New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-06

DEBT PAYING AND PROSPERlIf-IHE
ELIMINATION OF THE TURK FROM
EUROPE POSSIBILITY OF AN
UNDERSTANDING WITH RUS
sIA-NoTEs OF MUSIC
AND LITERATURE.
[BY CABLE TO THE rRIBuNEl
London Sept j-There are leads OF open
water in the pack ice of American politics. II
the financial situation be still clouded with un-
certainty and beset with danger the prospect OF
final deverance has frightened The market
for American securities here responding to the
firmcr tone of New-York quotations. is more ac-
tive. The Vermont election is regarded as
sign that the tide of public opinion is settling
strongly against the reputation party The
nomination of Palmer encourages the BELIEF that
the Democratic vote VIII be divided. and that
the cause of honest finance will he triumphant.
although keen observers like THE ST. Jamess
| Gazette" remark that It would be a more prac-
tical move for the honest-money Democrats TO
follow the example set by the Liber al-Unionists
in the Home Rule split of 1856 and vote outright
for the Republican party. The London market
takes its politics from the American market.
and since greater confidence in Mckinley's elec-
tion is reflected there prices are improving here.
The movement or gOlu 10 NeN-loin' "hSh
has been an inscrutabe mystery to the writers
of financial articles here, is now easily explained.
Practical fnanciers in the Stree: how as
sert that the tightness of the money market
there and the hasty calling in of loans have
compelled operators to quicken the movement
of cotton and grain eastward, and to obtain pay
ment for these crops 1t is normal recovery OF
exchange precptated by the peculiar condi-
tions existing in America. The surplus CT cotton
and grain is now coming to Europe, and gold Is
urgently required in payment for them.
The bestinformed bankers rdcule the IDEA
that the shipments of gold portend a coming
crisis in America. which has been forecast ny
some aarmist writer's. They assert conndenty
that the situation is clearing, and that god
exports may continue for several weeks In con-
sequence OF the natural movement of trade be-
tween America and Europe and the comparative
failure of the Russian crops and the decline OK
exports from Argentina One Of the most care
full city men declares that gold Will not return
from America until next year, and possibly not
then if Mckinley be elected. The opinion OK
Lombard Street is not always reflected by the
financial reviews in the weekly press which are
invariably hostile to American investments
The confidence in New-York in the future or
American railways and the National credit in
the stock quotnions by cable, but do not al
ways heed the warnings and auguries or the
prophets Of cvi. ;h the financial press.
Every influential journal of England. while
not concealing fits dislike of Mckinley as
thcrough-going protectionist. as uncompromis-
ing as the Premier of Fl ance prefers his election
as a choice Of evils THE Chronicle, gratefui
for an authoritative interview with Bryan, at
tempts like Balaam, to curse his foes, but ends
with blessing them altogether. remarking tnat
McKney's protection. while an infatuated Is
an honest policy whereas free silverlsm means
tampering with the currency and unsettng
the foundation of contracts.
The Liberal journals fiji it difficult to resist
the temptation to beat Mr.. Balfcur and other
bimetallist Ministers over the heads OF Bryan
and the Populists The fact that four leading
members of the Unionst Government are con-
vinced bmetallists and the majority or the re-
naming colleagues are ope1-nnded. IL not
friendly to the policy, makes 1t easy Tor the
Oppostion press to rcproach them either
afraid or ashamed to adopt Bryans cause IL
is however. unjust to Mr. Bafour and his as
sociates to identify them with any proposal OK
barefaced robbery and reputation like the le-
galized ratio of Is to I, when the market rate
is 81 to l. Mr. Labouchere, in trenchant arti-
ce in this weeks Truth" states: when Kings
clipped coin and obliged their creditors to ac-
cept clipped coin in full payment they simply
maid their creditors less than their due; so IL
the United States allows debtors to ray their
creditors on a reduced standard Of value. this
practically amounts to reputation by the
amount of the reduction" Mr.. Labouchere is
democrat in the true sense of the word Dut' As
a sincere admirer Of sterling common-sense OF
the American people. he hopes that Bryan VIII
be defeated.
The official returns Of the British National
deht ISSUED this week show a decrease or
c1o1 600 600 in twenty years. This reduction,
while slight in comparison with American
achievements in debt paying under Republican
conditions. before 'he great National policies In
oneraton for a generation were suddenly re-
versed in 1892. is an unerring indication OK
British prosperity. There Is. however some
evidence that everything is not going so well
with England az H.. statistcians make out.
one is the German competition, which Sir John
Tenniel hits off in an admirable cartoon In this
weeks Punch" British trade Is depicted as a
sleepy old lady caught mapping by the road
while going To market while German pedler
with a pack on his back cuts off her petticoats
with competition snears.
Nathaniel Mckay, who has been Investigate
ing the condition of the working people in Eng
lsh cities for the purpose of making contrasts
for the benefit of American voters. finds it diff
fcult to convince hirlsclf that free trade is a
blessing He has been in Manchester. Brad
ford Birmingham Cradley. Heath, the Black
Country and London. and has taken photo
graphs of people employed in various kinds OF
labor He has made two previous examinations.
but has found more evidence of destitution this
time especially in Manchester. than ever before
He has collated large array of statistics show
ing how much wage-earners receive per day IN
various occupations and reached the conclusion