The herald., 1897-09-14
ToUCHsToNE AND AUDREY


report that the directors of the Bank Of
England have decided to hold one-fifth
of it's resources in silver.
Thereupon Senator Chandler, one of
the few sincere advocates of bimetalliem
left in the ranks of the Republican party
tosees his summer hat in the air and
calls upon his fellow Republicans to
join in his Joyous enthusiasm" All Of
which reminds us of Touchstone and his
Audrey. "A poor, ill-favored thing, sir,
but mine own" says Touchstone, and the
poor old thing" screams in delight. "Th'e
gods give us joy! The gods give us joy!"
a poor and ill-favored thing enough is
this proposition purporting to emanate
from the heart of the famous old woman
of Threadneedle street. To buy at cur
rent market rates a little jag of silver
equal to the fifth part of the reserves
of the bank! That would be the whole
of the poor old thing" at best.
But Henry r. Greenfield, director of
the bank a bimetallist, says he knows of
no such decision on the part of the direc-
torate. So the occasion of Senator
Chambers joyous enthusiasm is not
even an Audrey nor "a rag and a bone
and hank of hair but a phantom
1t is only the "baseless fabric Of vision
that leaves not a wrack behind"
If the bank should do as suggested, it
would make temporary market for sill
yer bullion to the extent of few million
ounces, and then the tub thrown to the
whale having been swallowed up in the
waves of the single standard sea of Eng
lands financial system what good would
be done? The grand total of specie hold
ing of the bank amounts to no more
than about s1S5, 1000, ,OOO One fifth of this
amounts to s37,OOO,00O. The Bank of
France, Bank Of Germany and the Bank
of Austro-H Hungary hold much more spe-
Gle than the Bank of England.
England's magnanimous offer is to buy
100000 worth of silver on condition
that the United States, France, Ger
many and perhaps half a dozen other
nations open their mints wide to the
coinage ofsilver on private account. Eng
land is in very great difficulty in India
because of the closing of the government
mints there. If the other nations will
agree to hold the price of silver at par
with gold at some fixed ratio, England
cares not what, she will be able to risk
the opening of the India mints and thus
get out of her trouble
This is just what the real bimetallists
of the United States have pointed out
time and again. The international busi-
ness is as diaphanous as air and as un-
substantial. All the nations of Europe
are afraid to venture on free coinage un-
less England joins them. Their interest
in the matter is secondary one; they
produce no silver to speak of. 1t is very
different with us, who are one Of the
great silver producing nations of the
world. France and Germany are not
debtors to foreign countries as we are.
and therefore the rise in the value OF
gold coin does not rob them for the ben
eft of foreigners. With US the situation
is different. And England will hardly
put herself out of the way for our sake
at risk of loss to her own money lenders.
Mr, Chandler will have to moderate lie
his Joyous enthusiasm" 1t will have
plenty of time to get stone cold before
England will meet Mr.. McKinley's COM
mission one step towards international
bimetallism. We are sorry that 80 real a
friend OF silver as Mr.. Chandler should
lose his heart to so poor and ill-favored
an old thing" as this Republican Audrey. |