New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-09-27
BISMARCK,S BIMETALLISM.
,fis crnsERsoN~ fErTtK >FrFErr'xNs
ACADEMIC PRODUCTION.

INCREASING CONFIDENCE IN DONpoNiN ANT"'
CAN HoNEsTy-MR. oIeADsToNE's MODERATE
ARMENIAN sfEEch--rHE Capture OF
poNGoLA AND IT'S REsUIrs--MR
IRsuSe's cyMBELINE. s.-,s
rBr cAstE TO THE rRinuSE.1
London, Sept, 2M-Bismarcks Culbsrspn icy.
ter on the double standard. which is pub'isneu
IN Hamburg with his sanction. revives the
dropping spirits of the bmetalsts Of Germany
and England Whatever use may be made OF II
by the Populist party in America. nothing can
he clearer than the fact that It possesses purely
an academic value Bismarck's mind was the
dominating intelligence of Germany during the
formative period following the last war with
France and so far from assuming RESPONSE
b,I,ty for any bimetalist measures. he lent his
authority to the great state policy by which
silver was practically demonetized and goid
adopted as the single standard. The Imperial
acts of 1871 and 1873. by which the monetary
system was reorganized on its present OASIS
would not have been adopted without ms APP
proval What the veteran statesman now III
retirement has TO say about bimets'asm mas less
force than his example twenty-five years ago.
when he introduced the, single standard; ana
suspended silver coinage-,;..-... a..-; -ss.s <,
Probably nothing was further from bismarcKs
mind than a deliberate intention OF aiding the
Reputation party in America by writing let
ter to the Governor of Texas in favor OF the
double standard. He is not silver mono
metalst bent upon coming 90 cents worth Oh
silver and making 1t legal tender for dollar
He Ia an academic bimetallist. like Mr.. Balfour'
who has lacked courage for taking official re-
sponsibity for acts cmbodying his monetary
theories. Like Mr. Balfour. also. he respects the
Eighth, Commandment and does, not advocate
breach Of public contracts. = II
Financial experts agree in-declarins tnet the
additional rise Of the bank rate TO . per ,ceAt
will not check gold exports to America with
every steamship line doing good business III
eastward freight. The export Of gold Is re-
cuired TO nay for European imports. 1t VIII De
drawn from the Bank Of England since neither
Germany nor France is willing to reduce ns
stock now in hand. Experts are predicting that
the rate of the Imperial Bank Of Germany VIII
soon be raised TO 5 per cent. and that the bahA
Of England rate will go as high as a. IL Is even
asserted that the directors were diV'ded IN orue'
ing this weeks increase. some OF them 1aVor'"e
n rise to 81 instead Of 3. 1t Is generany e~-
nected that the gold drain Will continue ourihs
October and that the bank rate will be per
cent before the close of the year, unless po
utical catastrophe like Bryans election occurs.
That American credit is rising steao,iy as inc
assurance OF hts defeat becomes more certain
is shown by the firmness of United states ra"
nav shares There Is an increased demand tor
them from English investors who are inpresseu
with the fact that they are the cheapest stocks
on the Exchange list and are likely TO advance
sharply after McKinley's election -Consols ana
~,. .a.aa I'm o,ish railway stocks and all classes
~ African mining shares have fallen since
the two advances of the sank rate: were made
hut American securities are distinctly nrmer.
This reveals increased confidence in the fnanciai
and political situation in the United States
Mr. Gladstones speech on the Armenian ques-
ton has alco tended to increase the feeling OF
sscnr,tv in the financial world. since II offers
practical evidence that popular agitation SINH
lar TO that which followed the Bulgarian massa-
cres is impossible and that European peace
will not he unsettled by decisive expression OF
public opnion In England. The speech was
chiefly remarkable for its moderation OF tone
and for the orators neglect either to censure
Lord Salisbury or express the hope tnat inc
visit of the Car to Balmoral would De the
means Of creating a better understanding pe
tween Russia and England. Twenty years ago
Mr.. Gladstone denounced the Government OF the
day with fiery eloqlence, but now he absolves
Lord Salisbury from blame Twenty years ago
he applauded Russian sympathy with the Bull
garians but he passes over In silence the
sovereign who is responsible for the miserapie
failure Of the European concert. His amazing
suggestion that the Sultan should be boycotted
BY England through the withdrawal of the
British Ambassador from Constantinople Is a
practical proof that he considers the situation
homeless The Sultans Government would in
svftably continue its favorte pastime OF massa-
ere even II England were to refuse to speak 10
II through the Diplomatic Corps. Nothing snort
of the bombardment of Constantinople or the
withdrawal Of Russian patronage.wiu compel so
hardened an offender as the Turkish Govern
ment to mend its ways
The Cars visit to Balmoral escapes public
observation, so jealousy is the privacy Of the
royal hospitality guarded 1t is a foil. for the
coming pageants In Paris. which will be con-
Quoted with ostentatious splendor and deifrious
1oy AS the husband of the Queens grand
daughter the Car is well disposed toward the
royal family, but his foreign. policy can hardiy
be revolutionized in consequence OF srandmoth-
erly advice or Of picnics with his relations IN
the Highlands. France is the ally to whom
Russia Is under obligation to consider first and
foremost. Each has strengthened Its position
In Europe and multiplied its diplomatic re-
eources by supporting the other, on the principle
that one good turn deserves another, and the
triumph of this coalition will be celebrated In
Paris There Is nice gathering OF royal
cousins at Balmoral. but the French reception
of the Car win be an impressive European
event.
The Egyptian occupation of Dongola Is too
bloodless a victory to appeal to the popular
imagination. The facility with which General
Kitchener has marched from the Third Gaia
ract and driven the Dervishes out Of their
mud walled forts and double lines Of rlfe-pits is
Q proof that the Egyptian frontier has not been
seriously menaced. and that the campaign was
not needed for purposes of defence. The speeches
made in Parliament few months ago on the
necessity of the expedition as. a measure for