The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1897-09-17
Stirs Up Gold Standard Inter-
ests All Over the Kingdom.
SILVER MEN PLEASED.
WOlcott Writes Home Eneour-
agingly of His Mission.
VIII Be Back Before Congress
Meets in December.

London, Sept 1.-THE letter read by
the governor OF the Bank of England
yesterday excited surprisin ely little
comment in the city and did not affect
silver stock. Great satisfaction, how
ever. is expressed at the headquarters
OF the bimetaIlic league
Inc secretary of the Bank of Eng
II the action of the Bank of England
depended upon then recpenine of the
Andla mints, replied:
That is political question and does
The bankers of the city are surprised
and displeased
Manager Ross of Glynn, Mills, Cur
RE q Co, ardent supporters of the gold
standard defense association. reported
the opinion OF the bankers. He said:
Inc letter with such qualifications
does not pledge the bank to anything
ana Its only effect will be to- encourage
the b1metallists' agitation. If the play
was carried out it might raise the price
OF silver temporarily, which would be
Followed by re-opening of the Ameri-
can mines, over production and anolh-
er fall in the price of silver
The officials of the foreign office de-
c!lned to comment on the letter, but a
nigh official of the treasury department
is quoted in an interview as decryine
the work of the United States monetary
commission.
London, Sept. 1.-THE Times com
mentlng editorially this morning on the
letter read yesterday by the governor
of the Bank of England. at the semi
annual meeting of the bank, says:
AS the same influences have been at
work in France as here in relation to
the currency reserve, the re-opening of
the French minis is perhaps within the
limits of possibilities, though we doubt
whether the action of the Bank of
England can be in any case a determin-
ing factor.
THE second condition which the bank
imposes, the condition with reference to
the price of silver, is obviously more
important. An immense responsibility
would rest upon the banks officials who
must exercise the right to decide What
shali be regarded as satisfactory price
of silver"
The editorial protests strongly against
the policy of the bank in having con-
scented to commit itself, though even
thus limited and safe guarded
Repeating arguments used in former
articles, the Times says:
I'VE cannot assume that the admis-
sion of silver reserve would NOT de-
tract from the bank prestige abroad
1t would be very Objectionable course
and not at all justified by the negotia-
tons of the ministry with the American
commissioners and French govern
ment."
Taking credit for having practically
Killed the plan. the editorial concludes
with the warning that the campaign
will be continued
THE leading French statesmen are
not wholly disinclined to reopen the
mints; While a vigorous attempt is be-
ing made to induce India to adopt the
same course. This should not be done
without serious consideration. In any
case free coinage by France, India and
the United States would not justify the
Bank of Eng land in regarding silver as
good as gold for reserve. Therefore the
banks Off can only encourage illusory
hopes, and the sooner it is all allowed
to lapse into oblivion, the better for all
concerned"
Lord Farrer writes to the Times this
morning in part as follows:
Il learn from the best accessible in
formation that a proposal has been
made to reopen the Indian minis to sill
yer on the understanding that the Uni
ted States and France do the same at a
ratio of 151a to 1. The consid Grafton Of
fered is that it will insure India a per-
manent and steady exchange.
'Of course at that ratio this proposal
appears to be to me in the highest de-
gree Objectionable. First, because it
puts END to an experiment which
promises to be successful. Second, be-
cause it affords no substantial prospect
of giving a steady, permanent ex-
attaining if the policy of 1892 is adhered
to. Third, beca use if it succeeded in
giving a permanent exchange at ra-
ito of 15h to /, which is not improba Bile,
il could succeed by artificially raising
the gold value of silver throughout the
world to the same extent, thus intro
ducing without the consent OF the BTU
ish parliament all the mischief OF IN
ternatfona1 bimetallism at that ratio.
Lord Farrer promises on a future oc-
casion to give his reasons for these con-
illusions, adding that as the proposals
have been for some time before the gov
el-nnent it is desirable that public at
tention should be drawn to them.
London Sept. 1.-THE Daily Mail in
its financial article this morning says:
"As it is obvious that the French Will
never agree to open the minis, it is
Ditv the question is being fiirted with
in stead of making an unequivocal dec
1aration We do not like to be ungener-
onJs but there is a wide opinion in the
country that nobody connected with the
hank has really attached any import
ance to the American commission or the
official suggestions that should be SER
iously treated"
Washington, Sept H.-First Assist
ant Postmaster General Heath mas re-
ceived a letter from Senator Wolcott in
which the senator. who is at the mead
of the interna tional monetary commits
sion. speaks very encouraging of the
outlook for securing an international
understanding in behalf of silver He
refers to the decline in silver, which ne
saws being used everywhere In OPPOSE
tior, to the efforts of the commission,
hut expresses the opinion that notWllh-
standing this adverse influence, an IN
fernationaI agreement will be secured
senator WoIcott states that he Will pc
in london by the first of October, ana
that he will reach Washington peIofe
the converting of congress in DECEMBER.
CURRENCY REVISION.