New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-09
rBY CABLE TO THE rRIBUNE.l

FIELD" THROWS Dun
RAVEN OVERHEARD.
[BY CABLE rRrBUNE.l
fcopuignt: 1896: by The Tribune Aso.iatfonJ
London, Feb s-The draft Of the Queens speech
IS now at Osborne and will receive the royal sig
nature to-day at special council Of the Minis
tiers.
The speech will probably announce that the
Venezuela question has reached stage where
an adjus ment is possible. There are strong rea-
sons for believing that Lord Salisbury has re-
ceived assurances from Washington that the
Monroe Doctrine does not apply 20 the claim for
indemnity for the Yuruan affront 10 the British
flag Secretary Olney, In his elaborate argument
seemed TO exclude that incident from diplomatic
discussion and the State Department was al
ready committed by the precedent Of the Cornto
affair 1t is generally believed that Lord Sails
bury is pressing the claim for indemnity. and that
the State Department is advising President Cres-
DO 10 settle that branch Of the case, with the un-
derstandlng that the boundary dispute shall be
submitted to arbitration. That progress has been
made in directing the adjustment Of the questions
at issue by the direct action Of England and Een-
ezuela now seems certain. and 1t is also evident
that the American Commission will not be al
lowed to take part in the proceedings.
Some English journals assert that the boundary
dispute might have been settled at any time IN
the last ten years If Venezuela had acted proper
~. This is wide OF the mark since Lord Salisbury
declined TO carry out Lord Granvilles arbitration
scheme and subsequently set up the Schomburgk
line as an "irreducible minimum" That line has
row been discarded, and Minister OF the
Crown after another comedies the vital point that
the Venezuela dispute is far case for arbitra-
ton
The Queens speech Will net be disclosed un-
I'll Monday night. but the Underwriters who
will outline its contents hardly reed the text
In order t. comment upon It, The Queens speech
this year writes itself. and anybody can forecast
its substance 1t will be devoted mainly 10 foreign
and Imperial questions and little space will be re-
served for domestic legislation. Lord Salisbury Is
a lucky Prime Minister; he meets Parliament
without a foreboding Of danger or disaster on all
foreign questions He has behind him united
country; there is a large surplus In the Treasury.
! and public opinion sanctions In advance an In
crensed outlay in support OF foreign policy OF
defiance: the Unionist majority in the House Of
Commons is so great that any measure Of domes-
tie policy can easily be enacted the Opposition 10
weak In numbers and debateIs.
Momentous as are the issues Of diplomacy and
the Imperial policy the political risks OF conduct
ing the Government during the coming session
are not serious The public attention is so conn
pletely absorbed by foreign questions that the do
mest;c programme Of the Government exctes III.
tie interest There will be an agricultural bill OF
some kind. some palliative measure for Ireland.
some project for relieving voluntary schools with.
out disturbing the dual system Of National educa-
ton and possibly some scheme of Government re-
form for London: no large measure Will be pro-
posed The Unionist is a good politician; no
knows that Lord Rosebery made a fatal mistake
IN ,tempting to carry out a large and unmanage-
able programme; he intends TO propose only
measures which are moderate and safe, and 10
avoid controversy so far as possible Even the
Education bill will be a compromise, with the dis
turbing elements minirniZed.
Tine important measures Of the session will be
hills for increasing the efficiency of the fleet and
nroviling for Imperial defences. These will be
popular The Canadian phrase-maker VINO de-
scribed the splendid isolation OF an all-powerful
Empre deserves knighthood: he lighted up the
English imagination and rendered great service
to national dealisrn.
The success of the new loan has dispelled the
English illusion that American finances are IN
homeless disorder. 1t meets with hearty COM
orda, lion from the same journals which only
,ey v,eelxs ago were warning English investors
that American securities might be paid in silver.
The bankers in Lombard Street do not profess TO
understand where the gold Is coming from 10
maintain the Treasury reserve. but they accept
the enormous subscription unanswerabe proof
that American investors do not believe that coin
bonds will be paid in anything but gold
A few weeks ago. when the slump in American
securities occurred, the comment was frequently
heard that the United States could not borrow
money FOR a great war; the revelation Of Ameri-
cal confidence and silences all such Idle
talk II does not convince experts, however, that
the currency question has been settled. The
Economist" which Is a friendly critic. considers
that too much fuss has been made over the fact
that the loan has been subscribed for SIX times
over 1t will not admit that this Is evidence OF the
| financial strength Of the country or or the conn
| dence Of the people in the maintenance OF soio
! PAYMENTS but regards ii simply rs PROOF that
bc mixers and investors have expected 10 get the
| bonds on better terms from the Government '"""
:, tho omen market. THE Economist" takes
pessimistic view OK the whole matter expresses
| douht whether the stock OF Treasury gold VIII %
| ,cnlenished materially, and describes the ne" 'S-
s,, 40 temporary respite which has altered
| .,,ro nd mproved nothing. President Cleve-
| ,na, ,ratanhor OF an endless chain which emp
,,.s tho Treasury reserve as fast as 1t Is rehled
| copy1nces that influential journal that perma-
| rort era OF confidence and activity cannot be
onsned until Congress passes measure which
will put the currency OF the country on sound
| basis These Views are so gloomy that one Won
ders what would have been said II the loan had
been failure.
The most remarkable event OF the week Is the
sudden exit Of Cecil Rhodes. He arrived in Lon
don on Wednesday. had long talk with Mr..
Chamberlain the next day and this morning The
Times" announces that he will return at once. the
Rhodes.an affairs Of the Chartered Company hav-
Ing been Professionally settled. That journal was
duped by the silly account OF Mr.. Rhodes's recep-
ton Of deputation OF trades union men, but evil
IDENTIFY II has received cue from that mystery