The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-09-23
BANKERS PROTEST.
Silver Policy of the Bank of
England Denounced in
London's Clearing
House.
RESOLUTIONS ADOPTED.
Disapproval Of Any But a Gold
Reserve-A Bimetallist
Speaks.
RESOLUTIONS ADOPTED.
rBv Gable TO The Associated Press.l

TBy Gable to The Associated PreSs.1
LONDON, Sept. %, 1S97.-The protest
which the Londo bankers drew up at
their meeting in the Clearing House yes
terday, against the policy of the Governor
of the Bank of England in announcing Its
Willingness to maintain one-flfth or IT'S
bullion reserve in silver, was presented TO
the BAND today. The resolution is accom-
panied by a formal letter and the reso-
luton itself is in the name of the Clear
ing House Association, as, although all
the members were not represented at the
meeting. a majority of the membership
was represented and unanimously adopted
the resolution, which is as folloWs;-
THAT this meeting entirely disapproves
of the Bank of England agreeing to exer-
| else the option, permitted by the act of
1884. of holding one-fifth or any other pro-
portion whatever of silver as a reserve
| against the circulation of Bank OF Eng
| land notes. !.
THAT a copy of this resolution be sent
| to the Bank Of England, the Prime MIN
| lister, the First Lord of the Treasury and
| the Chancellor of the Exchequer.'
An organized movement has begun 10
induce other commercial bodies to pro-
test against the announcement OF the
| Governor of the Bank of England,
A high official who was a participant In
fhe negotiations between the United
states Bimetallic Commissioners and the
British Cabinet. said today to a repre-
| sentative of The Associated Press
IT fear the bankers will brighten the
| Government into receding from their
stand for bimetallism. They nave FOR
| gotten that Parliament unanimously re-
| solved measures to secure a stable par OF
| exchange between gold and silver and SIT
| Michael Hicks-Beach (the Chancellor OIL
the Excheauer) pledged himself 10 DO
| all in his W to carry the resolution
into effect.
aThe English public lave forgotten also
that ten OF the fourteen members OF the
Agricultural Commission signed a report
| recommending bimetaliiSm as a palliative
for the agricultural depression IN eng
land. The public and the newspapers
| seem to think the Government IS IN
huenced merely by desire to secure the
| good will of the United States, when 1t IS
| attempting to carry out the declared pol
icy of Parliament
The "Evening Standard referring to
the bankers protest against the action Of
the Governor of the Bank OF England,
says
| expression of condemnation from the
governing body OF the Bank of England OF
Mr., Smiths extraordinary statement. A
| national institution should NOT be i'm
| perilled and while the financial system
! of the country excited by such vagaries-'
The Westminster Gazette" this after
| noon, touching upon the increase in the
Bank of England7s rate Of discount, from
2 to 22 pei. cent, says
"The financial market would have much
| preferred the bank rate to have been ad-
| vanced to 3 per cent. However It IS an
indication that the directors do not am
| ~ticipate large withdrawals of gold at pres
| emit and it has had the effect of strength
| ening prices on the Stock Exchange"