, 1896-01-25
NJ / S c e | | n e o u S
Spectator December 28th.

The air is deci dedly clearer than it was.
The moment the Americans realised that the
Presidents Message had produced 4 real dan
ger of war, a financial and commercial panic
set in. which in a few hours reduced the
total value of securities, cotton stocks, and
wheat stocks by two hundred million sterling.
Much Of this, Of course, Is not lost to the
country. as the securities, &C., remain In
other hands; but the violent transfer shook
all credit. and reduced the number of inves-
tors. The English holders in particular, in
their distrust Of a country whore such bolts
from the blue are possible, returned their
American securities in masses to New York,
causing a drain Of gold from the Treasury
which reduced the reserve eight millions be-
low the legal limit. The President, who is
something Of a fanatic for sound money,
therefore sent a second Message to Congress,
urging the Houses to accept his financial
noliey. as the contingency he feared had oc-
eurrpd and the danger Of bankruptcy had
become serious. The Houses, however, are
not favourable to a gold standard; the Presi-
dents Message was considered cynical he
himself having produced the panic: nothing
was said indicating its acceptance; and Con-
gress. instead Of taking its Christmas holiday,
resolved to adjourn ouly over Christmas
Dav. On r~eassembling, the Representatives.,
bv an emergent vote, passed a Bill adding 10
per cent. to all duties and doubling those on
wool and lumber, but the Senate is expected
to reject this. The alternative is an issue Of
short bonds, or, as we say, an increase to the
unfunded Debt; and the total effect Of these
vents has been TO make Americans doubt
their residents wisdom.
,oz rro, ;oroaCaA NV +ba ayhOrfo fiCpc
Of the British and American clergy, a great
majority Of whom protested against war upon
such grounds; by the language of theAmerican
iurists who declared that the Monroe doctrine
did not cover the case Of a dispute about
frontier; by the European Reputation of
the new principle introduced by the Mes
saoe into international law and by the
friendIv tone Of all messages from notablII-
tias in England. Even the Prince Of Wales,
Who usually stands aloof from politics, replied
tn Am inquiry from the New York World, that
both he and the Duke Of York earnestly
trust. and cannot but believe, that the present
crisis will be arranged in a manner s~atisfac-
tory to both countries. and will be succeeded
Nv the same warm feeling of friendship which
has existed between them for so many years. y
This kindly expression was well received
and bv Thursday feeling was SO much cooler
that il was currently believed that President
Cleveland desired TO explain away a portion
If his utterance-
The words attributed to the President, and
the ~explana tons of his personal friends like
Mr.. GRAY, are all to the same effect, that he
did not mean wal, that the Commission was
only to inform the American people, and
thai it's decision would in no way be binding
upon the British Government. The Presi-
dent. of course. knows what he meant it is
conceivable that twoEngIish speaking nations
have mistaken the meaning of a few English
sentences, and if the Presidentsay SO, the whole
world will gladly accept his saying. Presi-
dents may choose words badly as well as other
mon. 1t is we'll to remember, however, that
President Cleveland has SAID nothing yet Off
cially; that he has not named the Commits.
sion of Investigation; and that there may be
further trouble caused by the action Of Ner'e-
zqela. The authorities there, believing that
the United States have declared for them,
have called out the Militia, and appear 20
contemplate an invasion of British Guiana.
Such an invasion must be reprlted whatever
- i, roIollinU II incidants nav