New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-14
THE NEWS OF EUROPE.
A BAD WEEK IN THE LONDON MONEY
MARKET


THE GERMAN ELECTIoN-MARIA
MARcHIoNEss OF MLEsBURY.
tBY CABLE TO TRIBUNE,
copvr,onf; 1893: By The Tribune Associdtion.
London, May I3-The week has witnessed
remarkable Tightening of the London money
market. All rates of discount and the bank rate
increased. We have had an unusual number Of
failures among the smaller men of the Stock
Exchange. and there is prospect Of more This
little crisis is largely attributable TO the
Quences Of the Australian bank failures, which
have led 10 a considerable export of gold to the
colonies. these failures represent eight banks, in
volving nearly fifty millions sterling of which
eleven millions represent British deposits The
Australian collapse Was brought about by the
undue elasticity Of the Australian banking sys-
TEN. which il very like pawnbroking; and is
very largely the result of panic which has
brought down several perfectly solvent institu-
tons
The opening Of the Imperial Institute was a
magnificent function. The weather was splen-
did, in fact, too line for the agrculturist for We
are now in ten weeks drouth. The crowds
were enormous A quarter of million people
must have been gathered within and without the
building and along the route, and all wer- well
dressed and orderly. There no confusion, no
accident, no iarring note of any kind. After the
royal princes, the men most warmly received
were Lord Salisbury, Mr. Balfour and General
Lord Roberts, who is just back from the East and
il was a suitable compliment to the group of In
dian princes who were present that Lord Roberts
had q seat close by them
The Crown never had more capable and
popular servant in India than the dapper little
whte-haired gentleman who, with his breast
AI &l,nf frip
Of that mass of Oriental spendor, where
grouped the Indian chiefs and their suites. 1t
is recognized, too. that the British armies have
never had more skilful general since the death
of the Duke of Wellington. The feats of Lord
Wolseley will not compare with Lord Roberts's
achievements in Afghanstan, and his skill as an
organizer is recognized in the perfectness oil MS
defences of India they stand to-day. From
Beloochstan to Peshawur the frontier has been
made impregnabe. Some of the stronger positions
are equal TO Gibraltar or Ehrenbreitsten. These
successes of Lord Roberts career were appreciated
by thousands in the well-dressed crowd at kensns-
ton on last Wednesday; hence his magnificent
ovation.
The popular part of the show was the presence
Of the Colonial Indian troops. The appearance OF
this handful of magnificent soldiers brought nome
10 the spectators the consciousness of Imperial
their eyes Mr.. Gladstone was not present at
the function.
The supremacy of Parliament over the Irish
legislature stands left a mere academic declara-
ton in the preamble of the Home Rule bill. Inc
Government refused to add any words asserting
the power of the Imperial Parliament over all
persoue and things in Ireland well as in the rest
Of the Kingdom. The Irish members have openly
declared that they will not accept any supremacy
that s not dormant as in the case of the colonies
which, according to Mr.. O'Bren, are as free as air
Mr. Gladstones refusal TO enact that the Irish
Legislature is legally subordinate to the British
Parliament and the silence of the Irish members
are regarded outside Parliament well rs inside
as proof of that process of squaring with which
Mr. Chamberlain taunted the Government on Mon
day evening. Instead of explaining what British
supremacy really meant, the Ministers took refuge
In the application of the closure. and so brought
about the tremendous row with which that night
sitting was closed.
The discussion of the first clause brought two
circumstances 10 the front which have provoked
no little attention. The first was Mr.. Gladstone $
declaration that To call the Irish Legislature sub
ordinate would BE- TO brand this newborn instltu-
ton with the bar sinister This was naturally
construed as distinct encouragement TO asplra-
independence.
asstcisied with the vote on second chamber
To placate the Ulster minority the Nationalists
were quite willing to accept an Ineffective second
chamber, for as a matter Of fact this safeguard
can do no more than delay a measure for three
month"; They doubtless prefer bogus council to
the protection of the Imperial Parliament. But
the real significance of Wednesdays vote went be-
yond the mere incident Of the Irish Counci.
1t was the unreserved assertion OF the principe
OF second chamber by the Gladstonian majority.
When the agitation comes TO be raised against tile
Lords for rejecting Home Rule, as they Will un-
doubtedly do Wednesdays division and Mr. Glad
stonc's and Mr.. Bricc's justification OF second
CHAMBER will be recalled against the assaiiants
Of the Lords.
DIR. Wallace, one of the abest radicals in the
House Of Commons, once the Editor OF Inc
Scotsman is one of the few Gladstonlan macon-
tents He bluntly told the Prime Minister that
he was only running a bill of some kind or any
kind in order to get it passed through the House
of Commons, then TO rouse the country against
the Lords for throwing il out This was more
unkind than Mr. Atherley JOnes's taunt that the
second chamber was but toy playthlng for the
Irish Unionists.
Perhaps the most striking incident of the week s
debate was the Homeric encounter between Mr..
Gladstone and Mr. Chamberlain on Thursday
night The first clause had escaped all amend
ments intact. and the House Of Commons was III
vited 10 vote that the clause should be added to
the bill This gave Mr. Chamberlain an oppor-
tunty TO review the situation in his usual search
in0 unsparing caustc style He demanded 10
know what principles in the measure the Govern
nent were prepared to maintain and what they
>oud discard as uncssential or incidental. lie
referred especially TO the retention OF the irIsh
Members, the question of finance, the separate
treatment of Ulster. and the war contribution
Mr. Gladstone replied in one OF the most effective
debating speeches he has ever delivered lie
cvadcd MIR. Chamberlain's points, wrought HIM
self into a state of vehement indignation, ana de-
clared that on the four subjects specifically nam"'
lie had given full and explicit Information tno"s"