New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-06
FOREIGN FINANCIAL VIEWS.
NOW UNITED STATES CURRENCY CUES
rIONS ARE REGARDED IN EUROPE.

NEUTRALITY-SUSPICIOUS. BIMETAr-
LlsM-sURPRIsE THAT oREENBACKs
ARE NOT CANCELLED WHEN
ONCE PAID IN GOLD.
rx.concessman Perry Belmont. who. a. an
nounced In yesterdays Tribune. returned from
rurope Saturday night on La Tourane, was ousy
man Yesterday morning. making preparations TO 30
20 Chicago where ne will represent his district as
. delesate in the Democratic Convention
Mr. Belmont in Europe for six week~ ana IN
that time made q study OF the opinions OF leading
men there in regard political and financial oues-
lions When a Tribune reporter called on MI BEL
mont at his home No. S56 Ffth-ave. yesterday
noon. his carriage was waiting at the door and he
was giving his ANAL instructions to Ms secretary
preparatory to starting for his train
In reply 70 inquiries regarding his trip he said
that ne had heard such contradictory opinions re-
specung the statements Of government omcers and
business men all Europe In regard to politics
and finance and especially the silver question and
International b.metallsm, that he had wished to 80
70 London Paris and Berlin for few weeks to see.
hear and Judge for himself
EUROPEAN KNOWLEDGE OF OUR AFFAIRS.
II have been" said Mr. Belmont, some what
prised at the accuracy OF the Information which
European experts in finance have Of the details Of
our currency dnicuties and OF the composition Of
narties IN the Senate. Such knowledge to be
expected Of merchants and investors in our securi
tea bu; II 10 shared by the European scientific
writer's money and by the editors OF some OF the
leading French journals.
There was a striking phrase used by Lord Duff
fer.n IN Paris the other evening Thanks 10 the
telegraph Lord Dufferin reported to have said.
the globe itself has become a mere bundle OF nerves
and the sghtes, disturbance at any one point OF the
system sends portentous trenor through ITS NOR
bidy sensitive surface He referred to diplomacy.
bun II "a certainly OF financial and trade
ters In those relations nations are no longer in
dependent International rvalries In manufactures.
produotion, transportation. exporting and importing
are quite acute those OF political diplomacy.
AL Europe and Asia are now our relentless rivals.
and therefore. what Europe says Of our power will
increase the rivalry.
AS 70 international bimetallism" said Mr. Bel
mont. the commercial and business world Of Eng
land remains in great part opposed. while the scien
tifc experts take a more favorable view. One SAID
10 that long as Mr.. Gladstone. Lord Farrar.
Mr.. Gfin and The London Times held their pres
ent sway in this matter. the outlook unfavor-
able for bimetallsm. Many opponents feared that
II the United States went TO free-siver coinage.
American debts would be scaled down onehalf.
which would drive the British Government 10
sent 10 bimetall.sm That is. OF course superficial
and fanciful What now worries British farmers
vexee British manufactures is irnpeded access TO
our markets. and what disturbs investors Is the
threatening disorders in our currency
"Of course" continued Mr.. Belmont, we cannot
undertake TO conduc; foreign and domestic af-
fairs only in order satisfy London and Europe In
pleasant and offensive II concerns not only
Government at Washington. but corporate and In
divSdual borrowers as we'll who more or lese
affected by our Government currency disorder. Our
Government would be entirely independent Of such
considerations II It did need 10 sell bonds and
but for the necessity Of redeemng greenbacks It need
not offer any more bonds for sale.
BIMETALLISM IN FRANCE.
In Paris among others. met NJ. Meine the
present Prime Minister OF France. through ap-
pointment made by our Ambassador NJ. Me.ine Is
an earnest and influential International bmetallst.
i also met the editors Of the powerful journals Of
Paris. The Temps and The Figaro The edi-
tor of the former. NJ. Hevrard. IL Senator. and 10
much interested in American political questions
long interview with NJ Magnin the governor Of
the Bank Of France a follower Of Cernusch. and
therefore an international bmetallisi by convic
ton. was very instructive He said among other
Things. that. curously enough. in France industry
and commerce are partisans of bimetal.ism, and
scientific experts are more inclined to the single
gold standard. while In England 1t is exactly the
reverse. France continues in a measure bimetallic
because the Bank Of France when its notes are
presented and coin demanded pays gold silver
at its option. Our Treasury at Washington per-
m.ts the creditor presenting government paper to
choose whether he will have gold or silver. There
is now no more silver coming In France and will
not be under existing international, conditions. On
June L. 1896. the Bank Of France held In gold 2o23.-
1913 francs. in silver 125 8O $50 francs and had
outstanding 3.5SS. 4sS. 100 in It's
M. Magnn was sure that France would not con-
sent to International ratio OF l6 to /. which
would compel recoinage Of all It's silver loss
OF per cent. whereas the United States could. at
5i2. recon its silver stock and gain per He
looked upon our perpetual greenback redemption
IN gold the very weak and critical spot in our
monetary condition. and felt that no nation Is rich
enough safely 10 endure such strain.
The opinion Of international b!metallsts In Paris
seemed 10 me 10 be that our Government should
formulate definite plan. and. by diplomatic and
other expedient action. present It to European Gov
ernments. More international conferences for dis
cussion before we had presented such plan would
be useless An enactment by our Congress OF free
bmetallc coinage in advance Of international &C
ton is deprecated by our best friends In France
THE RESISTING OF GREENBACKs.
Il was embarrassed by this question 20 frequent
ly put to in Paris. Why did not the st. Louis
Republican Convention present q feasible plan to
stop buying god. at such runow cost. to :cdeem
the endlessly reissued greenbacks? could not find
an answer. Why was asked. did not the domi-
nant Republicans at st. Louis demand that United
States notes and Treasury Sherman notes. II pre-
scented for gold redemption. be redeemed and can
celledr Ny opinion Is that among currency
experts IN France. the contrivance We call the
endless chain is considered preJudical to the
financial observation intelligence and resources OF
our rulers than any other feature of our monetary
condition and all Europeans bewdered by our
refusa cancel greenbacks after their rede notion
IN gold.
Il should say that what most impresses Europeans
Is our difficulty in getting and keeping enough isr
Treasury god 70 redeem On demand our paper
even II our Fedora; taxation shall yield surplus
over expenditures. They clearly see that small
Der gO.Q.
10 make gold sufficiently abundant and stop It's
departure for Europe exports must largely ex-
coed our imports To diminish imports. according
10 the Mckinley theory, Will diminish revenue or
course Engiishmen. with the exception Of he BIZ
ideal currency theirs. consisting OF free coinage
accompanied only by subsidiary silver coins sup,