New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-07-05

London July 3-The English are beginning -
understand that the Democratic party while IN
sympathy with Cobdenism, Is dangerous even
revolutionary. on the currency QUESTION Tho
forecasts published here Of the probable action Of
the Chicago Convention tend to increase the un.
easiness OF investors and make them more anx.
ious to sell than to buy American bonds Tho
effect Of victory Of the political party which
aims to pay gold obligations in silver the ratio
of 16 to | would inevitably be the collapse Of
American credit abroad. The worlds stock %
silver would be drawn toward America. and all
the gold in the country would he exported to pay
for it. The United States would become a silver
country, like India, Mexico Peru and Euro.
pean capital would be withdrawn from all classes
OF American investments. These are the English
Views. and German opinion fully sustains them.
German bankers in Frankfort and Berlin unite
In declaring that the triumph OF the silver party
would be followed by a tremendous fall in Amer
lean securities abroad and that the Presidential
canvass in which the currency is an important,
II not the main. issue with the Democratic party
committed to silver. will temporarily depress
American bonds OF all kinds The common way
OF stating the case IL that the Americans are now
on trial on plain question OF honesty and dis
honesty. and that European creditors and In
vestors cannot afford to take further risks until
the issue is settled in November.
In reality. the American silver monometaliists
have already greatly damaged the cause Of BIZ
metallism In Europe. A wear ago the English BIZ
metallists were active in the general elections.
and exerting a considerable influence In Lam
cashire and the agricultural districts Not a
word Is now heard from them. They DO not
ture 70 reopen the controversy when the free-si-
yer fanatics In America arc seen 10 be in the
majority in the Chicago Convention and reck-
lessly advocating making 20 cents worth Of sill
yer legal-tender for every dollar Of debt. Like
wise in Germany the bimetallist movement II
paralyzed by the deliberate attempt Of the Amer.
lean silver monometallists to control the Demo-
cratic party. capture the Presidency and dictate
terms to Congress.
So great is the English prejudice against Nc.
kinley "a radical protectionst that his
compromising speech accepting the nomination
is received here with quibbling comments. The
English press is not yet prepared to admit that
the champion OF Protection be sincere and
honest on the currency question. Yet he stands
primarily for the policy Of substituting a sur
plus for the deficiency in the National revenues,
and English experts agree that that is the only
sound principle for conducting the Treasury.
They rejoicing over the evidence furnished
own prosperity continues undated. Although
the mortality OF milionaires which is a large
source Of treasury relief. has fallen off unex-
pectedly. they find it difficult 10 understand that
Americans desire the restoration OF prosperity
and credit, and are bent upon electing Mo,
Kinley. The United States Consular returns
from England disclose unerring evidence Of tho
exhaustion OF the purchasing power of Amer-
consumers. Exports from Bradford to the
United States last ..c-.' r"veal decline Of
81. .2220l5 ever the same nol- ..-st year, whan
the wooen trade was booming under the inhu-
ence Of lower tariff The American trade this
year Is source of keen disappointment to Eng
lish manufacturers. who expected continued n-
crease from the reduction Of duties. They are
beginning to find out that for their own inter.
ests American prosperity is more important
than a reduction Of the tariff schedules. That
is TO say that they will gain less under a lower
tariff when Americans too poor TO buy
largely than they will under a higher tariR
when Americans prosperous.
Letters from Madrid show that nearly all tho
sources of Spanish revenue farmed out for
lorg terms. The Roths,hds. In return for adj
tanned control Of the Almaden Quioks mines
for thrty-fou years; the tobacco MONOPOLY
the stamp duties the state lotteries. the sue
cession duties and the match and salt taxes
will all he farmed out The Finance Minister IL
hoping by these concessions 10 up the
financial situation. and TO facilitate a new loan
Of 500 100000 in the autumn for covering tho
expenses Of the Cuban war when all other
sources ha re failed. II is desperate expedi-
ent Cuba may become another Egypt. plsstered
over with European liens. before the ruinous
struggle ends
The Sultan has issued new series OF promises
respecting Crete. including amnesty and reforms.
After the recent experience In Armenia these
must be regarded form of Oriental fat cur.
rencv which is practically irredeemable Tho
only reform measures which the Sultan seems
capable OF carrying out burning villages and
Topping off Christian What Russia wishes
the Sultan 70 do in Crete will be done. England
seems to have lost all influence In Constantinople.
and the Sultan has only one friend at Westmin.
ster Mr.. Ashmead Bartlett
European politics are stagnant. the most sig
nfcant incident being the passage OF civil
code applicable TO the whole of Germany after
1900 This is an important step taken in the d.
recton OF the complete unifcation OF the Father.
land.
British politics are also hopelessly duh. The
Rating Bill has been passed after a prolonged
struggle and an all-night session The final vote
showed how helpless is great majority in con-
ductng legislation when even a weak minority
is In earnest and we'll led in obstruction tactics.
AS the Irish Land Bill is loaded down with
amendments. the prospect OF passing II Is seri-
ously clouded. All other measures are dragging.
Very little interest is taken in the debates In tho
of oh acfy ,rly ri
What Is discussed more generally IL Cardinal
Vaughan's synopsis OF the encyclical issued by
Leo XIII. which is received with satirica conf
ments by Lord Halifax and with satisfaction by
the evangelical party OF the English Church The