The Philipsburg mail. [volume] (Philipsburg, Mont.) 1887-current, 1893-11-23
8ILuKR IN ENGLAND
The Effect a Further Declin e
Would Have.
AFRAID OF GREATER DEPRESSION
Sir NIOreton FreweB, the Great Eng
lish Financier and Hsi-MctaIlist,
Talks About the w Elite Metal
ADrOp of a Few Cents Would
Cause Panic in London

Cause Il Panic in London
Sir Moreton Frewen, the English ad
vocate of bi-metallsm, while in Colorado
Springs, the other day, was interviewed
by the Gazette of that city. In part h
said: M."
Il have come out here to look into th'
silver question somewhat and 1 want tt
ask you if your silver mines can be KEEP
open and the production of silver go for
ward as 1t has been doing if the price o
silver falls to 70 cents, yes, to go cents
And whether or not you think an adjust
ment of wages coupled with a genera
fall of price in other articles used, vii
enable you to do this For it means YER,
much to us in London Our exchanges
especially with China, are at a swapping
point. If Colorado keeps on producing
silver as before, the price of the bullion
needs only to drop few cents more be
fore it will produce panic among Lon
don merchants If. on the other hand
your mines close down, decreasing th.
amount of silver bullion offered for sale
and thereby increasing the price of it
our merchants may tide over for awhile
J. look for very serious time between
now and Christmas IN London.
Il have been IN Washington for the
past week." said Sir Moreton, "and have
been struck by the utter ignorance upor
the currency question displayed by the
repealers. The only men who seem tc
have studied the question are on the sll
yer side--such men as Senator Jones, anc
Senator Teller of your own state, who
know the subject from A to z. [ have
not seen everything in the utUerances o1
President Cleveland which would lead
me to suppose that he had studied the
question at all. The congress seems tc
be bent on going steadily ahead toward
the policy which we have had in Eng
land for SO long, and which has grown
worse from the beginning. 1t is policy
which should be avoided rather than
followed. / think that silver bullion
will only have to drop few cents in
order to bring England to her senses
and then something will be done to re-
store our export trade, which will cease
entirely with this drop in the price OF
the bullion"
Continuing, Sir Moreton said "It
would be amusing we're it not so serious
to observe the attitude and listen to the
n rF lbo nh
taken place in the eastern press and
among members of congress. We were
assured by them that just as soon as the
repeal bill was passed that Immediately
there would come an era OF prosperity,
and that prices would 60 up and that
business would go up; Wall street would
sell her stocks at higher prices and the
rest of the country would reflect the
glory of Wall street. They SAID that
London would Immediately begin to in
vest heavily in American securities and
that they would consequently go up in
price. But. bless your heart, London
has no money to invest in American
securities; we are very hard up and want
to SELL"
In speaking of the situation in India,
Sir Moreton said that he believed that
the experiment of closing the mints to
free coinage had proved failure
Passing on to the French experiment
of opening her mints to free coinage he
said it was a triangular method of ex-
change. AS sood as France found her
self becoming overstocked with the white
metal from England and other countries,
she proceeded to ship it to India and
China and other silver using countries IN
payment for goods these countries in
turn would pay it to English merchants
for goods and it would eventually find
it's way back to that country; so that
France received the equivalent of bank
of England note for all the silver she re-
ceived from that country. He thought
that the United States with her wonder
full capacity and resources might do the
sane thing.