The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-09-17
NO GOOD TO SILVER.
But the Bank Of England Has
Brought Down Much
Wrath Upon Itself.
[By Cable to The Associated Press


LONDON, Sept. II, 1S97.-The west
minister Gazette" this afternoon, in its
financial article, comments upon the let
ter of the Governor of the Bank of Eng
land, Mr.. Hugh G.. Smith, to the Chan
cellor of the Exchequer, Sir Michael
Hicks Beach, announcing that the bank
is prepared to carry out what is permissi-
BILE in its charter, namely, to hold in
silver one-fifth of the bullion held
against its note issue, provided always
that the French mint is again open to
the free coinage of silver and that the
prices at which silver is procurable and
saleable are satisfactory. The newspaper
mentioned says
although the Governors statement is
perhaps. meaningless so far as practice is
concerned, it is to be deeply deplored that
the Bank has budged from it's principle.
1t isn't dignified for the Old Lady of
Threadneedle street to f1irt with the BIZ
metallic faddists. We want gold against
our notes, and there is no reason why an
old statute, passed when silver bore an
entirely different character, should be
refurbished at the bidding of those who
want to dispose of silver. The Bank S
reserve is not SO large that it can be tink-
cred with. Moreover, by yielding in these
matters of principle, we open the way to
the thin end of the wedge. If the threat
is carried out, what would happen is ex-
emplified by the statement of trusNe,
who declares he would feel compelled to
sell his bank stock, and so close a risk
The "St. James Gazette" remarks on the
same subject:-"The scheme seems to be
+1,o H. y h11t
the reception of even this feeble an
nouncement in the city will have an effect
anything but favorable to the bimetal-
lists. A substantial element of indigna-
tion arises at the feeling that the Gov
ernment and the bank have been doing a
little diplomacy at our expense and for
the advantage of Americans. The Unit
ed States has done nothing to make such
a risky politeness to the silvermen on our
part popular in this country"
The "Globe," joining in the discussion
this afternoon, has this to say on the
announcement of the Governor of the
Bank of England: THE whole scheme is
innovating and mischievous. 1t seems to
us wholly undesirable and even perilous
to subject our monetary system to foreign
influence through the Government. If,
as should have been done, the proposals of
the United States and France had been
banded to the directors without official
recommendation or pressure, it can
scarcely be doubted that the Directors
would have firmly declined to further the
projects. ,"
The letter of the Governor of the Bank
of England strengthens the impression
among the bankers who have hitherto
not entertained it, that the Government
intends to accede to the bimetallic pro-
posals later and it is also interpreted as
a reply to a request from the Govern
ment to the Bank But, it is thought that
the fall in the price of silver since the
letter was written may change the pro-
gramme.
Z There is considerable dissatisfaction on
the subject among the stockholders of
the Bank of England. Mr.. Robert Ben
son, a prominent banker who holds e10,
900 of stock, as trustee, has notified the
is inaugrated and he adds that other
trustees will do the same.