The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-09-12

the Story 10 an Experiment..
London, Sept. 1.-THE importan; an
nouncement made by the Times this
morning. in an article from a special cor
respondent, 10 the effect that the direct
ors Of the Bank OF England have con-
scented 20 hold one-fifth OF the bank re-
serve in silver, has caused much excite
ment on the continent.
The governor OF the Bank OF England.
Albert George Sandman, when question:
ed on the subject today by a representa-
tive OF the Associated Press, refused 10
confirm or deny the report. From other
Bank OF England officials. however. i,
was learned that the article was probably
a boIIon d essai sent up al the instance
of the government in order 20 ascertain
the temper OF the people on the subject
before giving final answer 10 the Unit
ed States monetary commission headed
by Senator Edward o. W0lco,t OF Colo
rado.
The Pail Mall Gazette this afternoon.
commenting upon the report referred 10.
says:
This startling rumor is such a bolt
from the blue that We would fain believe
that there must be some mistake. Should
the suggested action OF the bank have
substantial foundation in fact, the whole
commercial world will Immediately rise
up in arms and protest against 60 dam
gerous an innovation. Our cOntempor-
arg darkly hints al pressure from high
quarters and with equal mystery sug-
gests weighty affairs Of state as posi-
bic explanation for this sudden and I'M
expected departure from the straight and
narrow path. But the business commun-
ity will not be satisfied with any vague
and unauthorized statements of this kind
and demands an official announcement"
Continuing, the Pail Mall Gazette says:
That some qualified promise has been
given by the bank authorities to deal
with the silver question in palliative
sense is in fact nothing. Al present the
matter is not regarded seriously, the
members OF the stock exchange refusing
10 believe il possible that the bank au-
thorities would countenance departure
which could not but be most damaging
| to trade and credit"
THE NEWS IN WASHINGTON.
| Washington, Sept. 1.-THE announce
ment that the directors of the aBnk of
England had consented 10 hold one-fifth
of the banks reserve in silver was some
| thing Of a surprise to the treasury Off
Gals, many of whom doubt the accuracy
| of the report.
Secretary Gage said that ne did not
see that the decision, if true, would APP
| probably affect the silver market as il
was unlikely that the Bank of England
would buy on market which might rise
in view of its decision and then fall az
| ter the necessary amount OF silver HAD
been procured.
Another question with the secretary
| was whether the silver reserve would be
carried in bullion or coin. For five or
| six years there has been talk that the
| Bank of England would carry part Of
| its reserve in silver and on several oc-
oasions the positive statement has been
| made nat IL has been decided TO do 50.
| 1t is allowed under the law, as Is known.
to carry one-fourth II silver. As this IS
permissible. Secretary Gage would be
glad 10 have the bank avail itself of its
legal prerogative in this direction. bu.
doubts IL i: will do so.
THE ORIGINAL DISPATCH.
London, Sept. 1.-THE Times. in an
article from a special correspondent. in
whose accuracy it says 1t has reason 70
| place confidence, makes the important
announcement that the Bank of England
| directors have consented 10 hold one
| ill
The article. which is headed a Re
| monstrance, says:
Has the bank been well advised in
falling with the suggestion put forth by
| certain Americans that il should hold a
fifth OF its reserve in silver? Perhaps
the assent was given in very guarded
! terms; perhaps II was done % obiige per-
sons in high quarters. perhaps l. was
| considered an act OF international cour-
tesy. There may have been this or that
| reason % excuse and 70 ex-enuate; but
| The broad, plain truth is that in existing
! circumstances the bank ought 70 have
| SET It's face empnaticaly against any
! such action, and II has not done 20. L
is useless 10 contend that The plan Is
/ stamped with the permission u The bank
charter act and the authority OF Sir
Robert Peele II is equally useless 20
remember that a. the Paris monetary
| conference in 1858, ne bank. on the sug-
ge5.ion OF Italy and the United states.
( gave some sor, % promise that should
International bime-alism be established,
/ II might allow ne re-appearance q 81
yer bullion a an asset IN the issue de-
! partmsnt OF The bank
The reasons Waich actuated Sir Rob
er- Pee'e are az NJ application IN pres
srt circums- ances. l. Is important -
remember tina; the concession q ISL
! was Immediately seized upon as N i'm
7 p1-ian; British declaration in favor o.;
/ oIneia-L!sm. ana has been a handle =
/ annoyance agairSc US ever since. We 60
( not i've IN 1914 and Ne ought % earn
wisdom from the experience % ISL
.'N5 xaEays /: would oe as use,ess f3r
me Bank q England ID KEEP 10000
pounds or s.cs50e0 pounds IN tae shz2e
.. silver reserve a q, 9oIid be s9r par
/ lament . pas A lax f9r cle cEea.I7u =
rotten 5OTcugls- TIE B8Ua = En5lsil1
ouRght u ,ave said Iris, ana - hzs not
said tais Sir ROBE: T'eeis explained n
1874 TIA. Il vas vel . h1.1 silre- - -
% be in position % enjoy rhe o771-tJ-
-i.v Afforded Us By 5lrnetait.- France %
nav or deus n c1eaps- meta Bot
z1s- nas t1is = d Win tie .ressTlt
American s1ggezloa7 TIE very g1szt
o. /. : .aat CIR reserve j. . consist
permanently IN .art O, si.ye-. - tat
-e may sssis1 IA -ai=.nz ~ p1rs x
s,-e- Taa- xe z13a.t d-sp1sz o. j; .; 3
a-1a- q France o America = tae yery