The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-04-10
BY ITS OWN PETARD.
ENGLAND IS ABOUT TO BE HOISTED
BYITS OWN FINANCIAL BOMB.
The Central American Countries Refuse to
Pay the Premium on Siver-NOw is
the White Metals Opportunity.

Washington, April al.)-Siver is
bobbing up again all over the world with
a buoyancy that clearly demonstrates that
it cannot be held beneath the surface.
Neither EnglandS action nor the acts Of
the present administration of the United
States government can hold the white met
al down.
At last the silver standard nations of
the American continent are rising up to
protest and to force England to recognize
silver as it has been recognized in the
past. The Central and South American
publcs are refusing to pay interest on their
bends he'd IN England in gold, when Eng
land is attempting to make silver a worth
less metal.
This action on the part of these countries
will do more than anything which has oc
CURED lately to bring about bimetallism
all over the world. They force Eng
land to take steps toward bimetallism
With the United States leading in the
rovement, it would seem that Great Brit
ain would have to come into line.
1t will be remembered that the London
Chamber of Commerce recently submitted
a memorial to the British government,
praying for an international inquiry into
the causes of the decline and 1uctuatlon
of the value of silver, and for relief from
the encouragement and losses suliered
therefrom by British merchants doing BUS
mess with countries where SILVER IS the
common currency and the standard OF
value. This memorial demonstrated that
the pocket nerve of England IS beng Sc
Verely pressed or her merchants would
not cry out in pain.
AS this memorial was presented just as
the change from Gladstone to RoSeberry
occurred but little attention was paid to 1t.
Now, however, another blow has been
struck and the result is Il loud rcmOnStrance
and an appeal to the government for pro-
lection.
Guatemala through its representative in
London, has announced that the interest
on its bonded debt would have to be pass
ed on account of the low price OF SILVER
and the high rate of exchange Guate-
mala dollar, which has been worth % cents,
has dropped to So cents, and as the reVe-
nues of the republic are received in silver
the interest the bonds is practically
doubled and the government is made to
pay s per cent instead of / per cent per an
The Englishmen who hold the Guatema-
Ian bonds made an inquiry into the matter
and found that the detauIt IS not que 10
the inability of Guatemala to meet its
financial oblisailons bgd IS f FOR the s puF
born opposition to bImetalllsm and her
responsibility for the decline in the value
of silver by suspending coinage in India.
The bondholdCrs want the British govern
ment to force Guatemala to pay It's obl&a-
tons But England cannot force the pay
ment of this debt. If she attempts it by
force she will have to blockade every har-
Dor south Of the guIt CT MeYlc3, AHr M ne
lowed by all Central and South American
countries.
Again she could not enforce IT, 1Or under
the Monroe doctrine the United States
would not submit to any active war on the
part of England against any country on
the American continent.
It is possible that Mexico may serve
similar notice upon the holders IF her bonds
in Great Britain before many weeks have
passed Nearly all the foreign or external
debt of Mexico. which amounts to $S250O,t 4J,
is held in London. When it was negotiated,
at 6 per cent, the Mexican silver dollar
was worth about 80 cents in gold, making
the interest," on the bond, if computed in
silver less than 6A per cent. At present the
Mexican dollar is worth only As cents in
gold, and as the revenues of the Mexican
interest charged is practically between 10
and IA per cent and its obligations are
doubled
for this situation, and the Mexican govern
tiuate1naIa. 1t is not the idea Of the'Mel-
lean government to rcpudiate her debt.
but to postpone its payment until England
stops its war upon silver:
Similar action may also be expected On
the part Of the Argentine Republic The
people down there approve Guatemalas ac-
public of Guatemala has the sympathy of
all the Latin American republics.
One of the diplomatic representatives of
a South American republic predicted to me
today that before the LIST of July they
would all suspend payment until silver had
recovered something of its normal value.
'If silver continues to Decline" he said,
cor if the present conditions continue. we
shall be unable to meet our obligation
money and are compelled to pay our 0bli-
cations in gold. Gold is now worth twice
as much as it was when those obligations
were incurred which is not our fault but
the fault Of our largest creditor. England
If England destroys our ability to pay orr
debts she can blame no one but herself.
Every nation in Central and South America
viii default in it's interest unless something
is done to restore the value of our money
and it is right for England to suffer for
it, because she is mainly responsible for
the existing conditions. IF she will recog-
nize silver as money, the rest of the world
will do so. If she will not her people
must take the consequences"
Mr.. Romero the, Mexican minister here,
is now mOVing tC have conference of ali
American nations in Washington with a
view to a united effort to secure the recog-
milton of silver as mOnev. He addressed a
communication to Secretary Gresham, but
has received no reply up 20 date. The rep
resentatives of other American countries.
however heartily approve of the plan. OF
course. the pressure on the part of tho
people will force the ADMINISTRATION here
at Washington to go into it. 1t is need
less to say however that Mr. Cleveland
will attempt to queer it. But congress
will approve the scheme and will soon
take some action upon it.