The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-25
SATURDAY, September 25, 1897
QUITO FOR FREE COINAGE--ATTITU0E
OF ENGLAND AND FRANCE.

The protest of the London bankers
against the proposition to hold part of the
bank of England recalls the famous I'VE.
the people" resolutions adopted by three
tailors of Needle street. The bankers
of London and New York have so long
been accustomed to dictate the financial
policies of their respective countries,
and to large degree the financial policy
OF the world, that they are startled that
the bank of England should presume
to act without first obtaining their con-
sent.
The late Gen. Francis A. Walker was
accustomed to say that a square mile
of London" was the great obstacle in the
way OF international bi-metallism. If he
had lived 10 see this mile square of Lon
DON rebuke the officers of the bank of
England for the tentative and short step
proposed, he would have more than ever
felt that the financial DEGREES of Lom-
bard street rule the world We look to
see the bank back down from its posi-
ton. As preliminary to forcing this, the
bankers have had their organs already to
begin to say that 1.-THE bank of England
needs stronger guiding hands" and like
reflections upon the present management.
We say it deliberately: We do not
believe there is anything of which the
ring-leaders of the gold standard crowd
would not be guilty to destroy bi-metal-
nsm. They have not scrupled to villify
and underrate every public man they
could not control; to spread suspicious
as to the solvency of every business man
who advocated bi-metallism; and to de-
stroy any influences that dared to oppose
its selfish creed. We had not heretofore
believed that they would venture to at
tack the bank of England, but even that
old and sound institution must be sus-
pected of bad management if it shows
very small willingness to give, the BIZ
metallists half chance to show that
the use of both metals is better for man
kind than the use of one.
L hS ldSto lHdl IIduCc anu Tie OUlIGu
States are agreed upon the wisdom of
opening their minis to the free COMA ge
of silver; that there has been a recent
rise in the price of silver bullion; and
that the agricultural population all over
the world feel that the depression in
their occupation is largely due to the
e
money metals-these things give album
dant cause for encoura cement to the sin
cere bi-metallist. Premier Meline of
France decided as early as 1895 that
bi-metallism must be tried ON account
Of the great fall in the prices of agri-
cultural products. The London newspa-
pers speak of Frances position as Ger
tain, and that it hesitates to open it's
mints only because, ON account of it's
nearness to Germany and England, it
might not be able alone to restore BIZ
by opening the mints in India and by in
jecting a small amount of silver into the
reserve of the bank of England So
conservative a gold standard paper as
the Springfield Republican says: "The
fact that a responsible French govern
ment has come forward and placed itself
on record as wanting bi-metallism restor-
ed is the most encouraging thing that has
happened to silver in years. 1t gives
fresh dignity and prestige to the bi-metal-
ic movement at time when bi-metal-
Hsm IN America seemed undergoing an
eclipse"
The Republican has mistaken the
quiet determination of the six and a
half million men for readiness to aban-
don the fight. 1t fails to understand
the depths of their convictions. They
do not allow themselves to be depressed
when mile square of London preach
es their funeral, or to be unduly elated
when France shows desire to assist in
restoring bi-metallism. They believe in
finance as in other things that he that
would be free must himself strike the
blow. If an international bi-metallism can
be secured. they will be glad. 1t it fails
as it will if the mile square of London
continues in control-they will wage q
Battle royal in 1900 for Independent free
coinage, having faith that by that time
the people can neither be bribed, fooled
or bulldozed.
The contest has just begun. In 1892
the Democrats won ON platform that