The herald., 1893-08-12
BKIr1sa ooMMENF.
How the London Papers Size Up tn
Presidents Message.

HHITI0H OOm N II
How the London Papers Size Up the
President's Message.
LONDON, Aug. g. The Daily News
SAYS: In firmnese of tone and uncom.
promising thoroughnees of policy,
Oleveland's message will fully meet the
expectations of the country. Chaplin's
| and Bslfour's arguments are practically
answered from the other side of the At
lantic. The president let's the fanatics
down easily by the suggestion that
although perhaps the larger place
claimed for silver in the worlds cur
rency may be brought out by general
international cooperation, the United
States will not gain q hearing whilst
trying to bring about the result single
handed. What our bimetalliete will cay
of this terrible exposure of the failure
of the great bimetalIic experiment, We
need not attempt to forecast. 1t will
probably exert great effect on the wa
vering members OF the United
States congress and bring about
the complete repeal which the
president advises. The precedent
and congress can only remove the ORR
ginal causes of imitation of prices and
the growth of rotten speculation which
led to the present disaster. The latter
cannot be Immediately remedied by
congress. The panic of 1878 WAS fol-
lowed by five OF elk years OF depression.
Unless matters grow much worse than
now, the present panic ought not to
have equally severe prolonged effects.
The Financial News says Cleveiand'e
plea for the repeal OF the Sherman act is
virtually unanswerabie. The ques Il IN
whether the stoppage of the monthly
silver purchases would Immediately end
the crisis is not easy to answer. We
are not inclined to reply off hand in the
affirmative. Ii the American people
show as much faith In their currency
when watering ceases as they did in the
first two years of silver purchases, the
effect Of the sepsaling of the Sherman
act may be immediate. There is more
reason for such faith now than three
years ago.
The Standard says: II international
bimetalllsm has not been brought about
the reason is that the balance of the ad-
vantage or disadvantage is dead
against it. An agreement to keep
up fixed ratio between the
cwo. metals would certainly do much
mischief. The latest chapter of trans
Atlantic currency trickery NAV be read
in Cleveland's message. Therein he
sets forth, in terms the substantial ac
curacy OF which cannot be contested,
the confusion into which the indefinite
substitution of boarded silver always
depreci4ting in value, for comparatively
stable gold coinage has involved all
transactions OF which credit is the ele
ment. The moral, though we do not ex-
poet bimetallists to agree with US, is
that it is infinitely safer and wiser to let
the metals find their own level, and that
it is hopeless by any artificial arbitrary
system to permanently give silver a
value in exchange largely exceeding its
value az determined by the cost OF pro
duction. 1t will truly be said that
Cleveland Eliminates against silver leg
islation because ne owes his election
largely to the anti. silver party, but the
fact rellains TO be explained why COM
munity which had long experience of
the political effect OF artificial appreci-
alton Of silver declared at the polls
against the party committed to the con-
tinuance of the experiment.
The Daily Telegraph says: The pres
ident's message is very striking docu-
ment and goes straight to the root Of
the disquiet or etagnation existing in
America. Assuming that congress will
hasten to repeal the Sherman act, it ia
perhaps, as well, in the interestof finan-
cial stability everywhere, that disas-
trous experience has been gained.
The Post says: America cannot we'll
stop at the mere repeal of the Sherman
act. The Post throws out no suggestion,
but some action is certainly necessary.
1t is probable that the problem which
the United States has to solve may lead,
not to bimetallism, but to more mature,
unbiased consideration of the possible
uses of silver. A part OF the worlds
currency metal cannot be demonetized
with safety, and if through America
some method for its more extended en-
ployment were devised, the benefits to
the world would be of supreme import
ance.
The Daily Graphic says: Yesterdays
proceedings in the United States con
gress and In the house of commons
ought to be read side by side. Cleve.
lands striking picture of the evil
wrought by free silver in the United
States constitutes an effective answer TO
Chaplin's economic fsllacies. It passes
human comprehension that in the face
OF the change of policy in the United
States, English bimetslliets should ad-
vocate a return to free silver in India.
The Times says: 1t may perhaps be
thought thst the president, as the head
of his perty and on the eve OF party
fight, is not likely to undertake a case
for action which his party does not
cuuntenance. But it would be difficult
TO convict him of exaggeration in the
face of the daily returns of Ameri-
can exchanges. No permanent i'm
provement can be looked for until con-
grees abandons the impossible task of
attempting to maintain an artificial
ratio between silver and gold. 1t ia one
Of the mysteries OF politics how COM
paratiyely small body of men has sue
ceeded in debating the financial policy
of a great nation for its own ends.
President Cleveland is msnifestIy doing
everything possible to terminate the
evil, but the silver interest is certain to
make tough fight. 1t is not easy to
predict the precise Issue of the struggle.
The Wyoming Senatorship.
CHEYENNE, Wyo, Aug. Ex-Governor
Osborne has decided not to appoint