The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-02-03

cent. III It's purchasing power. asked Mr..
bartlne, IN almost the words quoted,
while silver still exchanges for the same
quantity of commodities rs in is755, what
conclusions do you draw with reference to
the stability of the two metais?'i
Again Mr.. Atkinson assumed q blank
expression and assured his hearers that
tne question was quite unintelligible to
his mind.
After this Mr.. Atkinson admitted that
when the great gold discoveries of Cali
fornia and Australia were made the pur-
chasing power of gold dimished. When
asked If that did not completely explode
the theory of the inyariability of gold the
answer was:
..No, sir: that decline spoken of was gradual,
and hence not fiuctuation-"
This, like several other answers given,
was not considered satisfactory. At this
point the examination was transferred to
England,s. method of doing business, as
compared with other nations, and Mr.. At
klnson said that he considered England's
business basis for conducting business
affairs much safer than that of France. In
answer TO the question of how it was that
the Bank of France ON different occasions
had been compelled to go to the assistance
OF the Bank of England, while the latter
had never been called on 10 assist its neigh
Dor across the channel, he said he had
heard of but one instance, and that was the
recent case
Mr.. Bartine called his attention to the
fact that in 1880 the Bank of France had
advanced the Bank of England $l2, 500 600,
and also asked him If he was aware that
during the war of the rebellion, when
there was a cotton famine in England,
France had advanced large sum of money
IN silver, so that England could buy cot
ton in India and Hindoostan. they refus-
ing TO take gold
"The latter Instance answered Mr. Atkinson,
sswas simply ease of one bank loaning its busi-
ness machinery TO another bank, and he
branched off ON the results OF his own speeula-
tions in silver, which occupied much time. but
afforded no further explanation for the loan
than that given.
Mr.. Bartine next asked for a reason for
SO many commercial panics in England,
while such things were unknown in
France, and the response was that the
business OF France was almost nothing
when compared with that of England, by
reason of the use of silver. through which
she had virtually cut herself off from CON-
munication with the rest of the world.
''Do you mean to say that France has cut her.
SELF off from communication with the rest of the
worldg Do you mean to say that France has cut
herself OF from commercial relations with for
qnestioner, and, receiving no definite answer he
refrained from proving that France was the sec
ond commercial nation on the globe.
Atkinson then went on to say that the
panics in England was because the coun-
try was doing such an immense amount of
trade on such small basis of cash. He
declared that the quantity of money made
but little difference in the business of the
world, which was mainly conducted on
credit. 1t was the quality that was the
effective thing, and so long as that was
good the credit would never fail. This
caused Mr.. Bartine TO ask if Mr.. Atkinson
thought bank with S100,0 600 cash reserve
could extend as much credit as a bank in
the same condition with $1,0O0,00
Mr.. Atkinson carefully evaded this for
some time, suggesting that one bank did
business in one way and another in an
other, and 100000 might go as far in one
instance as 81 ,000, 900 under other circum-
stances, but he was finally compelled to
admit that, other things being equal, the
larger the cash reserve the more business
the bank could do.
Then came brief passage at arms on
the coinage of gold in England, and Mr..
Bartine asked why in that country one
ounce of gold was worth f3 LIS 10Ld. "Be-
cause the mint pays that rate" was the
reply.
ssHow can they determine that gold is
worth f3 lis f015d sterling if there is no
such thing as sterling money!"
Mr.. Atkinson fiatly declared there was
no such thing as sterling money.
These are the principal points in the en-
counter between the Nevada congressman
and one of the foremost statisticians of
the age, on whose quickness with tlgures
and unlimited knowledge in general
bankers of the East depend for a signal
victory before the coinage committee. Mr..
Atkinson was fairly beaten, and the gold
standard men are not sure but they might
have done better by staying out of the dis
cussion altogether. Mr.. Bartine said
tonight that he did not feel at all detected
over the outlook for free coinage. Heroic
measures will be resorted to if necessary,
and If it is determined 10 take the matter
from the coinage committee and place it
before the House. the silver strength will
be determined on the nrst ballot.
Democratic senators are taking hand
in the hight and urging others of their
party friends in the House TO vote for free
coinage as a party measure, and several
Republicans who are beginning to realize
that the country demands just such
measure as the Senate passed, are wayer-
ing. as they have already signitied their
intention to leave the camp OF the single
standard men.