New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-23


surprised by the unexpected withdrawal ~ gold
from London and Paris for the United states.
which has caused discount rates to harden. ana
is unable To account for IL by any legitimate de-
mand Of trade one theory advanced here 10
that Americans have begun 20 hoard gold In ex-
pectation Of its going 20 a premium. but better
one. which is generally held Is that the Morgan
syndicate has arranged for the withdrawal OF
gold from this side as means ~ protecting
the Treasury and maintaining the gold reserve
until the Presidential election is over. Since
shipments cannot b, made at profit under the
present rates Of exchange. this is regarded az
an artificial and desperate attempt 10 keep tho
gold reserve up 10 the statutory limit and as
new sign Of the gravity of the currency sitn-
alton in the United states. Financiers here
wonder how gold can be kept that side. when
bills sold by the syndicate have 10 be met
Meanwhile. there is no market here for Arnerf-
can rails or any othe- class Of securities. al
though all English railway shareholders are
drawing larger dividends than usual and the
value of their stocks was never higher The
lack Of interest among Englishmen In the
American political canvass is easily explained
for them II is choice of evils. They construe
the Democratic platform as a proclamation OF
the Reputation OF debts. and since they have an
immense amount OF capital invested In Ameri-
can securities OF all kinds. they do not want
to be forced through Bryan's election to accept
payment at the rate OF ten shillings 10 tns
pound on the other hand Mckney's election.
while a guaranty Of the maintenance of the
National credit on a gold basis. implies. as most
Englishmen suppose. a reversion to the high
tariff system which a few years ago wrought
havoc with their own trade.
Fnglishmen in these circumstances can hardly
be expected to he wildly enthusiastic over tho
chances Of success Of either candidate. but on
the straight. moral issue Of common honesty In
the fulnlment Of National obligations they are
on the side Of Mckinley and the Eighth Com
mandment
The controverslalists who have been writing
letters 10 THE Times for a year on :he ques-
ton OF single and double standards are following
with more interest the syertc arguments based
upon the price Of wheat in India The silyerite
claim that the selling price Of wheat in India
has actually remained the same during recent
years. anC that consequently the Indian Ryots
have been better off than the American farmers.
because they had the advantage Of deprecated
silver is not sustained by the Bluebooks pub
lished here These show constant and sharp
variation in the prices Of wheat In India. The
best answer furnished 10 such claims by ex-
pert statisticians like r. +. Crawford. would bs
that II India had been at decided advantage
under these conditions. its export Of wheat could
have been largely increased. whereas this has
not occurred. trade statistics show. Tho
common argument used by bimetallists here In
addre ssing farming audiences has been that the
fall in the price Of wheat has been almost en-
tirelv caused by the depreciation Of the rupee In
India but effective answer has been made that
the tremendous decline in wheat in recent years
could not have been brought about by any con-
ditions affecting country furnishing only
per cent Of the worlds supply. The best recent
exposition OF the subject ~ the fall of the price
Of wheat was contained in paper read by Mr..
Crawford before the Royal Statistical Society.
His conclusions were that the decline Is mainly
a natural economic process. produced by tho
settlement Of new lands particularly the wheat
growing area west Of the Mississippi. and that
this has been to a larg, extent facilitated by the
fall in freights. owing 10 improved transport
and the reduction Of the cost Of carriage. There
is abundant evidence showing that reductions
I'm railway freight rates in India since 1873 have
been nearly as great those effected In America
and that marine frcights from Bombay have
fallen 90 per cent: but the wheat export has
not increased The silverite argument that tho
fall in the price Of wheat Is mainly due 10 tho
decline In the value of silver. and that tbs
Indian wheat grow ers. with deprecated silver.
have suffered less than the American or Russian
farmers. Is a specious one easily refuted by ths
BlueboOks on India.
Lord Russers address at Saratoga prin,ed
here in full. receives a leader In every journal.
and his apparent lack of faith In the efficiency
Of any standing court ~ arbitration is passed
over lightly The Spectator today. however.
considers his objection 10 a permanent arbitra-
tion tribunal weighty and well worth consider
alton. although agreeing with him In welcoming
any reasonable proposal for diminishing the
risks Of and misunderstanding
The English political world Is profoundly quiet.
Lord Salisbury is entertaining a large houss
party at Walmer Castlce while Continental crit
les especially In Germany. are specializing over
what he meant I'm the naval fight of Dover.
His Ministers and retainers have scattered "a
the four winds I'm quest OF rest and recreation.
The whip of the party. Sir William Walrond.
often described "A the most popular man I'm the
Commons. has had gala week In Deyonshire
celebrating his silver wedding and the coming Of
age of his Oldest son Mr.. Chamberlain remains
on guard at the Colonial once and is kept fully
employed In denying lctons originated by rumoi
mongers about the Transvaal- There is nothing
new in that quarter OF the Empire except tie
increased activity 90 Rhodess supporters In
opening the way for his return 10 public nfs
The managers OF the Kafir circus are anxious TO
reopen the show. and already drawing Q
crowd OF spectators together
In Crete the situation remains as bad ever.
but the Nile there signs OF Formidable
preparations for the reconquest OF the lower
Soudan: that Sir Edmund Monson. the new
British Ambassador in Paris. will soon have an
opportunity for a display Of his diplomatic 's'
sources
Political leaders have retired from the scenA
Sir william Uarcourt has gone TO the Ccntinenti
the Duke of Deponshre is hunting grouse the
nnLe Of York ME- Ralfour and Mr. Asquith are