The herald., 1893-08-10
BRITIsH COMMENT.

purchases thus far this month aggrs
gate SOL 900 ounces.
BRITIsH COMMENT.
How the London Papers size Up tn
Prssident's Message.
LONDON, Aug. S.-The Daily New
says: In firmness OF tone and uncom
promising thoroughnsss of policy
Cleveland's message will fully meet tn
expectations of the country. Chaplini
and Balfour's arguments are practically
answered from the other side of the At
lantic. The president lets the fanatics
down easily by the suggestion thai
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 bimetallists will say
OF this terrible exposure Of the failure
of the great bimetallic experiment, va
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 president
and congress can only remove the orr
ginal causes of initiation 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 1873 was fol-
lowed by five OF six 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: Oleveland's g
plea for the repeal of the Sherman act is
virtually unansweraole. The euestion
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. If 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 repeating of the Sherman
act may be immediate. There is more
reason for such faith now than three
years ago.
The Standard says: II international
bimetallism 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
two metals would certainly do much
mischief. The latest chapter of trans
Atlantic currency trlckery may be read
in Cleveland's message. Therein he
sets forth, in terms the substantial &C.
curacy OF which cannot be contested,
the confusion into which the indefinite
substitution OF boarded silver, always
depreciating in value, for comparatively
stable gold oninaen has involved all
transactions OF which credit 10 ~. eiv
ment. The moral, though we do not ex-
pect 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 q
value in exchange largely exceeding it's
value as determined by the cost Of pro.
duction. 1t will truly be said that
Cleveland Eliminates against silver leg
islation because he owes his election
largely to the anti silver party, but the
fact remains 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
idsnt's message is very striking dOcu-
ment and goes straight to the root OF
the disquiet or stagnation existing in
America. Assuming that congress will
hasten to repeal the Sherman act, it ia
perhaps, as we'll, in the interest of finan.
cial stability everywhere, that a disss.
trous experience has been gained.
The Post says: America cannot vel
stop at the mere repeal of the Sherman
act. The Post throws out no suggestion
but some action is certainly necessary
II 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 world'l
currency metal cannot be demonetizs(
with safety, and if through Americi
some method for its more extended em
ployment were. devised, the benefits tt
the world would be OF supreme import
ance.
The Daily Graphic says: Yesterday
proceedings in the United States con
gress and In the house of common
ought to be read side by side. Cleve
lands striking picture of the evi
wrought by free silver in the United
States constitutes an effective answer t,
Chaplin's economic fallacies. 1t passe
human comprehension that in the fac
of the change of policy in the United
States, English bimetallists should ad
vocate return to free silver in India.
The Times says: 1t may perhaps b
thought that the president, az the hea'
of his party and on the eve OF q part
fight, is not likely to undertake q cas-
for action which his party does no
cuuntenance. But it would be Difficult
to convict him of exaggeration in tn
face of the daily returns of Amer
can exchanges. No permanent i'm
provement can be looked for until con
gress abandons the impossible task c
attempting to maintain an artificis
ratio between silver and gold. 1t is on
of the mysteries of politics how a CON
paratively email body of men has SUI
ceeded in debating the financial polio
of q great nation for it's own endl
President Cleveland is manifeetly doin
everything possible to terminate tn
evil, but the silver interest is certain
make tough fight. 1t ia not easy
predict the precise Issue of the struggle
Choctaws Again In Arms.
CADDo, l. T., Aug. 9.-The report ths
II tAd p&rr ft1dp .