The representative. [volume] (St. Paul, Minn.) 1893-1901, 1893-11-15
An Englishman's Views.

NEW YORK, Nov la Washing
ton special to morning paper gives
an interview with M retOn Frewen,
he bimetallist, who is now guest of
one of the members of the British
legation. Mr.. Frewen says:
"Then you don't favor the view
that the repeal of the act will bring
buying orders from London to Wall
street?'
"No. London will be seller for
long time to come. We are in great
trouble in Australia and in India.
Our export trade with China, Singa-
pore and South America is already
paralyzed by the fall in the rates Of
silver exchange. London has been
praying that you will stop your silver
purchases, thinking that then your
stock market may recover, so that she
may send you home your securities, re-
alazed at higher prices We are in no
position to buy. The great English
manufacturing fortunes have suf-
fered terribly. When we in Eng
land have financial troubles, times
are bad and prices are depressed, so
that your exports to England fall
OFT. and, your imports remaining the
same, gold leaves you. To borrow
gold in England and to bring it here
inevitably turns the balance of trade
against this country. It would turn
1T in the face even of great har-
vest; so that the gold begins to .t1oao back
again on the nearest shiD Austria is
trying to get gold and hold it in this
way. Weckheyle, her finance min
lister, is an intelligent man. but
knows nothing whatsoever of the
foreign exchange. Mr.. Goschen told
him three years since that while
Austria could borrow gold that she
could never keep it except under lock
and key, and it is still under lock
and key, but gold Is already at q prenai
,t1'a an the dual monarchy. Unlock the
treasury door, and it will disappear
at once, and you here will discover
also that with wages and prices in +.
England falling by leaps and bounds,
to try to bring British gold here, is
to pour water into seive."
The results already show that Mr..
Frewen is right. We quote from the
associate press money article of No.
vember 2.
The Post says: ''Prices on the
stock market went down again to-
day pretty nearly to the extent OF
yesterdays rally. Professional sell
ers were active all day, basing their
sales on the belief in liquidation by
needy outside share holders, now
Inat the silver controversy is settled.
Inc decline began with Louisville
StocK, IN which the early break in
London's market bore plain enough
earmarks of New York maninn1a-
tion. Nothing, indeed, could we'll
be more untrustworthy. as an indi-
cation Of the foreigners attitude
than the present action of the specn,
lative London market. The closing
was irregular. No doubt it will
strike many observers as a fresh
market inconsistency that on the
DAY when our governments silver
purchases have at last been STONED
the price of silver should advance
&c per ounce. Such, at any rate. was
The result of tOday's transactions
Inc recovery, indeed, was actually
rather larger. Yet today's move.
ment in the silver market is neither
more inconsistent nor more mvster-
ious than Tuesdays movement in
stocks, in both the change of nrices
Immediately preceding, If not actin.
ally overdone, had been at least do.
;idedly too rapid. Even if silver
bullion is to break materially from
ruling prlces-which is still thonoht
20 be probable-it is hardly likely
mat the decline will come as il came
asG June. The London bullion deal.
IT'S nave learned lesson since that
line. and are now aware that. with
constant and heavy Oriental de-
mana TOT silver, it is not safe to LET
!, ,ueir pulllon stock run low without
supply OF forward contracts