The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-10
ENGLISH PRESS coMMENT.
How the Message is Viewed by the Lon
don Papers.

LONDON. Aug. 9.-The Daily Nelcs
says: Gin frmnest tones, uncompro-
missing thoroughness of policy. Cleve-
lands message will fully meet the expec-
tations of the country. Choplin's and
Balfour's arguments are practically an
swered from the other side of the At
lantic. The president lets the fanatics
down easily, suggesting that, although,
perhaps the larger place claimed
for silver in the worlds cur
rency may be brought about by
general international cooperation, the
United States will not gain hearing
whilst trying to bring about the result
single handed. What our bi-metallists
Will say of this terrible exposure of the
failure of great bi-metallic experiment,
we need not attempt to forecast. 1t will
probably exert a great effect upon the
wavering members of the United States
Congress and bring about the complete
repeal which the president advises.
1.-The president and Congress can only
remove the original causes of imitation of
prices and growth of rotten speculation
which led to the present disasters. The
latter cannot be Immediately remedied by
Congress. The panic of 1873 was followed
by i've or six years OF depression. Unless
matters grow much worse than now the
present panic ought not to have equally
severe prolonged effects"
The Financial NetcS: "Cieveland's plea
for repeal OF the Sherman act is virtu-
ally unanswerable. The question wheth-
er stoppage of the monthly silver pur-
chases would Immediately end the crisis
is not easy to answer and we are not in
clined to reply cffhanded in the affirma-
tive. II the American people show as
much faith in their currency when the
watering ceases as they did in the first
two years OF silver purchases, the effect
of repeating of the Sherman act may be
immediate. There is more reason for
such saith now than three years ago.
The Standard: eff international BIZ
metaIlism has not been brought about.
the reason is that the balance of advan-
tage or disadvantage is dead against us.
The agreement to keep upa fixed ratio
between the two metals would certainly
do much mischief. The latest chapter OF
the trans Atlantic currency trickery may
be read in Cieveland's message. Therein
he sets forth in terms, the substantial ac-
curacy of which cannot be contested, the
confusion into which the indefinite SUBJ
stitution of boarded silver, always depre-
ciating in value, for comparatively staple
| gold coinage has involved all the transac-
lions Of which credit is the element. The
moral, though we do not expect the BIZ
metallists to agree with us, is that il
is infinitely safer and wiser to
let the metals find their own
level and that it is hopeless by any
artificial, arbitrary system to give per-
manently to silver value in exchange
largely exceeding its value as determined
by the cost of production. 1t will truly
be said that Cleveland Eliminates against
silver legislation because he owes his
election largely TO the nti-silver party,
but the fact remains TO be explained why
the community which has had long ex-
perience of the practical effect of artificial
appreciation of silver declared at the polls
against party committed to a continu-
ance OF the experiment.
The Daily Telegraph: sThe PRESIDENT
message is very striking document and
goes straight to the root of disqulet OF
stagnation existing in America. Assum-
ing that Congress viii hasten to repeal
the Sherman act. it is perhaps as we'll, in
the interest of financial stability every
where, that the disastrous experience has
been gained.o
| The Post says: "America cannot well
stop at the mere repeal of the Sherman
act. The president throws out no sug-
gestion, but some action is certainly
necessary. 1t is probable that the
problem which the United States has to
solve may lead, not to bi-metallism, but
to a more mature, unbiased consideration
of the possible uses of silver. AS part OF
the worlds currency the metal cannot be
demonetized with safety, and if through
America some method for it's more ex-
tended employment is devised the bene-
| fits to the world would be of supreme
importance.
The Daily Graphic: "Yesterdays pro.
ceedings in the United States Congress
and in the house of commons ought to be
read side by side. Cleveland's striking
picture OF the evil wrought by free silver
in the United States constitutes an effec.
tive answer to Chaplin S economic falla.
cies. 1t passes human comprehension
| that in the face of change of policy in
the United States English bi-mettallist.
should advocate return to free silver il
India.
The Times: SIT may perhaps be though
that the president as the head of his
party, and on the eve of a party fight
would not likely undertake case fol
action which his party contemplates. Blu
it will be difficult to convict him o
exaggeration in the face OF the daily re.
turns of American prices and exchanges
No permanent improvement can be looked
| for until Congress aoandons The task O
attempting TO maintain an artificial ratio
between silver and gold. 1t is one of tn,
mysteries of politics how comparatively
small body of men has succeeded in die
tating the financial policy OF great ma
! tion for its own ends. President Cleye
land is manifestly doing everything DOS
sible to terminate the evil, but siive
interests are certain to make a tough
fight. 1t is not easy to predict the pre-
else issue of the struggled