The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-02-09

LONDON, Feb. S.-The Economist to-
day comments at length upon the new
United States loan, and says:
There has been a great deal too
much fuss about the fact that it was
subscribed for six times over This
is spoken of as evidence of the fnan-
cial strength of the country and the
confidence of the people in the mainte-
nance of gold payments; but it is
neither the one nor the other The
fact is that the main inducement to
subscribe has been the hope and eX-
pectancy of being able to sell at
profit the bonds for which applications
have been obtained.
The effect the loan is likely to pro-
duce on the treasury is
ALSO EXAGGERATED.
ut is very probable that enough gold
will be accumulated to pay the first
couple of installments; but it is more
than likely that the treasury itself will
be called upon to furnish a portion of
the gold for further payments
Even if the full amount of the loan
is encashed in gold by the treasury
what likelihood is there of its being
obtained there? What President Cleve-
land describes as the endless chain
which empties the treasury reserve al
most as fast as it is reflled, continues
and will continue until the legislature
is persuaded to pass a measure to re-
form the currency on a sound basis.
There is no present prospect of it, and
the mere issue of a loan has altered
nothing and improved nothing. 1t can
at best be only a temporary respite,
and it is utterly f9llacious to regard 1T
as inaugurating new era of conf
dence and activity"
The Speaker also warns investors,
saying that the success of the loan
does not in the least improve the posi-
ton of the United States, but it admits
it shows the
PARTY OF SOUND FINANCE
is unquestionably strong
1t has been heretofore stated by the
Associated Press that there will be a
strong bmetall1c representation in the
next parliament. The committee now
numbers 125 members, and is much
stronger than ever before The bime-
tallic question, it is said, will certainly
come before parliament duringI the
month of March
Mr.. Howard Vincent, NJ. P, secretary
of the United Empire Trade league.
has sent memorial to the Marquis of
Salisbury asking that steps be taken
to obtain the release from the articles
of foreign treaties, which preclude pre-
ferential treatment of British goods
from the colonies. He dwelt upon the
fact that recent events have shown
that Great Britain must look to the
resources of the empire including
wheat and -four, which would be with
held by her foreign rivals in time of
war.
BAYARD RECOGNIZED.
The cabinet proceeded to Osborne to-
day for the approval and signing of
the queens speech.
But little editorial notice has been
taken of the speech which the United
States ambassador, Mr.. Bayard, made
on Thursday evening last. at the annual
dinner of ST. Johns Foundation school,
at the Hotel Metropole, though it was
reported at length. The st. James
Gazette, however, discussing Mr. Bay
ards utterances upon that occasion.
remarked: Whatever his own people
may think of Mr.. Bayard, England
will cordially recognize the splendid
way in which he is working heart and
soul for good relations between the two
nations. Unfortunately we feel that
the better he speaks of England, the
Worse do many of his countryment
think of him and US
Vanity Fair supports the attitude of
the ST. James Gazette toward Lord
Dunraven and says: Lord Dunraven
made charges he was unable to prove
and he ought to climb down The New
a1,4 al, I,oc, Ii, Il
to him, giving him every chance of
retreating from false position, and
it now remains for Lord Dunraven to
show the kind of a man he is.
why the Americans generally. how
ever, make so much of what is already
little more than a man-to-man dispute,
is incomprehensible. 1t seems that the
great American nation, like the indi-
vidual American
IS TOO READY
to take offense. The New York Yacht
club has not only shown Lord Dun
raven an example, but it has shown an
example in moderation to the whole of
the United States
According to statement widely pub
lished the coming naval programme
will involve the outlay of SAT 600, 900
four ironclads. four first class cruisers,
six third class cruisers and sixty tor
pedo destroyers, the latter to have
speed of from 80 to SO knots. The bat
tleships are to be similar to the Re
nown type, but they are to have a
rather more beam and be longer. She
carried four ten inch twenty-nine ton
guns; ten six inch quick firers; eight
twelve FOUNDER quick f1rers and twelve
three-pounder quick firers. She has
number of torpedo tubes, and has an
estimated speed of eighteen knots.
1t was stated today that contrary
to previous reports, Sir John Millais
has agreed to accept the presidency of
the Royal academy until the end of
the year, and that Val Princep, who
has been looked upon as the successor
of Lord Leighton, may then succeed
Sir John Millais.
Advices from Biarritz says that Mr..
Gladstone has been enjoying perfect
health He goes to Cannes on Monday.