The weekly tribune., 1893-05-26
with the man who will lead the popu-
MONEY THE COUNTRY's NEED.


The London correspondent of the New
York World has secured an interview on
the financial outlook with the Rt. Hon.
William Lidderdale, who has been gov
ernor Of the Bank of England until re-
Gently, and is now director OF that
powerful financial institution, Mr. Lid
derlale is regarded as the greatest bank
ing and money authority in the world,
and his observations regarding this coun-
try are full Of interest.
A portion of the interview as reported
by cable to the World is as follows:
"What America does concerns us just
as much as. or ever more than, these
Australian bank failures. We are all
watching her. When the United States
begin to pull gold from us in the autumn
we shall have to be careful"
"Then you believe America will begin
to do what you call pull gold later on!'
interposed the correspondent.
"ies, she is almost certain to do so."
responded Mr.. Lidderdale. This long
outh Nv Of gold from America will begin
to slowly return there in the autumn,
and England is almost the only country
that has any free gold. So we may suf-
fer. We have been getting gold right
along from America, and have kept most
of it. Italy, France, and Germany have
not allowed any gold to leave their boun-
diaries. Holland has lost little, and is
the only country except America which
has exported gold. But the large bulk
of the metal has come from America
Nearly all the African gold comes to US
also.
Looking at the American situation
from this distance" continued Mr.. Lid
derdale, "it seems that America has to
face very, very serious financial prob
lem, d problem which closely affects us.
What the solution is cannot say. The
repeal of the Sherman silver law will not
cure all the ills, which seem to be grow
ing greater. The increase in population
and commerce has been so rapid and so
great that the output Of properly guard
ed legal tenders has not been sufficient
to keep pace with the demands of the
country. Besides the national banking
principle is bad one-that of issuing
only 90 cents worth of certificates for
every 100 cents deposited. Yes, the
American financial problem is still far
from IA healthy solution"
Here in nutshell, is a confirmation
of the claim always made by this paper
that the per capita circulation OF the
United States is short. 1t is nominally
about S23, but in fact very much less,
while in France it is over 5j4. The rea-
son that the output of legal tenders has
not kept pace with the demands Of the
country is the simple fact that silver was
demonetizcd at one of the most critical
points in the nations history, the point
which found the men who had been en-.
gagged in the war taking new start in
industrial pursuits.
All the silver in our vaults if coined
tomorrow and put in circulation as legal
tender money, would not give us cur,
rency commensurate with the business
demands Of the country, and yet here
we are listening to the dictation OF blood
less money-lenders of Europe and Amer.
lea debasing our precious metal to the
level Of tin or pewter, and suffering fol
medium Of exchange at the behests OF
the gold ring at home and abroad.
| Mr.. Lidderdale says, significantly
"Italy, France, and Germany have moi
allowed any gold to leave their boun
daries." He also admits that the gold
from this country must come back az
soon as we are ready to pull gold"
And yet AS nation we stand like {
big fool asking world that is afraid o.
us what it will permit us to do to better
our condition. 1t is passing strange!