The sun., 1893-08-13
LATEST NEWS FROM EUROPE.
FEHz ING TIE EFFECT OF AMERICA,s
MONEY SIRINGENcE.

Ncutcrcuco 1hty SOmo trOtu thc Iu-
ropenn fowers-commerciai Depression
Also Results from the Crisi--America's
Chance IN the Rusro.Germnn Tariff Dis
pute-Iutcrestiug Diplomatic situation
The Parneiiitcs VIII Not BOLT the Home
Mule Bni-The Antumn session of Pariin-
rnen,-MysterIous Murders OF Women In
London's suburbs-Probnbie Failure OF
tho Miners StEike-Fine Grouse Shooting.
LONDON. Aug. 12-The American financial
situation has at length been brought homo to
the people OF England ns matter OF the great
est personal concern. Every other European
capital has been able to resist AM merica's clam
.orous demsnd for gold. The drain is being
maio almost solely from London. Tho Bank
of England hnd a large gold reserve when the
American demands began. This is disappear
Ing faster than ever before In the history Of
the in stitution, Measures for meeting the
emergency are likewis unprecedented. The
bank never before made such rapid advances
in the discount rate. It is quito probable that
It viii DO necessary to make n further advance
TO five per cent. within n fow days.
Tho whole world is locking up its gold. Tho
premium on tho metal is per cent. in Rotno
and II per cent in Madrid London bankers
are max ing preparations to compel some Con-
tnental hoarders to dissorge Il portion OF
their treasures. 1t would be easy to create q
currency famine throughout Europe. as acute
as that OF the rast few days in America 1t is
already recognized that the embarrassment
OF tho Luitcd States cannot long be localized.
The ef o It OF this knowledge is a rapid modia-
cation u tho opinions Of both men and gov
ernr..nts in Europc. Never before WAS it
ccrr y realized that tho financial world is a.Ger
all only II unit and that n disturbance in
An erica must have its effect in Russia and
yi.o versa.
Another resort to a monetary conference Is
being discussed In a very different spirit from
ahat with which the invitation Of the President
OF the United States was greeted n year ago.
1t is quite possible that tho countrie, which
cent delegates 10 Brussels only as n matter OF
courtesy will take the initiative OF cM ling nm
oVher consultation and will join earnestly in
search OF y practical solution OF tho monetary
problem.
TIE SUNS announcement of a possible agree
mont between England and the United States
has been widely discussed during tho last two
days 1t is. of course. warmly welcomed by
the Dimetallists. but no hint h ~, been given by
any member OF the Government that such u
plan has been under consideration.
The commercial effects uf tho American
monetary strinRency are no less significant In
Europe than the financial consequences. There
has been a sharp falling Of within few weeks
Of the exports to America from all parts OF
Europe. This will increase for some time
longer. Orders for future shipments are being
cancelled in astonishing quantities.
On the other hand. there are signs OF great
Increase in imports OF all kinds from America.
The pressure is so great that it may fairly be
said that America is forcing the markets in
Europe. The result. Of course. will be an
enormous balance OF trade in favor OF America.
DO that the present exports OF gold to that
country will DO continued and moro called for.
The commercial world Is beginning to be af-
Tected by the Russo o-German tariff war also.
America will lose great opportunity IL she
zoos not take full advantage Of this quarrel. 1t
is q dispute which has already arrived at such
AN acute stage that it is creating diplomatic
as wen as commercial. uneasiness. The strain
Is becoming as great as ties none too strong
eau bear.
European diplomacy has q great deal to
Mink about just now. The attitude OF Great
Britain is generally regarded as having dis
tincty changed by reason OF the Franco
Siamese incidea An invitation to-day from
Germany to join q defensive alliance would
not arouse the popular protest in England
which compelled the Government to deny con-
sideratlon OF similar suggestion from Prince
Bismarck fifteen years ago. The belief Is be-
coming general that the whole subject was
discussed informally during the Emperor's
visit to Cowes last week. An attempt has been
made the last day or two to Offset the effect OF
these rumors on the Continent by the report
that Italy ir ten d. to withdraw from the Triple
Alliance and to Join her forces with Russia's.
The story is hardly worth denying while
France continues in her present tomper Of
spelling for fight.
Tho whole European situation is. In cer-
tain sense. critical The prospect OF closer
bonds botwaaO Grant Rritaiu and GarmQDv la
therefore welcome sign OF peace. 1t would
moan an indefinite postponement OF frances
oSarest hopes OF revenge. Whom the French
people realize this. We may expect . moro
serious display OF popular exasperation than
IN the recent Paris riots.
The danger to the home rule cause which I
pointed outa week age has been overcome. The
farnellites have renounced the suicidal policy
OF opposing the bill ON account OF the ninth
clause. The Redmond following were absent
when the vote was taken on the report stage
ON Wednesday. They were in convention in
t'ublin. amusing themselves with the conten-
mon that their nine members would count
moro In the struggle for home rule than the
aeventy-two embers OF the Nationalist party.
Apropos OF this convention. 1t Is instructive to
mo the followers OF the nine men insisting
that they shall give loyal support to the bill.
Ihe popular opinion in Ireland accepts Glad
S'She oShSAho VI hoho Eul0 as the DeEt that
can be got under the circumstances. The re-
port stage OF the bill will probably be finished
during the coming week. and then the final
cebate on tho third reading will begin.
This debate will terminate In another week.
then the measure will go to the Lords. where it's
death sentence has already been pronounced.
Gladstones decision to have an autumn ses
sion has given intense relief and salts.
iaction to his Radical and Irish supporter..
The Irish members will be certain to attend
an autumn session. in order to give Gladstone
nmaiority without which he can no more pass
bill for the benefit OF English workingmen
than his measure for tho better government OF
ireland. The homo rule cause will be power
fully advanced In Great Britain by this action
OF lrelAnd's Representatives. They will be Civ.
Ing legislative return to the industrial
democracy OF Great Britain for tho support
which Gladstone derives from the working
classes for his Irish policy.