The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-09-17
ENGLAND WILL HELP.
Of England VIII Hold silver I'm
Reserve IL the United states and
France VIII Resume Coinage.

LONDON. Sept. fs-At the serai-annual
meeting OF the Bank Of England today
Governor c. Smith said;
You are probably aware % the propos-
nle~ by the United States and France.
whereby the country might Increase It's
use Of silver as a contribution 20 an In
ternarional agreement. which. while not
affecting our gold standard. might enable
the minis Of France and America TO re-
sumo free coinage. Among the proposals
vas one asking the bank 70 hold the
amount OF silver permissible under the act
OF 1Sfi as against its notes.
The governor then read letter dated
July 18th. addressed 10 The chancellor Of
the exchsqusr. Sir Michael Hicks-Beach
II was as follows:
Referring 20 our conversation. we beg
20 say the bank is prepared 70 carry out
what is laid down as permissible in the
bank charter. namely, 10 hold one-Hfth
OF its note issue In silver, provided al
ways the French mint is again open 10
the free coinage OF silver and that the
price at which silver IS procurable and
salable is satisfactory"
Replying 10 questions. the governor said
the bank had no negotiations with United
States monetary commissioners. adding:
I'VE have bought no silver. All we have
done is TO agree under certain circum-
SiANcNS 10 carry out what permissible
under the act Of 1874"
Ths letter caused surprisingly little COM
reut in the city and Gid not affect silver
stocks. Great satisfaction. however, is
expressed az the headquarters OF the BIZ
metallic league.
The secretary OF the Bank OF England
Mr.. George F. Glennie when asked II the
action Of the Bank Of England depended
upon the reopening OF the India minis, re-
saff \ To r<.fsr
does not concern US"
The bankers of the city are surprised
and displeased. Manager Ross. Of Glynn
Mills. Curry & Co. answered for the sup
porters Of the gold standard and voiced
the opinion Of the bankers. He said:
'The letter. with such qualifications. does
not pledge the bank to anything and its
only effect will be 10 encourage the BIZ
metallic agitation. II the plan was car
ried II might raise the price of silver tenn
porarily which would be followed by a
reopening OF the American mines over
production and another fall in the price Of
silver"
The officials of the foreign office declined
10 comment on the letter but a high off,
cial OF the treasury department Is quoted
In an interview as deriving the work Of
the United States monetary commission
LONDON. Sept. 1.-THE Times, COM
menting editorially on the letter of the
governor of the Bank OF England read at
the meeting Of the bank says:
AS the same influences have been at
work In France as here In relation to the
currency reserve the reonening OF the
French rni"ts is perhaps within the limit
OF possibilities, though we doubt whether
the action Of the Bank OF England can be
IN any case a determining factor
The second condition which the bank
imposes, the condition with reference to
the price Of silver. is obviously more i'm
portant. An immediate responsibility
would rest on the banks officials. who
must exercise the right to decide what
should be regarded as fair price OF
silver"
Lord Farrar writes to the Times in part
as follows: 81 learn from the best Access
sible information that a proposal has been
made 10 reopen the Indian minis TO silver
on the understanding that the United
States and France do the same at ratio
of l5is 10 l. The consideration offered is
that IL viii insure india permanent and
steady exchange"
BERLIN. Sept 1.-THE National Zeit-
ing. referring 10 the information in the
Times Of Sept. TO- that the Bank OF Eng
land was prepared 10 hold in silver one
fifth Of the bullion held against its notes
says: The unfavorable reception the an
nouncement has met with from the ORGANS
VI IA4tASH ttduE lSdNtS no room IOT DOUBT
as 10 the opinion Of British commercial
bodies and as TO the ultimate fate OF the
latest American attempt 10 secure for the
silver mine owners, with the aid OF Eur
ope, a rise in silver as a reward for their
support of the Mckinley tariff policy and
to keep the sllverites in good humor."
WASHINGTON, Sept. 16.-First Assist
ant Postmaster General Heath has re-
ceived a letter from Senator wolcott in
which the senator. who Is az the head of
the international monetary commission,
refers 10 the decline In silver. and saws II
is being used everywhere In opposition 20
the efforts Of the commission. but express
es the opinion that Notwithstanding this
severe Influence. an International agree
nnenf Will he saclIre1