tically controls the financial affairs of
the world. Conservatism and reticence
are the characteristics Of the men who
manage the affairs of the Bank of En-
gland. When such ali authority whose
relations reach out to the entire. world
Of finance, can see 40 trouble ahead there
is furnished solid ground for confidence.
Recently Mr.. GIFEEN a prominent Off
cial Of the British board Of trade, and
occupying a high place among European
%financiers, has been expressing a pessi-
mistic view Of the situation, more par
ticularly with regard to the United States.
He believes that this country is gradually
approaching a silver crisis under the
existing law providing for the purchase
of silver, and predicts that it will
be reachedsnext February. It is man
ifestly somewhat hazardous to thus
set a date at which this country will
experience a disturbance of financial
conditions that may send gold to a
premium and thus practically estab-
lish the silver standard, and doubt
less the number is extremely small who
can be brought to believe that if there is
any real danger of a crisis there is II
probability Of it happening SO
With gold coming into the United States
and an ample reserve On hand, together
with the assurance that for the next
year We shall not lose any specie, it is
not easy to see how the further issue of
treasury notes in payment for silver to
the amount $25, 900, 900 could produce a
crisis. It would manifestly be a very
different affair if we were forced to send
out gold and Europe did not need all of
ou1 products that we can spare, but under
the circumstances it would seem impos-
sible that a crisis could happen as early
as February. Yet the. warning of
the English financier is not to be dis
missed as utterly unworthy of consider
alton. 1t merits attention from the
bearing it has upon the question of free
and unlimited silver coinage. A silver
crisis would undoubtedly be very
much fastened if the next
congress should pass a free
coinage measure, and particularly if
it should develop that the supporters of
that policy in the senate are numerous
enough to override an executive veto.
In such case there would certainly ensue
a boarding Of gold and it's shipment out
Of the country that would very soon
place it at a premium. It is altogether
probable that already, in anticipation Of
such legislation, a large amount of gold
is being held out of circulation, while
the fear of free coinage is undoubtedly
operating to retard financial operations.
There are financiers in this country as
we'll as abroad who believe that in time
we must reach a silver basis under the
policy now being pursued, but the dam
ger of that is at least remote. The effect
OF free and unlimited coinage Of silver,
however, would certainly be to bring the
country speedily to that condition.