New-York tribune., 1896-11-01
IN LONDON

TIoNs- SPEECHES OF THE
wEEK-nREAD DEARER
IN LONDON
lBY CABLE TO THE TRIBUNE.l
,,aon oct 31.-Uncertainty as TO the result
.,,o election in the United States is frightening
,,slish investors. The market for American Sc
ri '+I,ios has been weak and well-nigh parayzed
..,s week The spectacle OF Bryan irstigatng
socialist revolution in one State after another has
,ved and alarmed the best friends Of America in
rnoland. and has drawn from them expressions
:. onprehension respecting the permanency of
~.,,hlican institutions in the New World.
while writing these sentences in a London
,,hhouse ] have BEEN interrupted by con-
,-vative Englishman. who asked me whether
,,s election in America on Tuesday might not
lad TO a civil war That is one of the common
.s, comments made in London clubs upon the i'm
osnding crisis 1t is assumed that canvass
ending as the English think. with section ar
r,ved against section and class against class
snd with the electorate at white heat OF en-
c,,sment menaces the existence OF the Nation
ors Of the most cautious business men IN the
o,v remarked TO me yesterday: 1t is more than
an issue Of finance and morality. The question
a he determined on Tuesday by the Americans
q whether the United States Will remain a Ma
linn or whether it will be given over to political
Anarchy. Socialism and organized warfare upon
property
rBryan's appearance in Illinois as the eVangei
=, GLASS hatred and sectional animosity inspires
,,mments like these among educated men IN
rnsand, what effect would be produced by his
sDrton? This question was readily answered.
Lay hv one of the most experienced bankers
Uni. tod
= brought to a silver basis within forty EIGHT
surs President Cleveland, when convinced
,sat the country had decided in favor of the
silver party. might order the Treasury 10 pay
ont silver in redemption Of paper In order TO
keep the gold reserve unimpaired or ne might
suor gold payments to be ihade so long as any
cold remained in the vaults but IN either event
cha countrv would settle at once to a silver basis.
since gold would command a premium ana De
withdrawn from circulation. financial panic
could not be avoided. but when the worst was
over. there would be a gradual adjustment OF
business and values 10 a silver basis. American
securities would fall in Europe and be utterly
unstable Everybody would want TO sell, ana
nobody to buy Every European with money in
vested in America would want TO get II out as
soon as possible The gold now in America in
would be driven out by inferior currency and
hrought 10 London one result OF Bryans cleo
ton would be plethora Of money in that city
with a gradual reduction OF the bank rate. Thls
would not be serious but the decline of conn
dence in American securities and the impairment
OF faith in American honesty would De fatal
blow to the National interests.
asked this banker whether the conditions OF
exchange were not such as to prevent the return
of gold to England since the wheat and cotton
crops would have TO be paid for and American
eyports would probably continue 10 exceed i'm
norts He replied that the bulk OF these crops
had already been virtually sold and paid for. and
that by January exchange would turn against
the United States no matter who might be
elected President. The suspension Of gold pay
raents would inevitably involve the expulsion
Of gold from the United States as soor as a
premium was realized by those boarding II. This
view is entertained by all practical English finan-
cers and financial journals. Bryans election
would be the signal for dscred,ing every class
Of American securities abroad. whereas Mckin-
ley's election would involve the restoration of
confidence in the stability Of American invest
ments and the permanence Of American insttu-
tons Apart from English interest in American
investments great uneasiness Is felt in London
In view of the possibility Of such leap in the
dark as a Popocratic triumph. and its effect in
producing a catastrophe IN America which would
shake the foundations Of the financial world
The Bank Of England. by borrowing heavily
and raising its charges for short loans. has now
acquired good control over the open market. as
is shown by the shrinkage Of bankers balances.
and is taking every precaution to diminish as 1ar
- as possible any disturbance which may be
caused by the result If the American election.
Populist reports telegraphed from America to
the effect that Russia. Germany and other coun-
tries will make large purchases of silver II
Bryan be elected are ridculed by practical finan-
ciers here They would increase their stock Of
gold when it returned from America and dispose
Of their stock of silver in exchange for IT.
American residents OF London with whom
have talked do not take this depressing view Of
the coming election They chAf one another on
the possibility of Bryans election. with the
chance Of having Tillman o: Alleged to succeed
Mr. Bayard as American Ambassador or OF hav-
ing Mr. Collins displaced as Consul-General by
Debs or COxey. If one or other Of those pa
trios were not drafted for Secretary Of War in
Bryan's Socialist Cabinet
Bismarck revelation Of the secret treaty with
Russia has been the main European topic this
week. II has impaired the force Of the Triple
Alliance. which was neutraliZed by Germanys S
secret engagement with Russia. 1t has also
exasperated the German Emperor. who has
sounded loud warning that State secrets must
be kept inviolabe Bismarck after discrediting
oy the Culberson letter his official acts as the
Chancellor under whom silver was demonetiZed In
Germany has now compromised his own conduct
In prosecutine Count Arnm for retaining dplO-
matte documents after his dismissal from the
service and divulging secrets learned officially
The only annaropt motive for Bismarcks incon-