The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-05


thronists are e,rrest in advocatin the
retirement of the ter-e'hill.ng piece, and
for cur;ous reasons They say fiat from
* TO 50 nor cent Of thn wage-earners Of
Great Pr:tain are pad in sums between
ten shillings and one round each week,
and that, as matter of convenience, the
ravmastqrs give each of them n ten
shilling gold piece, which they immc-
diately carry to the nearest saloon in or
der 70 secure change. This causes them
to take at least one drink. and generally
four or five drinks before they leave
the place. Banks of deposit say tina t
every Monday morning they receive
large Plumbers Of fen shilling gold pieces
from, the saloon-keepers. which cornoh-
CRATES the statement OF the temperance
people. If this coin were with'ra wIi
the working people would he paid in sub
s:dary silver coin. and there would be
no necessity for them to seek the sa-
looms to have their money changed.
But the proposition to replace one
fifth Of the gold reserve of the Bank OF
England with silver bullion. even If i
were purchased at current rates, awcke
storm Of protests from the direction
of Lombard and Threadueedle streets.
which have already been reported in ca
BILE dispatches. In order to draw lire
and accustom the public TO tire idea, TIN,
Marquis of Salisbury, according to his
usual habit, threw out fee,er in the
form Of an editorial in the London
Times. Then the Chancellor of the Ex-
chequer addressed a letter to the gov
ernor of the bank. Then the governor
of the bank wrote reply, in which he
said:
1.-THE Bank of Englan, is prepared to
carry out what is laid down as permissi-
BILE in the bank charter viz: to hold
one-fifth of the bullion held against the
note issue in silver, provided always
/ that the French mint, is again opened for
the free coinage of silver. and that the
prices at which silver is procurable and
salable are satisfactory"
| The publication of this note made Il
profound sensation in financial circles
1t was the first tangible evidence that
| the government and the hanks INTENDED
to do what the newspapers had pred ct
ed. A unanimous protest was received
/ from the clearinghouse. the stock eA-
change, and several other financial
bodies. Some of the strongest corpora
lions in Great Britain, whose transac-
! ions amount TO nlil0nS or p0unuS !:
month, gave notice that they you'd with
draw their deposits from the Bank al
| England if it admitted silver bullof
into IFS vaults or disturbed its reserve IN
any manner.
TO console these critics the Governo
of the Bank of England replied that hi
consent to the proposition of the gov
eminent, as would be seen from an ex
|
conditions that could not be fulfilled
There was no possibility of the free coin
age of silver at the French minis. etc
The excitement was allayed, but the mp
| prehension of the public were not salts
fed. because the propositions Of the Mar
a4aais of Salisbury a re- ssasta inea and eain
mended by the labor unions. an
many manufacturers and merchants VIII
are engaged in trade with India. Sout
America. Mexico. and other silver coun
tries. The newspapers of Birmingham
Manchester. Sheffield. and other grea
industrial centers are hearty in their nj
plause for the new policy. and outside q
) London II is quite popular. Public ser
timent in favor of timetable currency ha
J been growing rapidly during the las
few years. though the industry Of tn
Bimetallic League. which has been doin
some energetic missionary work. and tn
llabOring element in England, as in tn