New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-11
SILVER " THE BANK or ENGLAND.
THE DECISION OF THE DIRECTORS To
HOLD ONE-FiFTH OF THE RESERVE
IN THE WHITE METAL.

London. Sept 1.-THE Times" this morning. in
an article from n special correspondent in who'c
accuracy II SAYS II has reason to place confidence
makes the iInrortan; announcement that tho Bank
of England directors have consented 20 hold one
NTH Of the banks reserve in silver The article.
which is headed "A Remonstrance" says:
Has the bank been we'll advised in falling N with
the suggestion pushed forward 10y certain Amcri-
cans that 10 should hold fifth Of lis rcserv" IN
silver" Pertains the assent given In very
guarded terms: perhaps ii was done 10 oblise per
sons In high quarters: perhaps was conslHe'cd
an act Of international courtesy There may haze
been this or That reason to excuse and to eXtenu-
circumstances the bank oght TO have SGT rs face
empnaticaIIy against any such notion. and it has
not done 80 II l. useless 20 contend thai In" plan
ic i WIN b a tni GGI, of sir Robcr PEI
equally useless 10 rcmembcr tnat az 'ht i"iIS
Monetary Conference IN lsd the bank on me sus-
gcsiiou of ltal, and the United States. gay" som"
Of promise that. should International p.mr''l-
Ism b. established. il might allow thc I''p' q.
ance Of silver bullion ar asset IN the issue de-
partm,ut OF the bank
The reasons which actudted Sir Robert P'cl az
of no application IN present circum~tau'r-. ~ 5
important f. remember that thc concession on ~
in declaration tr favor 81 himet. lIiom. md has
been =. handle Of Aunoyanc" against rs eyer sine
dom from the experience Of l>.i
Nowadays IT would b. ~ useless Tor ih' hanh
Of England to keep t7o0@" or tS"""r - Nd"
shape Of silver reserve a. - would IT, Ioi I"tl"-
",':is TLc Bank Of England ought to have sand
this and II n.s not said this Sir robert Pe'l ~
planned
10 De IN position to enjoy the opportunity AFFORD
"a us by bimc'allr France 10 pay our d'n'- 40
rn'.gi in an ,nrs"S'ions 6r t"ry point OF D.
is that reserve is 20 consist perm an"nty lh i'i
Of silver That ~" should dispose Of II at "a pF9h.
90 France or An.ei.a B., thr E'i' ilF WAY u'' ,
80 could mot 3D. The circumstance are quit ~,
i"renr Where Peel mas have h..H WIS" W. -i'",, ,
point in our financial system l~ tnr fri> q" C'..''' d
wc,kne~. Of our gold reserve ~ us H'uk. WY
hon. o.. g. q o. d.
10y Wn"tI'a .in'ins u on'-".' ,. ,A,, , stock
Of .iltcr nigh, ,~ouliy Boz Convenient f9r .h'-
men; 10 tu- f,r East rut since Oh" i'lesr1Et
WI invented that reason no longer 'N'N's W
can oidcr silver from au'"h're 20 fe" srcghd'
and a. l1rdon is ,g M '' ma si ,,o bnk
THE Times" commenting editorials on what II
calls dramatic surprises" says that the as'onish-
ment OF the public vii be .mmearurahiy greater
than - tho action Of the India Council Inv cd
iorlal continues.
TINS reyolglioq in p2ry i2T o4 nGe4s e ' the
stock u coin and bullion held in Oh" issue depart.
mcni as security for the banks notes. Peel ac,
forh!ds the bank 10 hold more than one fourth IN
silver The business community VII hope maj
the directors may be able 20 ~ho" our informant
useless FOR nobody witnessing the recent h"adlone
fan in price would dream % regarding u - any %
thing but negligible quantity In such 'ohhec-
The banks credi; Is ceIaniy strong enough n1,r to
bear the additional strain without even " Y'in i
but Why should II r- subjected thereto II the
Government IS responsible ioT ne n'nSu . -
might have found some less 9bJectonhble Top >, 10
throw 10 the American Commissioners or the bi
olctaIllsts among the Miaisicria. supporters or
a. nnnsoeyer il may bo that has 20 be concllatcd
II would have been preferable 10 ADOPT the oil re-
heated suggestion to cease coming al-so'eiclshS
H. order 10 insure greater circulation or silver.
This would have been movement Out n3t pos
lively harmful The measure now .dld L" he coz
temul.,ed can only create temporary vacuum IN
Inc silver market. which VII, inevitably j" tapihy
ei.d bv the practically iu"Nhau-tihl" supplies
avaiia bio II s needless to deal with N" ncchsn-
icai d0lcultios such as the question Or the Naiuc
~ Tho .i,vcr now standing iu the banks books. OF
tho course To he pursued when large wiihdrdwat'
OF gold raise the proportion Of silver above on
err, 'rhcs. are mere details which shrink before
,hc irlportance II tho principle involved We mop"
he ire.t0rs viii speedily explain