Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1897-09-11
MAKES 4 CONCESSION,
Bank Of England Change ~ ~
ICY In Regard TO the
49, White Metal.
RESERVE 10 BE HELD II SILVER,

ons-HinA uAsssnk Dsa,e - Prspsesssa,
I.sA - ths Dasgnse - - LsaAsa Ilns
80 . Css.ssPo.Asnt - 0lA LA1y -
ntsaAnssals ssssss" Dssaarsa - uAvs
Dsas 1Ase WA1sh ne 0seAt Net - AsYy
Dsos-nsveaaf1sa insReli11.
London, Sept. 1.-THE Times sAis
morning. in an article from special cor
respondent In whose accuracy II says Il
has reason to place confidence, mAkas
the important announcement that The
Bank Of England directors have co...
sent to hold one-fifth Of the banks re.
served in silver. The article, which h
headed "A demonstrates" says: Has
the bank been well advised n failing In
with the suggestion pushed forward By
certain Americans that 1t should hold .
NTH Of the reserve in silver? Perhaps
the assent was given in very guarded
terms: perhaps 1t was done to obliee
persons in high quarters; perhaps ID was
considered an act Of International cour-
tesy. There may have been this or that
reason to excuse and extenuate: bat the
broad. plain truth il that in existing Clip
eumstances the bank ought to have set
fits face emphatically against any such
notion ard it has not done 1t.
Bank Gave ssSOme Sort Of Promise
1t Is useless to contend that the plan
u stamped with the permission Of the
bank charter act and the authority sf
Sir Robert Peel. 1t is equally useless to
remember that at the Paris monetary
conference in 1883 the bank, on the sugx
gestiOn Of Italy and the United States,
gave some SORT of promise that. should
international bimetalIism be establishsd.
1t might allow the temperance Of silver
bullion as an asset in the issue DEPART
ment OF the bank. The reasons which
actuated Sir Robert Peel are Of No APP
plication in the present circumstances.
1t 10 important to remember that the
concession Of 1881 was Immediately
seized upon as an important British dec
laration in favor Of bimetallism, and has
been handle Of annoyance against us
ever since.
Silver Reserve Declared Useless.
we do not live in 1874 and we ought
to learn wisdom from the experience of
1851. Nowadays It would be as useless
for the Bank OF England to keep E7,-
0o0. et0 or ES,000.0o0 in the shape Of sill
yer reserve as 1t would be for p4riia-
naent to pass a law for the creation Of
rotten boroughs. The Bank Of England
ought to have said this: and II has not
eaid this Sir Robert Peel explained in
1874 that it was well to hold oliver 80 a.
&c be In a position to enjoy the opportu-
nifty afforded IN by btmetailic France 20
pay eur debts N the cheaper metal But
what has this to do with thepresent Amer.
lean suggestion? The very point Of Il n
that our reserve II to consist permanent
ly in part Of silver so that we may assist
in raising the price Of silver.
Times Have Changed Since Peel.
That we should dispose Of 1t at q
profit to France or America il the very
thing that under the proposed scheme
Of international bimetailism We could
not do. The circumstances are quite an
ferent. Where Peel may have been wise
We should b. exceedingly foolish. For,
as the only dubious point In our imam
eial system Is the very oecasioaal weGk-
ness Of our gold reserve at the baak,
why shoul we deliberately choose to
water that reserve by practically re.
ducing it one-fifth. Sir Robert Peers
other reason was that . stock OF silver
might occasionally be convenient for
Shipment to the far east. But since the
telegraph was invented that reason no
longer exists We can order silver from
anywhere in q few seconds; and a. Lon
don Is the principal silver mart: OF the
whole world we need no stock 1t the
bank"